Jefferies Financial Group Inc. Takes Position in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Jefferies Financial Group Inc. has acquired a new position in Iron Mountain Incorporated, purchasing 10,764 shares valued at approximately $926,000 during the first quarter.
• Analysts have given Iron Mountain a consensus rating of "Buy" with a price target of $122.00, after some upgrades, including Barclays raising its target from $118.00 to $121.00.
• Iron Mountain announced a quarterly dividend of $0.785 per share, representing a 3.5% dividend yield for shareholders of record on September 15th.

Jefferies Financial Group Inc. purchased a new position in Iron Mountain Incorporated (NYSE:IRM - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,764 shares of the financial services provider's stock, valued at approximately $926,000.

A number of other institutional investors have also recently modified their holdings of IRM. Cranbrook Wealth Management LLC purchased a new stake in shares of Iron Mountain in the first quarter worth $26,000. Golden State Wealth Management LLC bought a new position in shares of Iron Mountain during the first quarter valued at $30,000. Ramirez Asset Management Inc. bought a new position in shares of Iron Mountain during the first quarter valued at $34,000. Wayfinding Financial LLC bought a new position in shares of Iron Mountain during the first quarter valued at $37,000. Finally, Franchise Capital Ltd bought a new position in shares of Iron Mountain during the first quarter valued at $39,000. 80.13% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Iron Mountain

In other Iron Mountain news, EVP Greg W. Mcintosh sold 17,334 shares of Iron Mountain stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $100.00, for a total transaction of $1,733,400.00. Following the completion of the sale, the executive vice president directly owned 35,446 shares of the company's stock, valued at $3,544,600. The trade was a 32.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $102.02, for a total value of $612,120.00. Following the sale, the executive vice president directly owned 91,081 shares of the company's stock, valued at approximately $9,292,083.62. This trade represents a 6.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 240,007 shares of company stock valued at $23,543,507. Company insiders own 1.90% of the company's stock.

Wall Street Analysts Forecast Growth

IRM has been the topic of a number of recent research reports. Wall Street Zen raised Iron Mountain from a "sell" rating to a "hold" rating in a report on Friday, April 18th. JPMorgan Chase & Co. cut their target price on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a research report on Thursday. Finally, Barclays increased their target price 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 issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $120.00.

Iron Mountain Price Performance

Shares of Iron Mountain stock traded up $1.87 on Thursday, reaching $91.91. The company had a trading volume of 3,068,563 shares, compared to its average volume of 1,272,734. The firm has a market cap of $27.12 billion, a price-to-earnings ratio of 656.58 and a beta of 1.07. The firm's 50-day moving average price is $99.66 and its two-hundred day moving average price is $94.90. Iron Mountain Incorporated has a 1 year low of $72.33 and a 1 year high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 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 firm 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 quarterly revenue was up 11.6% on a year-over-year basis. As a group, analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Dividend Announcement

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 given a dividend of $0.785 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $3.14 dividend on an annualized basis and a yield of 3.4%. Iron Mountain's payout ratio is 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.