Banco Santander S.A. Takes Position in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Banco Santander S.A. has acquired a new stake in Iron Mountain Incorporated, purchasing 77,016 shares valued at approximately $6.63 million.
• Iron Mountain reported a 7.9% increase in revenue year-over-year, with earnings per share of $1.17 for the last quarter, surpassing estimates.
• Equities analysts have given Iron Mountain a consensus rating of "Buy", with a target price averaging $122.00.

Banco Santander S.A. bought a new stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 77,016 shares of the financial services provider's stock, valued at approximately $6,626,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Cranbrook Wealth Management LLC bought a new stake in shares of Iron Mountain in the 1st quarter valued at approximately $26,000. Golden State Wealth Management LLC bought a new stake in Iron Mountain in the first quarter worth approximately $30,000. Ramirez Asset Management Inc. bought a new stake in Iron Mountain in the first quarter worth approximately $34,000. Wayfinding Financial LLC bought a new stake in Iron Mountain in the first quarter worth approximately $37,000. Finally, Franchise Capital Ltd bought a new stake in Iron Mountain in the first quarter worth approximately $39,000. Hedge funds and other institutional investors own 80.13% of the company's stock.

Iron Mountain Stock Performance

Shares of NYSE:IRM opened at $94.08 on Friday. The company has a market cap of $27.76 billion, a P/E ratio of 229.46 and a beta of 1.07. The stock's 50-day moving average is $99.98 and its 200-day moving average is $95.25. Iron Mountain Incorporated has a 52-week low of $72.33 and a 52-week high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its earnings results on Thursday, May 1st. The financial services provider reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.01. Iron Mountain had a negative return on equity of 201.62% and a net margin of 1.97%. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.59 billion. During the same quarter in the prior year, the company earned $1.10 EPS. The firm's revenue for the quarter was up 7.9% 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.

Insiders Place Their Bets

In other Iron Mountain news, EVP Greg W. Mcintosh sold 17,334 shares of the stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $100.00, for a total value of $1,733,400.00. Following the completion of the sale, the executive vice president directly owned 35,446 shares of the company's stock, valued at $3,544,600. This represents a 32.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Walter C. Rakowich sold 900 shares of the stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $99.97, for a total transaction of $89,973.00. Following the completion of the sale, the director directly owned 36,515 shares of the company's stock, valued at approximately $3,650,404.55. This trade represents a 2.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 170,882 shares of company stock valued at $17,007,738 over the last ninety days. 1.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on IRM shares. Barclays upped their price objective on shares of Iron Mountain from $118.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, May 27th. Wall Street Zen upgraded Iron Mountain from a "sell" rating to a "hold" rating in a research note on Friday, April 18th. Finally, Truist Financial assumed coverage on Iron Mountain in a research note on Tuesday, April 8th. They set a "buy" rating and a $95.00 price target for the company. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Iron Mountain currently has a consensus rating of "Buy" and a consensus target price of $122.00.

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.

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