Empirical Financial Services LLC d.b.a. Empirical Wealth Management Acquires Shares of 3,405 Iron Mountain Incorporated $IRM

Key Points

• Empirical Wealth Management acquired 3,405 shares of Iron Mountain Inc., valued at approximately $349,000, reflecting institutional interest in the company.
• Iron Mountain's shares have fluctuated between a 12-month low of $72.33 and a high of $130.24, with its market cap currently at $31.44 billion.
• Analysts have generally given Iron Mountain a "Buy" rating with a consensus price target of $116.83, after reporting quarterly earnings higher than consensus estimates.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in Iron Mountain Incorporated (NYSE:IRM - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 3,405 shares of the financial services provider's stock, valued at approximately $349,000.

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

Analyst Ratings Changes

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

Iron Mountain Price Performance

Shares of NYSE:IRM opened at $106.44 on Tuesday. The stock's 50 day moving average price is $95.89 and its 200 day moving average price is $95.03. The stock has a market cap of $31.44 billion, a price-to-earnings ratio of 760.34 and a beta of 1.06. Iron Mountain Incorporated has a 12 month low of $72.33 and a 12 month high of $130.24.

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

Iron Mountain Announces Dividend

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

Insider Buying and Selling at Iron Mountain

In other news, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $102.34, for a total transaction of $7,074,252.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark Kidd sold 6,000 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $91.05, for a total transaction of $546,300.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 213,375 shares of company stock valued at $20,347,156. 1.90% of the stock is owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.