Inspire Trust Co. N.A. Boosts Stock Holdings in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Inspire Trust Co. N.A. increased its stake in Iron Mountain Inc. by 21.4%, now holding 17,000 shares valued at approximately $1.46 million after purchasing an additional 3,000 shares.
• Iron Mountain reported a $1.24 EPS for the latest quarter, exceeding estimates, and revenue of $1.68 billion, reflecting an 11.6% year-over-year increase.
• The company recently announced a quarterly dividend of $0.785 per share, with an annual yield of 3.3% and a **payout ratio of 2,242.86%**.

Inspire Trust Co. N.A. lifted its position in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 21.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,000 shares of the financial services provider's stock after acquiring an additional 3,000 shares during the quarter. Inspire Trust Co. N.A.'s holdings in Iron Mountain were worth $1,463,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Sterling Capital Management LLC lifted its holdings in shares of Iron Mountain by 29.5% in the 4th quarter. Sterling Capital Management LLC now owns 10,091 shares of the financial services provider's stock worth $1,061,000 after purchasing an additional 2,296 shares during the last quarter. Townsquare Capital LLC raised its position in shares of Iron Mountain by 2.0% during the fourth quarter. Townsquare Capital LLC now owns 10,331 shares of the financial services provider's stock worth $1,086,000 after purchasing an additional 202 shares during the period. Sagespring Wealth Partners LLC acquired a new stake in shares of Iron Mountain during the fourth quarter worth $219,000. Savvy Advisors Inc. raised its position in shares of Iron Mountain by 43.5% during the fourth quarter. Savvy Advisors Inc. now owns 2,527 shares of the financial services provider's stock worth $266,000 after purchasing an additional 766 shares during the period. Finally, Mariner LLC grew its holdings in shares of Iron Mountain by 6.8% during the fourth quarter. Mariner LLC now owns 49,834 shares of the financial services provider's stock valued at $5,238,000 after buying an additional 3,154 shares in the last quarter. Institutional investors and hedge funds own 80.13% of the company's stock.

Insider Activity

In other news, CEO William L. Meaney sold 69,125 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $94.55, for a total value of $6,535,768.75. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Walter C. Rakowich sold 900 shares of the firm's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $99.97, for a total transaction of $89,973.00. Following the completion of the sale, the director directly owned 36,515 shares in the company, valued at approximately $3,650,404.55. This trade represents a 2.41% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 240,007 shares of company stock valued at $23,543,507. 1.90% of the stock is owned by company insiders.

Iron Mountain Trading Up 0.1%

IRM stock traded up $0.07 during mid-day trading on Friday, hitting $91.47. 1,159,811 shares of the company were exchanged, compared to its average volume of 1,454,023. Iron Mountain Incorporated has a 1-year low of $72.33 and a 1-year high of $130.24. The business has a 50 day simple moving average of $98.61 and a 200-day simple moving average of $94.19. The stock has a market capitalization of $27.02 billion, a PE ratio of 653.40 and a beta of 1.07.

Iron Mountain (NYSE:IRM - Get Free Report) last released its 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. The business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.68 billion. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. Iron Mountain's revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.08 earnings per share. Equities research analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Announces Dividend

The company also recently announced 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. The ex-dividend date is Monday, September 15th. This represents a $3.14 annualized dividend and a yield of 3.4%. Iron Mountain's dividend payout ratio is currently 2,242.86%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on IRM. JPMorgan Chase & Co. lowered their price target on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Barclays boosted their price target on Iron Mountain from $118.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 27th. One equities 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 company's stock. Based on data from MarketBeat, Iron Mountain presently has a consensus rating of "Buy" and a consensus price target of $120.00.

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.