Park Avenue Securities LLC Purchases 7,049 Shares of Iron Mountain Incorporated $IRM

Key Points

• Park Avenue Securities LLC has increased its stake in Iron Mountain by 52.6%, acquiring an additional 7,049 shares, raising its total holdings to 20,454 shares valued at $2,098,000.
• Iron Mountain recently announced a quarterly dividend of $0.785 per share, reflecting an annualized yield of 3.1%, with a remarkably high dividend payout ratio of 2,242.86%.
• The company's stock has shown mixed performance with a market cap of $29.93 billion, a 1-year range of $72.33 - $130.24, and an earnings per share of $1.24, beating expectations.

Park Avenue Securities LLC increased its position in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 52.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 20,454 shares of the financial services provider's stock after buying an additional 7,049 shares during the period. Park Avenue Securities LLC's holdings in Iron Mountain were worth $2,098,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Cranbrook Wealth Management LLC purchased a new stake in shares of Iron Mountain during the first quarter worth about $26,000. Financial Network Wealth Advisors LLC purchased a new stake in Iron Mountain during the 1st quarter valued at approximately $26,000. Golden State Wealth Management LLC bought a new stake in shares of Iron Mountain during the first quarter valued at approximately $30,000. Ramirez Asset Management Inc. purchased a new position in shares of Iron Mountain in the first quarter worth $34,000. Finally, Wayfinding Financial LLC bought a new position in shares of Iron Mountain during the first quarter worth $37,000. 80.13% of the stock is owned by institutional investors.

Iron Mountain Price Performance

NYSE:IRM opened at $101.35 on Thursday. The firm has a market capitalization of $29.93 billion, a price-to-earnings ratio of 723.98 and a beta of 1.08. The business has a 50 day simple moving average of $95.31 and a 200-day simple moving average of $94.04. Iron Mountain Incorporated has a 1 year low of $72.33 and a 1 year high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last announced 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. 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 the consensus estimate of $1.68 billion. During the same quarter in the prior year, the firm posted $1.08 earnings per share. The business's revenue for the quarter was up 11.6% on a year-over-year basis. As a group, analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share 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 paid a dividend of $0.785 per share. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Monday, September 15th. Iron Mountain's dividend payout ratio (DPR) is currently 2,242.86%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on IRM. JPMorgan Chase & Co. reduced their price target 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. Jefferies Financial Group assumed coverage on Iron Mountain in a report on Monday. They issued a "buy" rating and a $120.00 target price on the stock. Finally, Barclays increased their price target 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 investment analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $116.83.

Insiders Place Their Bets

In other news, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $91.05, for a total transaction of $546,300.00. Following the completion of the sale, the executive vice president directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 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 in the company, valued at approximately $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. Over the last quarter, insiders sold 236,709 shares of company stock worth $22,555,809. Insiders own 1.90% of the company's stock.

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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