Secure Asset Management LLC Invests $476,000 in Iron Mountain Incorporated $IRM

Key Points

• Secure Asset Management LLC invested $476,000 in Iron Mountain Incorporated by purchasing 4,641 shares during the 2nd quarter, reflecting growing interest from institutional investors.
• Iron Mountain reported quarterly earnings of $1.24 per share, surpassing estimates of $1.19, and experienced an 11.6% increase in revenue year-over-year.
• The company announced a quarterly dividend of $0.785 per share with a dividend yield of 3.2%, while insiders sold a total of 236,709 shares worth over $22 million in recent months.

Secure Asset Management LLC 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 filing with the Securities and Exchange Commission. The fund purchased 4,641 shares of the financial services provider's stock, valued at approximately $476,000.

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

Iron Mountain Price Performance

Shares of NYSE:IRM opened at $98.99 on Friday. The firm has a market capitalization of $29.24 billion, a PE ratio of 707.09 and a beta of 1.08. The firm's 50-day moving average is $94.94 and its two-hundred day moving average is $93.58. 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 issued its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the firm earned $1.08 earnings per share. The business's revenue for the quarter was up 11.6% compared to the same quarter last year. Analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 15th will be given a dividend of $0.785 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.2%. Iron Mountain's dividend payout ratio is currently 2,242.86%.

Insider Buying and Selling

In other news, CEO William L. Meaney sold 69,125 shares of the company's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $89.56, for a total transaction of $6,190,835.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO William L. Meaney sold 69,125 shares of the company's stock in a transaction dated Friday, August 1st. The stock was 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. Insiders sold a total of 236,709 shares of company stock worth $22,555,809 over the last ninety days. Insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on IRM shares. JPMorgan Chase & Co. reduced their target price 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. Barclays boosted their price objective on shares of Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a report on Wednesday, August 20th. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $120.17.

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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