Kestra Advisory Services LLC Acquires 10,724 Shares of Iron Mountain Incorporated $IRM

Key Points

• Kestra Advisory Services increased its Iron Mountain stake by 10.7% in the third quarter, buying 10,724 shares and bringing its holding to 110,823 shares, valued at about $12.3 million. Institutional investors own 80.13% of the stock.
• Iron Mountain reported quarterly EPS of $0.64, beating the $0.61 consensus, while revenue of $1.99 billion matched expectations and rose 13.5% year over year. The company raised its quarterly dividend to $0.993 per share, or about $3.97 annualized.
• Analysts give Iron Mountain a consensus “Moderate Buy” rating and an average price target of $141.33. Company insiders sold 136,422 shares worth about $15.1 million over the prior 90 days.

Kestra Advisory Services LLC raised its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 10.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 110,823 shares of the financial services provider's stock after buying an additional 10,724 shares during the quarter. Kestra Advisory Services LLC's holdings in Iron Mountain were worth $12,296,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in IRM. Bell Investment Advisors Inc purchased a new stake in Iron Mountain in the second quarter worth $26,000. Meeder Asset Management Inc. purchased a new position in Iron Mountain during the 2nd quarter valued at $27,000. Wellington Altus USA Inc. purchased a new position in Iron Mountain during the 2nd quarter valued at $27,000. Sawyer & Company Inc purchased a new position in Iron Mountain during the 3rd quarter valued at $27,000. Finally, Markowski Investments bought a new position in Iron Mountain in the 2nd quarter worth $34,000. 80.13% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Iron Mountain

In other news, CEO William L. Meaney sold 38,474 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $114.08, for a total value of $4,389,113.92. Following the sale, the chief executive officer directly owned 38,474 shares of the company's stock, valued at approximately $4,389,113.92. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Greg W. Mcintosh sold 5,000 shares of the firm's stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $116.96, for a total value of $584,800.00. Following the transaction, the executive vice president owned 65,634 shares of the company's stock, valued at $7,676,552.64. The trade was a 7.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 136,422 shares of company stock worth $15,116,038. 1.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on IRM. Wall Street Zen cut shares of Iron Mountain from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. The Goldman Sachs Group lifted their target price on shares of Iron Mountain from $153.00 to $155.00 and gave the company a "buy" rating in a research note on Tuesday, October 6th. BNP Paribas Exane boosted their price target on shares of Iron Mountain from $138.00 to $145.00 and gave the company an "outperform" rating in a research report on Wednesday, August 5th. Barclays increased their price target on shares of Iron Mountain from $143.00 to $144.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 8th. Finally, Truist Financial raised their price objective on shares of Iron Mountain from $140.00 to $155.00 and gave the stock a "buy" rating in a report on Thursday, August 27th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Iron Mountain currently has a consensus rating of "Moderate Buy" and an average target price of $141.33.

Iron Mountain Stock Performance

Shares of NYSE IRM opened at $110.92 on Tuesday. The company has a 50 day simple moving average of $113.62 and a two-hundred day simple moving average of $115.47. Iron Mountain Incorporated has a fifty-two week low of $77.77 and a fifty-two week high of $134.68. The company has a market capitalization of $33.02 billion, a price-to-earnings ratio of 72.49 and a beta of 1.18.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly earnings results on Thursday, November 5th. The financial services provider reported $0.64 EPS for the quarter, topping analysts' consensus estimates of $0.61 by $0.03. The firm had revenue of $1.99 billion for the quarter, compared to analysts' expectations of $1.99 billion. Iron Mountain had a negative return on equity of 85.44% and a net margin of 5.54%. The business's revenue for the quarter was up 13.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.32 EPS. On average, analysts forecast that Iron Mountain Incorporated will post 5.42 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 6th. Shareholders of record on Tuesday, December 15th will be paid a dividend of $0.9930 per share. The ex-dividend date is Tuesday, December 15th. This is a positive change from Iron Mountain's previous quarterly dividend of $0.8640. This represents a $3.97 dividend on an annualized basis and a yield of 3.6%. Iron Mountain's dividend payout ratio (DPR) is presently 226.14%.

Iron Mountain Profile

Iron Mountain Incorporated is an information management and storage company that helps organizations protect, manage and access physical and digital assets. Its services include records storage and management, secure document shredding, digitization and other information-management solutions.

The company also operates data centers and provides services for businesses moving, storing and managing data. Its offerings extend to specialized storage and care for items such as artwork and other valuable collections.

Founded in 1951, Iron Mountain began as a records-storage business in a former iron ore mine in New York.

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