Kovitz Investment Group Partners LLC Purchases New Shares in Iron Mountain Incorporated $IRM

Key Points

• Kovitz Investment Group Partners LLC has acquired a $388,000 stake in Iron Mountain Incorporated, purchasing 4,515 shares in the first quarter.
• Analysts have mixed views on Iron Mountain, with Barclays raising its target price to $122.00, while JPMorgan reduced it to $100.00, both maintaining an "overweight" rating.
• Iron Mountain recently announced a quarterly dividend of $0.785 per share, representing an annual yield of 3.5%, with a noted payout ratio of 2,242.86%.

Kovitz Investment Group Partners LLC purchased a new position in Iron Mountain Incorporated (NYSE:IRM - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 4,515 shares of the financial services provider's stock, valued at approximately $388,000.

A number of other large investors have also made changes to their positions in the stock. XTX Topco Ltd purchased a new position in Iron Mountain in the 4th quarter valued at about $223,000. Hsbc Holdings PLC lifted its stake in shares of Iron Mountain by 6.6% during the fourth quarter. Hsbc Holdings PLC now owns 743,548 shares of the financial services provider's stock valued at $78,000,000 after buying an additional 46,060 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Iron Mountain by 7.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 877,238 shares of the financial services provider's stock worth $92,207,000 after acquiring an additional 57,104 shares during the last quarter. MGO One Seven LLC boosted its position in Iron Mountain by 121.2% during the fourth quarter. MGO One Seven LLC now owns 24,530 shares of the financial services provider's stock worth $2,578,000 after acquiring an additional 13,438 shares during the last quarter. Finally, Burling Wealth Partners LLC purchased a new stake in Iron Mountain in the 4th quarter worth approximately $1,651,000. Institutional investors and hedge funds own 80.13% of the company's stock.

Wall Street Analyst Weigh In

IRM has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. reduced their price target on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. Barclays raised their price objective on Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company's stock. According to MarketBeat.com, Iron Mountain presently has an average rating of "Buy" and an average target price of $120.17.

Iron Mountain Stock Up 3.5%

Shares of IRM traded up $3.1970 during mid-day trading on Friday, hitting $93.7470. The company had a trading volume of 1,166,349 shares, compared to its average volume of 1,513,392. The business's 50-day simple moving average is $97.62 and its 200-day simple moving average is $93.83. Iron Mountain Incorporated has a 1-year low of $72.33 and a 1-year high of $130.24. The stock has a market cap of $27.69 billion, a PE ratio of 669.67 and a beta of 1.07.

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 (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.05. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. The business had revenue of $1.68 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same period last year, the company earned $1.08 earnings per share. The company's quarterly revenue was up 11.6% on a year-over-year basis. On average, sell-side analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be given a $0.785 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $3.14 annualized dividend and a dividend yield of 3.3%. Iron Mountain's dividend payout ratio (DPR) is currently 2,242.86%.

Insider Buying and Selling at Iron Mountain

In related news, EVP Greg W. Mcintosh sold 17,334 shares of the stock in a transaction on Tuesday, July 1st. The stock was 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 directly owned 35,446 shares in the company, valued at approximately $3,544,600. This represents a 32.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Walter C. Rakowich sold 900 shares of the business's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $99.97, for a total value of $89,973.00. Following the transaction, the director owned 36,515 shares in the company, valued at approximately $3,650,404.55. This represents a 2.41% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 231,609 shares of company stock valued at $22,736,123. 1.90% of the stock is currently owned by corporate insiders.

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.