Pictet Asset Management Ltd. cut its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 9.3% during the second quarter, Holdings Channel reports. The firm owned 772,929 shares of the financial services provider’s stock after selling 79,700 shares during the period. Pictet Asset Management Ltd.’s holdings in Iron Mountain were worth $26,991,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in IRM. BlackRock Inc. increased its stake in Iron Mountain by 3,761.9% in the first quarter. BlackRock Inc. now owns 18,027,691 shares of the financial services provider’s stock valued at $643,048,000 after buying an additional 17,560,886 shares during the period. JPMorgan Chase & Co. increased its stake in Iron Mountain by 180.0% in the first quarter. JPMorgan Chase & Co. now owns 1,490,008 shares of the financial services provider’s stock valued at $53,149,000 after buying an additional 957,896 shares during the period. Victory Capital Management Inc. increased its stake in Iron Mountain by 245.0% in the first quarter. Victory Capital Management Inc. now owns 1,308,918 shares of the financial services provider’s stock valued at $46,689,000 after buying an additional 929,555 shares during the period. Vanguard Group Inc. increased its stake in Iron Mountain by 2.1% in the first quarter. Vanguard Group Inc. now owns 43,247,671 shares of the financial services provider’s stock valued at $1,542,644,000 after buying an additional 893,442 shares during the period. Finally, Bank of America Corp DE increased its stake in Iron Mountain by 27.3% in the first quarter. Bank of America Corp DE now owns 4,029,077 shares of the financial services provider’s stock valued at $143,718,000 after buying an additional 864,016 shares during the period. 86.04% of the stock is currently owned by institutional investors and hedge funds.
Shares of Iron Mountain Incorporated (NYSE:IRM) opened at 37.83 on Friday. The stock has a 50 day moving average of $35.20 and a 200 day moving average of $35.37. The stock has a market capitalization of $10.00 billion, a P/E ratio of 51.89 and a beta of 0.94. Iron Mountain Incorporated has a 12-month low of $30.75 and a 12-month high of $39.75.
Iron Mountain (NYSE:IRM) last announced its earnings results on Friday, July 28th. The financial services provider reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.03. The business had revenue of $950 million for the quarter, compared to analysts’ expectations of $955.05 million. Iron Mountain had a net margin of 5.14% and a return on equity of 14.46%. The company’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.24 EPS. Equities research analysts anticipate that Iron Mountain Incorporated will post $1.18 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be issued a $0.55 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 5.82%. Iron Mountain’s payout ratio is 297.30%.
IRM has been the topic of several recent research reports. Zacks Investment Research downgraded shares of Iron Mountain from a “hold” rating to a “sell” rating in a report on Tuesday, May 2nd. Deutsche Bank AG downgraded shares of Iron Mountain from a “hold” rating to a “sell” rating and dropped their price objective for the company from $41.00 to $30.00 in a report on Wednesday, June 7th. BidaskClub raised shares of Iron Mountain from a “sell” rating to a “hold” rating in a report on Wednesday, June 28th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Iron Mountain in a report on Friday, June 9th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $35.67.
In related news, Director Walter C. Rakowich sold 1,552 shares of Iron Mountain stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $35.15, for a total value of $54,552.80. Following the transaction, the director now directly owns 15,074 shares in the company, valued at approximately $529,851.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Eileen Sweeney sold 2,100 shares of Iron Mountain stock in a transaction on Monday, June 5th. The shares were sold at an average price of $35.14, for a total transaction of $73,794.00. Following the completion of the transaction, the senior vice president now owns 2,104 shares in the company, valued at $73,934.56. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
Iron Mountain Company Profile
Iron Mountain Incorporated (Iron Mountain) is engaged in storing records, primarily paper documents and data backup media, and provide information management services. The Company offers records management services, data protection and recovery services and information destruction services. Its information management services are divided into three categories: records management services, data protection and recovery services, and information destruction services.
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