Brookstone Capital Management Sells 10,161 Shares of Iron Mountain Incorporated $IRM

Key Points

• Brookstone Capital Management has reduced its stake in Iron Mountain Incorporated by 6.4%, selling 10,161 shares and holding 148,060 shares valued at approximately $15.2 million at the end of the second quarter.
• Insider transactions include CEO William L. Meaney selling 69,125 shares for over $6.5 million and EVP Mark Kidd selling 6,000 shares, demonstrating significant insider selling activity.
• Despite fluctuations in analyst ratings, Iron Mountain holds a consensus target price of $116.83, with an average rating of "Moderate Buy" among analysts.

Brookstone Capital Management cut its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 6.4% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 148,060 shares of the financial services provider's stock after selling 10,161 shares during the quarter. Brookstone Capital Management owned about 0.05% of Iron Mountain worth $15,187,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Financial Network Wealth Advisors LLC bought a new stake in shares of Iron Mountain during the first quarter valued at about $26,000. Golden State Wealth Management LLC bought a new position in shares of Iron Mountain in the first quarter valued at approximately $30,000. Ramirez Asset Management Inc. bought a new stake in Iron Mountain during the 1st quarter worth approximately $34,000. Wayfinding Financial LLC bought a new stake in Iron Mountain during the 1st quarter worth approximately $37,000. Finally, Richards Merrill & Peterson Inc. purchased a new stake in Iron Mountain in the 1st quarter worth approximately $43,000. Hedge funds and other institutional investors own 80.13% of the company's stock.

Insider Buying and Selling

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of the business'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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Mark Kidd sold 6,000 shares of the business's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $91.05, for a total transaction of $546,300.00. Following the completion of the transaction, the executive vice president owned 79,081 shares in the company, valued at $7,200,325.05. The trade was a 7.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 213,375 shares of company stock worth $20,347,156 in the last 90 days. 1.90% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on IRM. Barclays raised their price target 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. Zacks Research downgraded shares of Iron Mountain from a "hold" rating to a "strong sell" rating in a report on Monday, October 13th. Jefferies Financial Group began coverage on shares of Iron Mountain in a report on Monday, September 22nd. They issued a "buy" rating and a $120.00 price target for the company. JPMorgan Chase & Co. cut their price target on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Iron Mountain in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $116.83.

Iron Mountain Stock Performance

Iron Mountain stock opened at $104.49 on Wednesday. The stock has a market cap of $30.86 billion, a P/E ratio of 746.42 and a beta of 1.06. The firm's fifty day moving average price is $98.24 and its 200-day moving average price is $96.41. 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 earnings results 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. The company had revenue of $1.68 billion for 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 firm's revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.08 EPS. On average, analysts predict that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 3rd. Investors of record on Monday, September 15th were given a $0.785 dividend. This represents a $3.14 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Monday, September 15th. Iron Mountain's dividend payout ratio (DPR) is presently 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.

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