Shell Asset Management Co. Purchases 7,917 Shares of Iron Mountain Incorporated $IRM

Key Points

• Shell Asset Management Co. increased its holdings in Iron Mountain by 26.8% after acquiring an additional 7,917 shares, bringing its total to 37,414 shares valued at $3,838,000.
• Several other institutional investors, including KLP Kapitalforvaltning and Ameliora Wealth Management, also boosted their stakes in Iron Mountain during the second quarter.
• Iron Mountain's quarterly earnings report showed a net margin of 0.66% and a year-over-year revenue increase of 11.6%, with the latest earnings per share at $1.24.

Shell Asset Management Co. increased its position in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 26.8% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 37,414 shares of the financial services provider's stock after acquiring an additional 7,917 shares during the period. Shell Asset Management Co.'s holdings in Iron Mountain were worth $3,838,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. KLP Kapitalforvaltning AS increased its stake in shares of Iron Mountain by 4.1% in the second quarter. KLP Kapitalforvaltning AS now owns 103,016 shares of the financial services provider's stock valued at $10,635,000 after buying an additional 4,100 shares during the period. Ameliora Wealth Management Ltd. lifted its stake in Iron Mountain by 29.9% in the second quarter. Ameliora Wealth Management Ltd. now owns 4,350 shares of the financial services provider's stock valued at $446,000 after buying an additional 1,000 shares during the period. Relyea Zuckerberg Hanson LLC grew its position in shares of Iron Mountain by 7.1% during the 2nd quarter. Relyea Zuckerberg Hanson LLC now owns 3,136 shares of the financial services provider's stock worth $322,000 after buying an additional 208 shares during the period. Valeo Financial Advisors LLC bought a new stake in shares of Iron Mountain in the 2nd quarter valued at $214,000. Finally, DAVENPORT & Co LLC increased its stake in shares of Iron Mountain by 1.9% in the 2nd quarter. DAVENPORT & Co LLC now owns 9,855 shares of the financial services provider's stock valued at $1,011,000 after acquiring an additional 185 shares in the last quarter. Institutional investors own 80.13% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on IRM shares. Barclays lifted their price objective on shares of Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a research note on Wednesday, August 20th. JPMorgan Chase & Co. dropped their target price on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Weiss Ratings restated a "hold (c)" rating on shares of Iron Mountain in a report on Saturday, September 27th. Finally, Jefferies Financial Group began coverage on Iron Mountain in a report on Monday, September 22nd. They issued a "buy" rating and a $120.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Iron Mountain currently has a consensus rating of "Buy" and an average price target of $116.83.

Insiders Place Their Bets

In other Iron Mountain news, EVP Mark Kidd sold 6,000 shares of the firm's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $91.05, for a total value of $546,300.00. Following the completion of the sale, the executive vice president directly owned 79,081 shares of the company's stock, valued at $7,200,325.05. This trade represents a 7.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction on 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 213,375 shares of company stock valued at $20,347,156 over the last ninety days. 1.90% of the stock is currently owned by insiders.

Iron Mountain Trading Down 0.5%

Shares of IRM opened at $105.87 on Wednesday. The company has a market capitalization of $31.27 billion, a price-to-earnings ratio of 756.30 and a beta of 1.06. The stock has a 50 day moving average of $96.02 and a 200 day moving average of $95.11. Iron Mountain Incorporated has a 12 month low of $72.33 and a 12 month 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, beating analysts' consensus estimates of $1.19 by $0.05. The company 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%.Iron Mountain's revenue was up 11.6% on a year-over-year basis. During the same period last year, the business posted $1.08 earnings per share. As a group, equities research analysts predict that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 3rd. Shareholders of record on Monday, September 15th were given a $0.785 dividend. This represents a $3.14 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Monday, September 15th. Iron Mountain's dividend payout ratio (DPR) is currently 2,242.86%.

About Iron Mountain

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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