Sonora Investment Management Group LLC Raises Stake in Iron Mountain Incorporated $IRM

Key Points

• Sonora Investment Management Group LLC has increased its stake in Iron Mountain Incorporated by 17.3%, now owning 89,500 shares valued at approximately $9.18 million.
• Analysts have mixed ratings for Iron Mountain, with the stock receiving one Strong Buy rating, six Buy ratings, and a consensus target price of $116.83.
• Iron Mountain declared a quarterly dividend of $0.785 per share, reflecting a substantial annual dividend yield of 3.1%.

Sonora Investment Management Group LLC increased its stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 17.3% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 89,500 shares of the financial services provider's stock after purchasing an additional 13,207 shares during the period. Sonora Investment Management Group LLC's holdings in Iron Mountain were worth $9,180,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Kestra Private Wealth Services LLC lifted its holdings in Iron Mountain by 14.7% during the 1st quarter. Kestra Private Wealth Services LLC now owns 14,537 shares of the financial services provider's stock worth $1,251,000 after purchasing an additional 1,860 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Iron Mountain by 86.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,974,922 shares of the financial services provider's stock worth $169,922,000 after purchasing an additional 913,715 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in Iron Mountain during the 1st quarter worth about $30,000. Steward Partners Investment Advisory LLC lifted its holdings in Iron Mountain by 1.4% during the 1st quarter. Steward Partners Investment Advisory LLC now owns 38,032 shares of the financial services provider's stock worth $3,272,000 after purchasing an additional 513 shares in the last quarter. Finally, Inspire Trust Co. N.A. lifted its holdings in Iron Mountain by 21.4% during the 1st quarter. Inspire Trust Co. N.A. now owns 17,000 shares of the financial services provider's stock worth $1,463,000 after purchasing an additional 3,000 shares in the last quarter. Hedge funds and other institutional investors own 80.13% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Jefferies Financial Group assumed coverage on Iron Mountain in a report on Monday, September 22nd. They set a "buy" rating and a $120.00 price objective on the stock. Barclays lifted their price target on Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a research report on Wednesday, August 20th. Finally, JPMorgan Chase & Co. dropped their price target on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $116.83.

Insider Buying and Selling

In other news, EVP Greg W. Mcintosh sold 17,334 shares of the business's stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 35,446 shares of the company's stock, valued at approximately $3,544,600. The trade was a 32.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of Iron Mountain 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 disclosure for this sale can be found here. In the last three months, insiders sold 236,709 shares of company stock worth $22,555,809. 1.90% of the stock is owned by company insiders.

Iron Mountain Trading Up 0.3%

Shares of IRM opened at $101.11 on Friday. The company has a market cap of $29.86 billion, a PE ratio of 722.24 and a beta of 1.08. The stock has a 50-day moving average price of $95.38 and a 200-day moving average price of $94.33. 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 announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, beating analysts' consensus estimates of $1.19 by $0.05. The company had revenue of $1.68 billion for the quarter, compared to analysts' expectations 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 for the quarter was up 11.6% compared to the same quarter last year. During the same period last year, the firm posted $1.08 EPS. As a group, analysts predict that Iron Mountain Incorporated will post 4.54 earnings per share for the current 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 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 is 2,242.86%.

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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