Focus Partners Wealth Boosts Holdings in Iron Mountain Incorporated $IRM

Key Points

• Focus Partners Wealth increased its stake in Iron Mountain Incorporated by 22.4%, acquiring an additional 27,353 shares, bringing its total to approximately 149,537 shares worth about $12.9 million.
• Iron Mountain reported a quarterly EPS of $1.24, surpassing estimates, and its revenue was $1.68 billion, reflecting an 11.6% year-over-year increase.
• The company announced a quarterly dividend of $0.785, translating to an annual yield of 3.2%, with a notably high payout ratio of 2,242.86%.

Focus Partners Wealth boosted its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 22.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 149,537 shares of the financial services provider's stock after buying an additional 27,353 shares during the quarter. Focus Partners Wealth owned 0.05% of Iron Mountain worth $12,895,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Kestra Private Wealth Services LLC raised its holdings in shares of Iron Mountain by 14.7% during the first quarter. Kestra Private Wealth Services LLC now owns 14,537 shares of the financial services provider's stock valued at $1,251,000 after purchasing an additional 1,860 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Iron Mountain by 86.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,974,922 shares of the financial services provider's stock valued at $169,922,000 after buying an additional 913,715 shares during the last quarter. Golden State Wealth Management LLC purchased a new stake in Iron Mountain during the 1st quarter valued at $30,000. Steward Partners Investment Advisory LLC raised its stake in Iron Mountain by 1.4% during the 1st quarter. Steward Partners Investment Advisory LLC now owns 38,032 shares of the financial services provider's stock valued at $3,272,000 after buying an additional 513 shares during the last quarter. Finally, Inspire Trust Co. N.A. raised its stake in Iron Mountain by 21.4% during the 1st quarter. Inspire Trust Co. N.A. now owns 17,000 shares of the financial services provider's stock valued at $1,463,000 after buying an additional 3,000 shares during the last quarter. 80.13% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Barclays upped 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. JPMorgan Chase & Co. reduced their price target 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 analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $120.17.

Iron Mountain Stock Down 0.1%

NYSE IRM traded down $0.13 during trading on Thursday, hitting $99.35. 322,690 shares of the stock traded hands, compared to its average volume of 1,779,734. The company has a market capitalization of $29.34 billion, a P/E ratio of 709.56 and a beta of 1.08. The firm has a 50-day simple moving average of $94.94 and a 200-day simple moving average of $93.52. 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 posted its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, beating analysts' consensus estimates 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 firm had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same period last year, the firm posted $1.08 earnings per share. Iron Mountain's revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, research analysts predict that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 15th will be paid a $0.785 dividend. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, September 15th. Iron Mountain's dividend payout ratio (DPR) is presently 2,242.86%.

Insider Buying and Selling at Iron Mountain

In related news, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $100.36, for a total value of $6,937,385.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $91.05, for a total value of $546,300.00. Following the completion of the transaction, the executive vice president owned 79,081 shares of the company's stock, valued at approximately $7,200,325.05. This represents a 7.05% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 236,709 shares of company stock valued at $22,555,809. Corporate insiders own 1.90% of the company's stock.

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.