Patton Fund Management Inc. Takes Position in Iron Mountain Incorporated $IRM

Key Points

• Patton Fund Management Inc. has acquired 2,510 shares of Iron Mountain Incorporated, valued at approximately $257,000, marking its first position in the company.
• Iron Mountain recently announced a quarterly dividend of $0.785, representing an annualized dividend of $3.14 and a yield of 3.1%.
• Despite a strong earnings report beating expectations, the stock has a high P/E ratio of 722.24 and is down 23% from its one-year high.

Patton Fund Management Inc. acquired a new position in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 2,510 shares of the financial services provider's stock, valued at approximately $257,000.

Several other large investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Iron Mountain by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 46,825,734 shares of the financial services provider's stock worth $4,028,886,000 after acquiring an additional 220,564 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Iron Mountain by 0.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,256,417 shares of the financial services provider's stock worth $366,210,000 after purchasing an additional 37,154 shares during the last quarter. Invesco Ltd. grew its position in Iron Mountain by 14.7% during the 1st quarter. Invesco Ltd. now owns 2,848,954 shares of the financial services provider's stock worth $245,124,000 after purchasing an additional 366,134 shares during the last quarter. Nuveen LLC purchased a new stake in Iron Mountain during the 1st quarter worth approximately $192,231,000. Finally, JPMorgan Chase & Co. grew its position in Iron Mountain by 17.8% during the 1st quarter. JPMorgan Chase & Co. now owns 2,061,560 shares of the financial services provider's stock worth $177,377,000 after purchasing an additional 311,494 shares during the last quarter. Institutional investors own 80.13% of the company's stock.

Iron Mountain Price Performance

IRM opened at $101.11 on Friday. The firm has a fifty day moving average price of $95.38 and a 200 day moving average price of $94.33. 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 $29.86 billion, a P/E ratio of 722.24 and a beta of 1.08.

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 (EPS) 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 firm had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the previous year, the business posted $1.08 EPS. The business's revenue was up 11.6% compared to the same quarter last year. Equities analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Dividend Announcement

The company also recently announced 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. This represents a $3.14 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Monday, September 15th. Iron Mountain's payout ratio is currently 2,242.86%.

Wall Street Analyst Weigh In

Several analysts have weighed in on IRM shares. Jefferies Financial Group started coverage on shares of Iron Mountain in a research report on Monday, September 22nd. They set a "buy" rating and a $120.00 target price on the stock. JPMorgan Chase & Co. dropped their target price on shares of 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 boosted their target price on shares of Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to data from MarketBeat.com, Iron Mountain currently has an average rating of "Buy" and a consensus target price of $116.83.

Insider Activity

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of the company's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $89.56, for a total transaction of $6,190,835.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Mark Kidd sold 6,000 shares of the company's 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 transaction, the executive vice president owned 79,081 shares of the company's stock, valued at $7,200,325.05. This represents a 7.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 236,709 shares of company stock valued at $22,555,809. 1.90% of the stock is currently owned by company 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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