2,826 Shares in Iron Mountain Incorporated $IRM Acquired by NorthCrest Asset Manangement LLC

Key Points

• NorthCrest Asset Management LLC acquired a new stake in Iron Mountain Incorporated during Q2, buying 2,826 shares valued at approximately $285,000.
• Analysts have mixed views on Iron Mountain, with target prices adjusted; JPMorgan Chase raised its target to $100, while Barclays increased it to $122.
• The company recently declared a quarterly dividend of $0.785 per share, representing an annualized yield of 3.1%, with an ex-dividend date set for September 15.

NorthCrest Asset Manangement LLC acquired a new position in Iron Mountain Incorporated (NYSE:IRM - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 2,826 shares of the financial services provider's stock, valued at approximately $285,000.

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

Insider Buying and Selling at Iron Mountain

In related news, CEO William L. Meaney sold 69,125 shares of the stock in a transaction 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 Securities & Exchange Commission, which is accessible through this link. Also, EVP Greg W. Mcintosh sold 17,334 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $100.00, for a total transaction of $1,733,400.00. Following the completion of the sale, the executive vice president directly owned 35,446 shares of the company's stock, valued at $3,544,600. The trade was a 32.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 236,709 shares of company stock worth $22,555,809 in the last 90 days. Company insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

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

Iron Mountain Stock Up 4.5%

IRM traded up $4.53 on Monday, reaching $104.42. The company had a trading volume of 2,135,940 shares, compared to its average volume of 1,442,767. Iron Mountain Incorporated has a 1 year low of $72.33 and a 1 year high of $130.24. The stock has a market capitalization of $30.84 billion, a PE ratio of 745.87 and a beta of 1.08. The stock has a 50-day moving average price of $95.10 and a 200-day moving average price of $93.92.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.05. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.68 billion. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The business's quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.08 EPS. As a group, analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Dividend Announcement

The firm 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 $0.785 dividend. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, September 15th. Iron Mountain's payout ratio is presently 2,242.86%.

Iron Mountain Company 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.