Ascent Group LLC Purchases New Position in Iron Mountain Incorporated $IRM

Key Points

• Ascent Group LLC has acquired a new position in Iron Mountain, purchasing 6,795 shares valued at approximately $697,000.
• Insider transactions included EVP Mark Kidd selling 6,000 shares and CEO William L. Meaney selling 69,125 shares, amounting to over $7 million in sales.
• Iron Mountain's latest earnings report showed a 11.6% year-over-year revenue increase, with revenue of $1.68 billion and an earnings per share of $1.24.

Ascent Group LLC acquired a new position in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,795 shares of the financial services provider's stock, valued at approximately $697,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Financial Network Wealth Advisors LLC acquired a new stake in shares of Iron Mountain during the 1st quarter worth about $26,000. Golden State Wealth Management LLC bought a new stake in Iron Mountain during the first quarter worth about $30,000. Ramirez Asset Management Inc. bought a new stake in Iron Mountain during the first quarter worth about $34,000. Wayfinding Financial LLC acquired a new stake in shares of Iron Mountain during the first quarter worth approximately $37,000. Finally, Crewe Advisors LLC raised its stake in shares of Iron Mountain by 10,000.0% in the first quarter. Crewe Advisors LLC now owns 505 shares of the financial services provider's stock valued at $43,000 after acquiring an additional 500 shares during the last quarter. Institutional investors and hedge funds own 80.13% of the company's stock.

Insider Buying and Selling

In related news, EVP Mark Kidd sold 6,000 shares of the company's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $91.05, for a total value of $546,300.00. Following the completion of the sale, the executive vice president owned 79,081 shares in the company, valued at approximately $7,200,325.05. This represents a 7.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO William L. Meaney sold 69,125 shares of the business's stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $102.34, for a total value of $7,074,252.50. The disclosure for this sale can be found here. Insiders sold a total of 213,375 shares of company stock valued at $20,347,156 over the last three months. Company insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on IRM. Weiss Ratings restated a "hold (c)" rating on shares of Iron Mountain in a research report on Saturday, September 27th. Jefferies Financial Group initiated coverage on Iron Mountain in a report on Monday, September 22nd. They set a "buy" rating and a $120.00 target price on the stock. Barclays raised their target price on Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a research note on Wednesday, August 20th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $116.83.

Iron Mountain Stock Up 1.6%

IRM stock opened at $106.44 on Tuesday. Iron Mountain Incorporated has a twelve month low of $72.33 and a twelve month high of $130.24. The company has a market cap of $31.44 billion, a P/E ratio of 760.34 and a beta of 1.06. The business has a fifty day moving average of $95.89 and a 200-day moving average of $95.03.

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

Iron Mountain Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 3rd. Stockholders of record on Monday, September 15th were given a $0.785 dividend. This represents a $3.14 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Monday, September 15th. Iron Mountain's dividend payout ratio (DPR) is currently 2,242.86%.

Iron Mountain Company 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.

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