Lbp Am Sa Invests $11.74 Million in Iron Mountain Incorporated $IRM

Key Points

• Lbp Am Sa has invested approximately $11.74 million in Iron Mountain Incorporated by acquiring 114,471 shares during the second quarter.
• Iron Mountain recently reported earnings of $1.24 per share, exceeding analysts' expectations, with a revenue of $1.68 billion, marking an 11.6% increase from the previous year.
• The company declared a quarterly dividend of $0.785 to be paid on October 3rd, equating to an annualized dividend yield of 3.1%.

Lbp Am Sa purchased a new position in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 114,471 shares of the financial services provider's stock, valued at approximately $11,741,000.

Several other institutional investors also recently added to or reduced their stakes in the company. Cooper Financial Group increased its position in Iron Mountain by 3.7% during the second quarter. Cooper Financial Group now owns 3,155 shares of the financial services provider's stock worth $324,000 after buying an additional 113 shares during the period. Trivium Point Advisory LLC acquired a new position in Iron Mountain during the second quarter worth approximately $723,000. Greenleaf Trust increased its position in Iron Mountain by 10.5% during the second quarter. Greenleaf Trust now owns 8,142 shares of the financial services provider's stock worth $835,000 after buying an additional 774 shares during the period. HB Wealth Management LLC increased its position in Iron Mountain by 3.1% during the second quarter. HB Wealth Management LLC now owns 10,022 shares of the financial services provider's stock worth $1,028,000 after buying an additional 299 shares during the period. Finally, Venture Visionary Partners LLC increased its position in Iron Mountain by 1.1% during the second quarter. Venture Visionary Partners LLC now owns 32,989 shares of the financial services provider's stock worth $3,384,000 after buying an additional 371 shares during the period. Institutional investors and hedge funds own 80.13% of the company's stock.

Iron Mountain Price Performance

Iron Mountain stock opened at $101.96 on Wednesday. Iron Mountain Incorporated has a 1-year low of $72.33 and a 1-year high of $130.24. The company has a market cap of $30.11 billion, a PE ratio of 728.34 and a beta of 1.08. The stock's 50 day moving average price is $95.46 and its 200 day moving average price is $94.54.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, beating 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 for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the previous year, the business earned $1.08 earnings per share. The company's revenue for the quarter was up 11.6% compared to the same quarter last year. On average, equities research analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Dividend Announcement

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 paid a $0.785 dividend. The ex-dividend date is Monday, September 15th. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.1%. Iron Mountain's payout ratio is 2,242.86%.

Wall Street Analyst Weigh In

Several research firms have commented on IRM. JPMorgan Chase & Co. cut their price target 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. Jefferies Financial Group assumed coverage on Iron Mountain in a report on Monday, September 22nd. They issued a "buy" rating and a $120.00 target price on the stock. Finally, Barclays boosted their target price on Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a report on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $116.83.

Insider Activity at Iron Mountain

In related news, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $89.56, for a total value of $6,190,835.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $91.05, for a total value of $546,300.00. Following the completion of the sale, the executive vice president owned 79,081 shares in the company, valued at approximately $7,200,325.05. This trade represents a 7.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 144,250 shares of company stock worth $13,272,904 over the last three months. 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.

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