Kingstone Capital Partners Texas LLC Purchases New Stake in Iron Mountain Incorporated $IRM

Key Points

• Kingstone Capital Partners Texas LLC acquired 98,400 shares of Iron Mountain Incorporated, worth approximately $10,093,000, during the second quarter.
• Insider transactions included the sale of 69,125 shares by CEO William L. Meaney and 17,334 shares by EVP Greg W. Mcintosh, contributing to significant insider sales totaling $22,555,809.
• Iron Mountain announced a quarterly dividend of $0.785, yielding around 3.1%, with the upcoming payment scheduled for October 3rd.

Kingstone Capital Partners Texas LLC purchased a new stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 98,400 shares of the financial services provider's stock, valued at approximately $10,093,000.

Other institutional investors have also added to or reduced their stakes in the company. Kestra Private Wealth Services LLC boosted its holdings in shares of Iron Mountain by 14.7% in the 1st quarter. Kestra Private Wealth Services LLC now owns 14,537 shares of the financial services provider's stock worth $1,251,000 after purchasing an additional 1,860 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Iron Mountain by 86.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,974,922 shares of the financial services provider's stock worth $169,922,000 after acquiring an additional 913,715 shares during the last quarter. Golden State Wealth Management LLC bought a new stake in shares of Iron Mountain during the 1st quarter worth approximately $30,000. Steward Partners Investment Advisory LLC lifted its stake in shares of Iron Mountain by 1.4% during the 1st quarter. Steward Partners Investment Advisory LLC now owns 38,032 shares of the financial services provider's stock worth $3,272,000 after acquiring an additional 513 shares during the last quarter. Finally, Inspire Trust Co. N.A. lifted its stake in shares of Iron Mountain by 21.4% during the 1st quarter. Inspire Trust Co. N.A. now owns 17,000 shares of the financial services provider's stock worth $1,463,000 after acquiring an additional 3,000 shares during the last quarter. Hedge funds and other institutional investors own 80.13% of the company's stock.

Insider Transactions at Iron Mountain

In other Iron Mountain news, EVP Greg W. Mcintosh sold 17,334 shares of the stock in a transaction that occurred 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 transaction, the executive vice president owned 35,446 shares of the company's stock, valued at $3,544,600. This represents a 32.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $100.36, for a total value of $6,937,385.00. The disclosure for this sale can be found here. Insiders sold 236,709 shares of company stock worth $22,555,809 over the last three months. 1.90% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Barclays raised their price target on Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 20th. Jefferies Financial Group initiated coverage on Iron Mountain in a research report on Monday. They set a "buy" rating and a $120.00 target price for the company. Finally, JPMorgan Chase & Co. decreased 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, August 7th. One research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $116.83.

Iron Mountain Price Performance

NYSE IRM traded down $0.88 during trading hours on Tuesday, reaching $103.58. The company's stock had a trading volume of 474,694 shares, compared to its average volume of 1,785,491. The firm has a market capitalization of $30.59 billion, a price-to-earnings ratio of 740.37 and a beta of 1.08. Iron Mountain Incorporated has a 1-year low of $72.33 and a 1-year high of $130.24. The company's 50-day moving average is $95.10 and its two-hundred day moving average is $93.92.

Iron Mountain (NYSE:IRM - Get Free Report) last released 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 during the quarter, compared to analysts' expectations of $1.68 billion. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.Iron Mountain's quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.08 EPS. Equities analysts forecast that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be issued a $0.785 dividend. 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 3.0%. Iron Mountain's dividend payout ratio is presently 2,242.86%.

Iron Mountain 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.