Iron Mountain Incorporated $IRM Stake Boosted by Lee Danner & Bass Inc.

Key Points

• Lee Danner & Bass Inc. increased its stake in Iron Mountain by 15.8%, owning 41,700 shares valued at $4.27 million after purchasing additional shares in the second quarter.
• Several institutional investors, including Vanguard Group and JPMorgan Chase & Co., have recently increased their holdings, with hedge funds owning 80.13% of the company's stock.
• Analysts have a consensus rating of "Moderate Buy" for Iron Mountain, with price targets ranging from $100.00 to $122.00.

Lee Danner & Bass Inc. increased its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 15.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,700 shares of the financial services provider's stock after purchasing an additional 5,675 shares during the quarter. Lee Danner & Bass Inc.'s holdings in Iron Mountain were worth $4,277,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Iron Mountain by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 46,825,734 shares of the financial services provider's stock valued at $4,028,886,000 after acquiring an additional 220,564 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Iron Mountain by 0.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,256,417 shares of the financial services provider's stock valued at $366,210,000 after acquiring an additional 37,154 shares in the last quarter. Invesco Ltd. grew its stake in Iron Mountain by 14.7% during the 1st quarter. Invesco Ltd. now owns 2,848,954 shares of the financial services provider's stock valued at $245,124,000 after acquiring an additional 366,134 shares in the last quarter. Nuveen LLC purchased a new position in Iron Mountain during the 1st quarter valued at about $192,231,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Iron Mountain by 17.8% in the 1st quarter. JPMorgan Chase & Co. now owns 2,061,560 shares of the financial services provider's stock valued at $177,377,000 after buying an additional 311,494 shares in the last quarter. Hedge funds and other institutional investors own 80.13% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on IRM shares. Jefferies Financial Group started coverage on Iron Mountain in a report on Monday, September 22nd. They issued a "buy" rating and a $120.00 target price for the company. JPMorgan Chase & Co. cut their price target on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Barclays upped their price target on Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a report on Wednesday, August 20th. Weiss Ratings reiterated a "hold (c)" rating on shares of Iron Mountain in a report on Wednesday, October 8th. Finally, Zacks Research upgraded Iron Mountain from a "strong sell" rating to a "hold" rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $116.83.

Insider Activity at Iron Mountain

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

Iron Mountain Stock Up 1.7%

Iron Mountain stock opened at $105.66 on Friday. The business's 50-day simple moving average is $98.68 and its 200 day simple moving average is $96.64. The stock has a market cap of $31.21 billion, a price-to-earnings ratio of 755.42 and a beta of 1.06. 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 released its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the prior year, the firm posted $1.08 earnings per share. The company's quarterly revenue was up 11.6% on a year-over-year basis. As a group, sell-side analysts expect 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. Investors of record on Monday, September 15th were given a $0.785 dividend. This represents a $3.14 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Monday, September 15th. Iron Mountain's dividend payout ratio (DPR) is currently 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.

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