Sagespring Wealth Partners LLC Invests $275,000 in Iron Mountain Incorporated $IRM

Key Points

• Sagespring Wealth Partners LLC invested $275,000 in Iron Mountain, acquiring 2,685 shares in the second quarter, highlighting growing interest from institutional investors.
• Insider trading was significant as CEO William L. Meaney sold 138,250 shares in recent months for over $13 million, indicating potential confidence or strategic moves within the company's leadership.
• Iron Mountain recently declared a quarterly dividend of $0.785, yielding 3.0%, although the payout ratio stands exceedingly high at 2,242.86%.

Sagespring Wealth Partners LLC bought a new position in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,685 shares of the financial services provider's stock, valued at approximately $275,000.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Iron Mountain by 0.5% in the first quarter. Vanguard Group Inc. now owns 46,825,734 shares of the financial services provider's stock valued at $4,028,886,000 after buying an additional 220,564 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings 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 valued at $366,210,000 after purchasing an additional 37,154 shares in the last quarter. Invesco Ltd. lifted its holdings in Iron Mountain by 14.7% in the 1st quarter. Invesco Ltd. now owns 2,848,954 shares of the financial services provider's stock worth $245,124,000 after buying an additional 366,134 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Iron Mountain during the first quarter valued at about $192,231,000. Finally, JPMorgan Chase & Co. boosted its holdings in Iron Mountain by 17.8% in the first quarter. JPMorgan Chase & Co. now owns 2,061,560 shares of the financial services provider's stock valued at $177,377,000 after purchasing an additional 311,494 shares during the last quarter. Hedge funds and other institutional investors own 80.13% of the company's stock.

Insider Activity

In other news, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $102.34, for a total transaction of $7,074,252.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William L. Meaney sold 69,125 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $94.55, for a total value of $6,535,768.75. The disclosure for this sale can be found here. In the last 90 days, insiders sold 213,375 shares of company stock worth $20,347,156. Insiders own 1.90% of the company's stock.

Iron Mountain Stock Performance

IRM opened at $104.60 on Friday. The company has a market capitalization of $30.89 billion, a PE ratio of 747.20 and a beta of 1.06. The stock's fifty day moving average is $97.67 and its 200-day moving average is $96.01. Iron Mountain Incorporated has a one year low of $72.33 and a one year high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.24 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 firm had revenue of $1.68 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the previous year, the business earned $1.08 earnings per share. Iron Mountain's revenue for the quarter was up 11.6% compared to the same quarter last year. On average, equities research analysts forecast 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 was paid on Friday, October 3rd. Shareholders of record on Monday, September 15th were given a $0.785 dividend. The ex-dividend date was Monday, September 15th. This represents a $3.14 annualized dividend and a yield of 3.0%. Iron Mountain's payout ratio is 2,242.86%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Jefferies Financial Group initiated coverage on shares of Iron Mountain in a research note on Monday, September 22nd. They set a "buy" rating and a $120.00 price objective on the stock. Weiss Ratings reissued a "hold (c)" rating on shares of Iron Mountain in a report on Wednesday, October 8th. Barclays raised 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. Zacks Research lowered Iron Mountain from a "hold" rating to a "strong sell" rating in a research report on Monday, October 13th. Finally, JPMorgan Chase & Co. cut their price objective 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. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $116.83.

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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