Kingstone Capital Partners Texas LLC Purchases New Holdings 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 acquired a new stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 98,400 shares of the financial services provider's stock, valued at approximately $10,093,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in IRM. Cranbrook Wealth Management LLC acquired a new stake in shares of Iron Mountain during the 1st quarter worth about $26,000. Financial Network Wealth Advisors LLC purchased a new position in shares of Iron Mountain during the 1st quarter worth approximately $26,000. Golden State Wealth Management LLC purchased a new stake in Iron Mountain in the first quarter valued at approximately $30,000. Ramirez Asset Management Inc. acquired a new position in Iron Mountain during the 1st quarter worth about $34,000. Finally, Wayfinding Financial LLC purchased a new stake in Iron Mountain during the first quarter worth about $37,000. Hedge funds and other institutional investors own 80.13% of the company's stock.

Insider Buying and Selling at Iron Mountain

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $94.55, for a total transaction of $6,535,768.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Greg W. Mcintosh sold 17,334 shares of the stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $100.00, for a total value of $1,733,400.00. Following the completion of the sale, the executive vice president owned 35,446 shares of the company's stock, valued at approximately $3,544,600. This represents a 32.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 236,709 shares of company stock worth $22,555,809 in the last quarter. Company insiders own 1.90% of the company's stock.

Iron Mountain Price Performance

Shares of Iron Mountain stock traded up $4.53 during trading hours on Monday, hitting $104.42. The company had a trading volume of 2,135,940 shares, compared to its average volume of 1,792,994. The company's 50-day moving average is $94.98 and its two-hundred day moving average is $93.78. The company has a market cap of $30.84 billion, a P/E ratio of 745.87 and a beta of 1.08. Iron Mountain Incorporated has a twelve month low of $72.33 and a twelve month high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.05. The company had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.68 billion. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. Iron Mountain's revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.08 earnings per share. 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 will be paid on Friday, October 3rd. Stockholders of record on Monday, September 15th will be issued a dividend of $0.785 per share. The ex-dividend date is 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%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on IRM. Jefferies Financial Group initiated coverage on shares of Iron Mountain in a research note on Monday. They issued a "buy" rating and a $120.00 price objective for the company. JPMorgan Chase & Co. cut their price objective on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. Finally, Barclays lifted their price objective on Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a research note on Wednesday, August 20th. One analyst has rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the stock. According to MarketBeat, Iron Mountain currently has an average rating of "Buy" and a consensus price target of $120.14.

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.