Royal Bank of Canada Cuts Stake in Iron Mountain Incorporated (IRM)

Royal Bank of Canada decreased its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 1.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 262,987 shares of the financial services provider’s stock after selling 4,408 shares during the quarter. Royal Bank of Canada owned about 0.10% of Iron Mountain worth $9,036,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of IRM. Vanguard Group Inc. boosted its stake in Iron Mountain by 0.3% in the 2nd quarter. Vanguard Group Inc. now owns 43,398,710 shares of the financial services provider’s stock valued at $1,491,180,000 after purchasing an additional 151,039 shares during the period. BlackRock Inc. boosted its stake in Iron Mountain by 5.0% in the 2nd quarter. BlackRock Inc. now owns 18,924,442 shares of the financial services provider’s stock valued at $650,244,000 after purchasing an additional 896,751 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Iron Mountain by 3.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,530,435 shares of the financial services provider’s stock valued at $121,305,000 after acquiring an additional 124,704 shares during the period. Northern Trust Corp lifted its position in shares of Iron Mountain by 1.3% during the 2nd quarter. Northern Trust Corp now owns 2,733,029 shares of the financial services provider’s stock valued at $93,906,000 after acquiring an additional 34,350 shares during the period. Finally, Confluence Investment Management LLC lifted its position in shares of Iron Mountain by 6.5% during the 2nd quarter. Confluence Investment Management LLC now owns 2,313,278 shares of the financial services provider’s stock valued at $79,484,000 after acquiring an additional 140,322 shares during the period. 87.54% of the stock is currently owned by institutional investors and hedge funds.

A number of research firms have recently weighed in on IRM. Zacks Investment Research downgraded Iron Mountain from a “hold” rating to a “sell” rating in a research report on Monday, October 2nd. Evercore ISI began coverage on Iron Mountain in a report on Wednesday, October 18th. They set an “outperform” rating and a $46.00 price target for the company. Stifel Nicolaus reissued a “buy” rating and set a $40.00 price target on shares of Iron Mountain in a report on Sunday, September 3rd. BidaskClub cut Iron Mountain from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Finally, Robert W. Baird set a $39.00 target price on Iron Mountain and gave the stock a “hold” rating in a report on Friday, August 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $41.20.

In related news, EVP John Tomovcsik sold 21,037 shares of the business’s stock in a transaction on Friday, September 8th. The shares were sold at an average price of $40.02, for a total transaction of $841,900.74. Following the completion of the transaction, the executive vice president now directly owns 62,379 shares in the company, valued at $2,496,407.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Patrick J. Keddy sold 23,428 shares of the business’s stock in a transaction on Wednesday, October 11th. The shares were sold at an average price of $39.04, for a total transaction of $914,629.12. The disclosure for this sale can be found here. Insiders have sold 76,329 shares of company stock valued at $2,969,441 over the last 90 days. 1.50% of the stock is currently owned by insiders.

Shares of Iron Mountain Incorporated (NYSE IRM) opened at 39.62 on Friday. The company has a market cap of $10.48 billion, a price-to-earnings ratio of 54.35 and a beta of 0.91. The company’s 50 day moving average price is $39.57 and its 200 day moving average price is $36.65. Iron Mountain Incorporated has a 12 month low of $30.75 and a 12 month high of $41.17.

Iron Mountain (NYSE:IRM) last posted its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.02. Iron Mountain had a net margin of 5.54% and a return on equity of 15.49%. The business had revenue of $966.00 million during the quarter, compared to the consensus estimate of $960.99 million. During the same period in the previous year, the firm posted $0.44 earnings per share. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. On average, equities analysts expect that Iron Mountain Incorporated will post $1.16 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be given a dividend of $0.5875 per share. The ex-dividend date is Thursday, December 14th. This is an increase from Iron Mountain’s previous quarterly dividend of $0.55. This represents a $2.35 dividend on an annualized basis and a yield of 5.93%. Iron Mountain’s payout ratio is currently 275.00%.

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Iron Mountain 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.

Institutional Ownership by Quarter for Iron Mountain (NYSE:IRM)

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