Avanza Fonder AB Purchases New Stake in Iron Mountain Incorporated $IRM

Key Points

• Avanza Fonder AB acquired 16,925 shares of Iron Mountain, valued at approximately $1.736 million, during the second quarter as stated in a recent 13F filing.
• Wall Street analysts have mixed opinions on Iron Mountain, with Barclays raising their target price to $122 while JPMorgan reduced theirs to $100, indicating a general consensus rating of "Buy."
• Iron Mountain recently announced a quarterly dividend of $0.785, with a significant dividend yield of 3.1% and a remarkably high payout ratio of 2,242.86%.

Avanza Fonder AB bought a new stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 16,925 shares of the financial services provider's stock, valued at approximately $1,736,000.

A number of other institutional investors have also bought and sold shares of the business. Two Sigma Advisers LP acquired a new position in shares of Iron Mountain during the fourth quarter worth $809,000. Vident Advisory LLC raised its stake in Iron Mountain by 12.9% during the fourth quarter. Vident Advisory LLC now owns 4,314 shares of the financial services provider's stock worth $453,000 after purchasing an additional 494 shares during the period. Woodline Partners LP acquired a new stake in Iron Mountain during the 4th quarter valued at $1,845,000. Voloridge Investment Management LLC grew its holdings in Iron Mountain by 111.7% during the 4th quarter. Voloridge Investment Management LLC now owns 91,573 shares of the financial services provider's stock worth $9,625,000 after acquiring an additional 48,308 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new position in shares of Iron Mountain in the 4th quarter valued at about $81,000. 80.13% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $89.56, for a total value of $6,190,835.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $94.55, for a total value of $6,535,768.75. The disclosure for this sale can be found here. Insiders have sold 236,709 shares of company stock valued at $22,555,809 over the last ninety days. 1.90% of the stock is owned by insiders.

Iron Mountain Trading Up 4.5%

IRM traded up $4.53 on Monday, hitting $104.42. 2,135,940 shares of the company's stock traded hands, compared to its average volume of 1,442,767. The company's 50 day simple moving average is $95.10 and its 200-day simple moving average is $93.92. The firm has a market cap of $30.84 billion, a price-to-earnings ratio of 745.87 and a beta of 1.08. Iron Mountain Incorporated has a one year low of $72.33 and a one year high of $130.24.

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

Iron Mountain Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 15th will be paid a $0.785 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $3.14 dividend on an annualized basis and a yield of 3.0%. Iron Mountain's payout ratio is currently 2,242.86%.

Wall Street Analyst Weigh In

IRM has been the topic of several recent research reports. JPMorgan Chase & Co. lowered their price objective on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. Jefferies Financial Group started coverage on shares of Iron Mountain in a research note on Monday. They issued a "buy" rating and a $120.00 target price on the stock. Finally, Barclays lifted their price objective on shares of Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a report on Wednesday, August 20th. One investment analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $120.14.

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.