Accuvest Global Advisors Purchases New Shares in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Accuvest Global Advisors has acquired a new stake in Iron Mountain Incorporated (NYSE:IRM), purchasing 4,776 shares for approximately $411,000 in the 1st quarter.
• Iron Mountain's latest quarterly earnings showed a net margin of 1.97%, with revenue up 11.6% year-over-year and an EPS of $1.24, beating estimates.
• The company recently announced a quarterly dividend of $0.785 per share, representing a dividend yield of 3.5%, with a high payout ratio of 765.85%.

Accuvest Global Advisors purchased a new stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,776 shares of the financial services provider's stock, valued at approximately $411,000.

Several other large investors have also recently added to or reduced their stakes in IRM. Kestra Private Wealth Services LLC lifted its position in shares of Iron Mountain by 14.7% in the 1st quarter. Kestra Private Wealth Services LLC now owns 14,537 shares of the financial services provider's stock worth $1,251,000 after buying an additional 1,860 shares during the last quarter. Golden State Wealth Management LLC bought a new position in Iron Mountain in the first quarter worth about $30,000. Assenagon Asset Management S.A. boosted its stake in Iron Mountain by 3.5% in the first quarter. Assenagon Asset Management S.A. now owns 11,538 shares of the financial services provider's stock valued at $993,000 after acquiring an additional 388 shares during the period. Miracle Mile Advisors LLC grew its holdings in shares of Iron Mountain by 134.7% during the first quarter. Miracle Mile Advisors LLC now owns 7,545 shares of the financial services provider's stock valued at $649,000 after purchasing an additional 4,330 shares during the last quarter. Finally, Sowell Financial Services LLC acquired a new stake in shares of Iron Mountain during the 1st quarter worth approximately $285,000. 80.13% of the stock is currently owned by institutional investors.

Insider Transactions at Iron Mountain

In other Iron Mountain news, EVP Mark Kidd sold 6,000 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $102.02, for a total value of $612,120.00. Following the sale, the executive vice president directly owned 91,081 shares in the company, valued at approximately $9,292,083.62. The trade was a 6.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $100.36, for a total transaction of $6,937,385.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 240,007 shares of company stock worth $23,543,507. Corporate insiders own 1.90% of the company's stock.

Analyst Ratings Changes

IRM has been the subject of a number of analyst reports. Barclays boosted their price objective on Iron Mountain from $118.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, May 27th. JPMorgan Chase & Co. lowered their price target on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a research report on Thursday. Finally, Wall Street Zen upgraded shares of Iron Mountain from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $120.00.

Iron Mountain Trading Down 1.8%

IRM stock traded down $1.61 during trading on Friday, hitting $90.22. The company had a trading volume of 1,555,413 shares, compared to its average volume of 1,376,272. The business has a 50 day moving average of $99.49 and a 200 day moving average of $94.75. The firm has a market capitalization of $26.62 billion, a price-to-earnings ratio of 644.47 and a beta of 1.07. Iron Mountain Incorporated has a fifty-two week low of $72.33 and a fifty-two week high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, topping analysts' consensus estimates of $1.19 by $0.05. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. The company had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the business posted $1.08 EPS. The business's revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, equities analysts predict that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be paid a dividend of $0.785 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $3.14 annualized dividend and a yield of 3.5%. Iron Mountain's dividend payout ratio (DPR) is currently 2,242.86%.

Iron Mountain Profile

Iron Mountain Incorporated NYSE: IRM is a global leader in information management services. Founded in 1951 and trusted by more than 240,000 customers worldwide, Iron Mountain serves to protect and elevate the power of our customers' work. Through a range of offerings including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.