VIRGINIA RETIREMENT SYSTEMS ET Al Buys Shares of 122,300 Iron Mountain Incorporated $IRM

Key Points

• Virginia Retirement Systems acquired 122,300 shares of Iron Mountain Incorporated (IRM) during the second quarter, valued at approximately $12.54 million.
• CEO William L. Meaney sold 69,125 shares of Iron Mountain stock for a total of about $7.07 million on October 1st, contributing to a total insider sale of 213,375 shares valued at $20.35 million over the last quarter.
• Iron Mountain announced a quarterly dividend of $0.785 per share, translating to a 3.0% dividend yield, with an exceptionally high payout ratio of 2,242.86%.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Iron Mountain Incorporated (NYSE:IRM - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 122,300 shares of the financial services provider's stock, valued at approximately $12,544,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Koshinski Asset Management Inc. boosted its holdings in Iron Mountain by 12.1% in the second quarter. Koshinski Asset Management Inc. now owns 5,010 shares of the financial services provider's stock worth $514,000 after acquiring an additional 539 shares in the last quarter. Chevy Chase Trust Holdings LLC raised its position in shares of Iron Mountain by 1.2% in the 2nd quarter. Chevy Chase Trust Holdings LLC now owns 155,840 shares of the financial services provider's stock worth $15,985,000 after purchasing an additional 1,787 shares during the last quarter. Arista Wealth Management LLC bought a new position in Iron Mountain in the 2nd quarter worth about $1,262,000. Stratos Wealth Partners LTD. boosted its stake in Iron Mountain by 55.2% in the 2nd quarter. Stratos Wealth Partners LTD. now owns 5,140 shares of the financial services provider's stock worth $527,000 after purchasing an additional 1,828 shares in the last quarter. Finally, Nordea Investment Management AB grew its position in Iron Mountain by 1.3% during the 2nd quarter. Nordea Investment Management AB now owns 63,914 shares of the financial services provider's stock valued at $6,497,000 after purchasing an additional 800 shares during the last quarter. Institutional investors own 80.13% of the company's stock.

Insider Buying and Selling

In related news, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $102.34, for a total value of $7,074,252.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Mark Kidd sold 6,000 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $91.05, for a total transaction of $546,300.00. Following the sale, the executive vice president directly owned 79,081 shares of the company's stock, valued at approximately $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. Over the last quarter, insiders have sold 213,375 shares of company stock valued at $20,347,156. 1.90% of the stock is owned by insiders.

Iron Mountain Trading Down 1.1%

Shares of IRM opened at $104.60 on Monday. The firm has a fifty day simple moving average of $97.67 and a two-hundred day simple moving average of $96.15. The firm has a market cap of $30.89 billion, a PE ratio of 747.20 and a beta of 1.06. 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 data 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. The company had revenue of $1.68 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.08 earnings per share. As a group, 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 disclosed a quarterly dividend, which was paid on Friday, October 3rd. Stockholders of record on Monday, September 15th were paid a $0.785 dividend. This represents a $3.14 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Monday, September 15th. Iron Mountain's dividend payout ratio is 2,242.86%.

Analyst Upgrades and Downgrades

IRM has been the topic of several analyst reports. Barclays upped their target price on shares of Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 20th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Iron Mountain in a research report on Wednesday, October 8th. JPMorgan Chase & Co. reduced their target price on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Zacks Research downgraded Iron Mountain from a "hold" rating to a "strong sell" rating in a report on Monday, October 13th. Finally, Jefferies Financial Group started coverage on Iron Mountain in a research report on Monday, September 22nd. They set a "buy" rating and a $120.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Iron Mountain presently has a consensus rating of "Moderate Buy" and an average target price 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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