Iron Mountain Incorporated $IRM Shares Purchased by Tectonic Advisors LLC

Key Points

• Tectonic Advisors LLC increased its stake in Iron Mountain by 10.7%, acquiring an additional 12,379 shares, which now makes up about 0.8% of their total holdings valued at $13.17 million.
• Insider sales included a significant transaction where CEO William L. Meaney sold over 69,000 shares for approximately $7.07 million, while in total, insiders sold 213,375 shares worth over $20 million in the last quarter.
• Analysts have set varying price targets for Iron Mountain, with Barclays raising its target to $122 and Jefferies initiating coverage with a $120 price objective, reflecting a positive outlook despite the stock being down 23% from its yearly high.

Tectonic Advisors LLC boosted its position in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 10.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 128,376 shares of the financial services provider's stock after acquiring an additional 12,379 shares during the quarter. Iron Mountain accounts for about 0.8% of Tectonic Advisors LLC's holdings, making the stock its 23rd biggest holding. Tectonic Advisors LLC's holdings in Iron Mountain were worth $13,168,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in IRM. Miracle Mile Advisors LLC raised its holdings in Iron Mountain by 134.7% in the first quarter. Miracle Mile Advisors LLC now owns 7,545 shares of the financial services provider's stock valued at $649,000 after acquiring an additional 4,330 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in Iron Mountain by 4.0% during the first quarter. Farther Finance Advisors LLC now owns 4,773 shares of the financial services provider's stock worth $415,000 after purchasing an additional 185 shares in the last quarter. SG Americas Securities LLC raised its holdings in Iron Mountain by 1,116.0% during the first quarter. SG Americas Securities LLC now owns 60,265 shares of the financial services provider's stock worth $5,185,000 after purchasing an additional 55,309 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in Iron Mountain by 3.5% during the first quarter. Assenagon Asset Management S.A. now owns 11,538 shares of the financial services provider's stock worth $993,000 after purchasing an additional 388 shares in the last quarter. Finally, Foresight Capital Management Advisors Inc. raised its holdings in Iron Mountain by 1.0% during the first quarter. Foresight Capital Management Advisors Inc. now owns 88,185 shares of the financial services provider's stock worth $7,587,000 after purchasing an additional 882 shares in the last quarter. Institutional investors and hedge funds own 80.13% of the company's stock.

Insider Transactions at Iron Mountain

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of the company's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $102.34, for a total value of $7,074,252.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark Kidd sold 6,000 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The shares were 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 directly owned 79,081 shares in the company, valued at approximately $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 quarter, insiders sold 213,375 shares of company stock worth $20,347,156. 1.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

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

Iron Mountain Price Performance

NYSE IRM opened at $105.62 on Thursday. Iron Mountain Incorporated has a 12 month low of $72.33 and a 12 month high of $130.24. The company has a market cap of $31.19 billion, a P/E ratio of 754.48 and a beta of 1.06. The company has a 50-day moving average of $96.18 and a 200-day moving average of $95.18.

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 (EPS) for the quarter, topping analysts' consensus estimates 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 business had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the previous year, the business earned $1.08 EPS. The company's revenue for the quarter was up 11.6% on a year-over-year basis. As a group, equities research analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 3rd. Stockholders of record on Monday, September 15th were issued a dividend of $0.785 per share. The ex-dividend date was Monday, September 15th. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.0%. Iron Mountain's payout ratio is presently 2,242.86%.

About Iron Mountain

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.

Want to see what other hedge funds are holding IRM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Iron Mountain Incorporated (NYSE:IRM - Free Report).

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.