Riverhead Capital Management LLC Cuts Position in Iron Mountain Inc (NYSE:IRM)
Riverhead Capital Management LLC reduced its position in shares of Iron Mountain Inc (NYSE:IRM) by 5.2% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 22,788 shares of the financial services provider’s stock after selling 1,249 shares during the period. Riverhead Capital Management LLC’s holdings in Iron Mountain were worth $713,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in IRM. BlackRock Inc. lifted its stake in Iron Mountain by 0.7% during the 1st quarter. BlackRock Inc. now owns 20,271,523 shares of the financial services provider’s stock worth $718,826,000 after acquiring an additional 147,381 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Iron Mountain by 7.4% during the 4th quarter. Geode Capital Management LLC now owns 3,915,200 shares of the financial services provider’s stock valued at $126,683,000 after acquiring an additional 270,237 shares during the period. JPMorgan Chase & Co. grew its position in Iron Mountain by 34.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,906,191 shares of the financial services provider’s stock valued at $120,624,000 after acquiring an additional 990,959 shares in the last quarter. Centersquare Investment Management LLC grew its position in Iron Mountain by 9.6% in the 2nd quarter. Centersquare Investment Management LLC now owns 3,561,759 shares of the financial services provider’s stock valued at $111,483,000 after acquiring an additional 311,030 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Iron Mountain by 4.0% during the second quarter. Bank of New York Mellon Corp now owns 3,528,687 shares of the financial services provider’s stock worth $110,448,000 after purchasing an additional 135,460 shares during the period. Institutional investors and hedge funds own 85.93% of the company’s stock.
In related news, EVP Patrick J. Keddy sold 6,000 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $33.00, for a total transaction of $198,000.00. Following the sale, the executive vice president now directly owns 24,114 shares in the company, valued at $795,762. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.90% of the stock is currently owned by corporate insiders.
Iron Mountain (NYSE:IRM) last posted its quarterly earnings results on Thursday, August 1st. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.07 billion. Iron Mountain had a return on equity of 19.65% and a net margin of 8.18%. Iron Mountain’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter last year, the company earned $0.30 EPS. Equities analysts expect that Iron Mountain Inc will post 2.26 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Monday, September 16th will be given a dividend of $0.611 per share. This represents a $2.44 dividend on an annualized basis and a dividend yield of 7.19%. The ex-dividend date is Friday, September 13th. Iron Mountain’s dividend payout ratio is presently 106.09%.
Several analysts have recently issued reports on the stock. Bank of America cut shares of Iron Mountain from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $33.00 to $25.00 in a research report on Thursday, July 11th. Wells Fargo & Co assumed coverage on shares of Iron Mountain in a report on Wednesday, July 10th. They issued an “outperform” rating and a $31.60 price objective for the company. TheStreet upgraded shares of Iron Mountain from a “c+” rating to a “b-” rating in a report on Monday. Robert W. Baird raised shares of Iron Mountain from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $27.00 to $29.00 in a research note on Friday, August 2nd. Finally, ValuEngine upgraded shares of Iron Mountain from a “sell” rating to a “hold” rating in a report on Thursday, September 5th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $35.08.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM), founded in 1951, is the global leader for storage and information management services. Trusted by more than 225,000 organizations around the world, and with a real estate network of more than 85 million square feet across more than 1,400 facilities in approximately 50 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts.
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