Entropy Technologies LP Makes New $2.08 Million Investment in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Entropy Technologies LP has invested approximately $2.08 million in Iron Mountain Incorporated by acquiring 24,177 shares, reflecting growing institutional interest in the company.
• Analysts have mixed views on Iron Mountain, with Wall Street Zen upgrading the stock to "hold," while JPMorgan Chase lowered its price target from $112 to $100.
• Iron Mountain announced a quarterly dividend of $0.785 per share, representing an annualized dividend yield of 3.5%, despite a remarkably high payout ratio of 2,242.86%.

Entropy Technologies LP acquired a new stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 24,177 shares of the financial services provider's stock, valued at approximately $2,080,000.

Several other large investors also recently made changes to their positions in IRM. Cranbrook Wealth Management LLC acquired a new stake in shares of Iron Mountain in the 1st quarter valued at approximately $26,000. Golden State Wealth Management LLC acquired a new stake in shares of Iron Mountain in the 1st quarter valued at approximately $30,000. Ramirez Asset Management Inc. acquired a new stake in shares of Iron Mountain in the 1st quarter valued at approximately $34,000. Wayfinding Financial LLC acquired a new stake in shares of Iron Mountain in the 1st quarter valued at approximately $37,000. Finally, Franchise Capital Ltd acquired a new stake in shares of Iron Mountain in the 1st quarter valued at approximately $39,000. Institutional investors and hedge funds own 80.13% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Wall Street Zen upgraded Iron Mountain from a "sell" rating to a "hold" rating in a research note on Friday, April 18th. 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 note on Thursday. Finally, Barclays increased their price target on Iron Mountain from $118.00 to $121.00 and gave the company an "overweight" rating in a research note on Tuesday, May 27th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Iron Mountain currently has an average rating of "Buy" and a consensus price target of $120.00.

Iron Mountain Price Performance

Shares of IRM opened at $90.22 on Monday. The company has a market capitalization of $26.65 billion, a price-to-earnings ratio of 644.47 and a beta of 1.07. The business has a 50-day moving average of $99.49 and a 200-day moving average of $94.53. Iron Mountain Incorporated has a 1 year low of $72.33 and a 1 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 earnings per share for the quarter, topping analysts' consensus estimates of $1.19 by $0.05. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.68 billion. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%. The firm's revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.08 earnings per share. As a group, sell-side analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 15th will be issued a dividend of $0.785 per share. The ex-dividend date is Monday, September 15th. This represents a $3.14 annualized dividend and a dividend yield of 3.5%. Iron Mountain's payout ratio is currently 2,242.86%.

Insider Transactions at Iron Mountain

In other news, CEO William L. Meaney sold 69,125 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $94.55, for a total transaction of $6,535,768.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Walter C. Rakowich sold 900 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $99.97, for a total value of $89,973.00. Following the sale, the director owned 36,515 shares of the company's stock, valued at approximately $3,650,404.55. This represents a 2.41% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 240,007 shares of company stock worth $23,543,507. Insiders own 1.90% of the company's stock.

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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