Iron Mountain Incorporated $IRM Shares Bought by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Iron Mountain by 4.2%, owning 112,148 shares worth approximately $11.2 million as of the latest reporting period.
• CEO William L. Meaney sold a total of 213,375 shares of Iron Mountain stock, valued over $20 million, in transactions conducted in August and October.
• Iron Mountain reported $1.24 earnings per share for the latest quarter, surpassing analyst expectations, and declared a quarterly dividend of $0.785 per share, representing a yield of 3.0%.

Allspring Global Investments Holdings LLC raised its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 4.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 112,148 shares of the financial services provider's stock after purchasing an additional 4,508 shares during the period. Allspring Global Investments Holdings LLC's holdings in Iron Mountain were worth $11,207,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of IRM. Financial Network Wealth Advisors LLC purchased a new stake in shares of Iron Mountain in the first quarter valued at about $26,000. Golden State Wealth Management LLC purchased a new stake in shares of Iron Mountain in the first quarter valued at about $30,000. Ramirez Asset Management Inc. purchased a new stake in shares of Iron Mountain in the first quarter valued at about $34,000. Wayfinding Financial LLC purchased a new stake in shares of Iron Mountain in the first quarter valued at about $37,000. Finally, Crewe Advisors LLC lifted its holdings in shares of Iron Mountain by 10,000.0% in the first quarter. Crewe Advisors LLC now owns 505 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 80.13% of the company's stock.

Insiders Place Their Bets

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were 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 SEC, which is available at this link. Also, CEO William L. Meaney sold 69,125 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $102.34, for a total transaction of $7,074,252.50. The disclosure for this sale can be found here. Insiders have sold a total of 213,375 shares of company stock valued at $20,347,156 over the last quarter. Company insiders own 1.90% of the company's stock.

Wall Street Analyst Weigh In

IRM has been the topic of several recent research reports. JPMorgan Chase & Co. reduced their price target on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Jefferies Financial Group assumed coverage on shares of Iron Mountain in a research note on Monday, September 22nd. They set a "buy" rating and a $120.00 price objective on the stock. Zacks Research downgraded shares of Iron Mountain from a "hold" rating to a "strong sell" rating in a research note on Monday, October 13th. Weiss Ratings reissued a "hold (c)" rating on shares of Iron Mountain in a research note on Wednesday, October 8th. Finally, Barclays upped their price objective 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, six have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Iron Mountain currently has a consensus rating of "Moderate Buy" and an average target price of $116.83.

Iron Mountain Stock Down 1.1%

NYSE:IRM opened at $104.60 on Friday. The company has a market cap of $30.89 billion, a P/E ratio of 747.20 and a beta of 1.06. Iron Mountain Incorporated has a fifty-two week low of $72.33 and a fifty-two week high of $130.24. The firm's 50 day moving average is $97.67 and its two-hundred day moving average is $96.06.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its quarterly 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 company had revenue of $1.68 billion for the quarter, compared to the consensus estimate 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 was up 11.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.08 earnings per share. Research analysts forecast that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 3rd. Shareholders of record on Monday, September 15th were paid a dividend of $0.785 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $3.14 dividend on an annualized basis and a yield of 3.0%. Iron Mountain's dividend payout ratio (DPR) is currently 2,242.86%.

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.

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