1,427,250 Shares in Iron Mountain Incorporated $IRM Acquired by Contour Asset Management LLC

Key Points

• Contour Asset Management LLC has acquired a new stake in Iron Mountain Incorporated, purchasing 1,427,250 shares valued at approximately $122.80 million, making it about 4.9% of their investment portfolio.
• Iron Mountain's stock is currently rated as a "Buy" by analysts, with a consensus price target of $120.17, despite recent adjustments in price objectives by institutions such as JPMorgan Chase & Co. and Barclays.
• Insider selling activity has been noted, with CEO William L. Meaney selling 69,125 shares recently, indicating potential changes in ownership dynamics within the company.

Contour Asset Management LLC bought a new position 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 & Exchange Commission. The institutional investor bought 1,427,250 shares of the financial services provider's stock, valued at approximately $122,801,000. Iron Mountain comprises 4.9% of Contour Asset Management LLC's holdings, making the stock its 9th biggest position. Contour Asset Management LLC owned about 0.48% of Iron Mountain at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Cranbrook Wealth Management LLC acquired a new position in Iron Mountain during the first quarter worth $26,000. Financial Network Wealth Advisors LLC acquired a new stake in shares of Iron Mountain in 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 worth about $30,000. Ramirez Asset Management Inc. acquired a new position in shares of Iron Mountain during the 1st quarter worth about $34,000. Finally, Wayfinding Financial LLC acquired a new position in shares of Iron Mountain during the 1st quarter worth about $37,000. 80.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on IRM shares. JPMorgan Chase & Co. dropped their price target on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. Barclays upped their target price on shares of Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a research note on Wednesday, August 20th. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $120.17.

Insider Buying and Selling

In related news, EVP Mark Kidd sold 6,000 shares of the business's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $91.05, for a total value of $546,300.00. Following the sale, the executive vice president owned 79,081 shares of the company's stock, valued at $7,200,325.05. The trade was a 7.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the stock in a transaction 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 disclosure for this sale can be found here. Insiders have sold 236,709 shares of company stock worth $22,555,809 over the last 90 days. Corporate insiders own 1.90% of the company's stock.

Iron Mountain Stock Up 1.1%

Iron Mountain stock traded up $1.04 on Friday, hitting $92.12. The company's stock had a trading volume of 1,071,071 shares, compared to its average volume of 1,198,842. Iron Mountain Incorporated has a one year low of $72.33 and a one year high of $130.24. The firm has a market cap of $27.21 billion, a P/E ratio of 658.05 and a beta of 1.08. The company has a fifty day moving average price of $95.38 and a 200-day moving average price of $93.23.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the previous year, the business earned $1.08 EPS. The firm's revenue was up 11.6% on a year-over-year basis. Analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 15th will be paid a $0.785 dividend. This represents a $3.14 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Monday, September 15th. Iron Mountain's dividend payout ratio 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.