Iron Mountain (NYSE:IRM) Stock: Insider William Meaney Sells 38,474 Shares

Key Points

• CEO William Meaney sold 38,474 Iron Mountain shares at an average $105.72, worth about $4.07 million, cutting his ownership by 50%. The sale was made under a pre-arranged Rule 10b5-1 plan.
• Iron Mountain reported quarterly EPS of $0.64, topping the $0.61 analyst consensus, while revenue rose 13.5% year over year to $1.99 billion. It also increased its quarterly dividend to $0.993 per share, a 3.6% annualized yield.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $141.33; shares rose 4.1% on Monday to $110.92.

Iron Mountain Incorporated (NYSE:IRM - Get Free Report) CEO William Meaney sold 38,474 shares of the company's stock in a transaction dated Friday, November 6th. The stock was sold at an average price of $105.72, for a total value of $4,067,471.28. Following the completion of the transaction, the chief executive officer owned 38,474 shares of the company's stock, valued at $4,067,471.28. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Iron Mountain Stock Up 4.1%

Shares of Iron Mountain stock traded up $4.40 during trading on Monday, hitting $110.92. 2,110,823 shares of the stock traded hands, compared to its average volume of 1,720,817. The stock has a market cap of $33.02 billion, a price-to-earnings ratio of 72.49 and a beta of 1.18. Iron Mountain Incorporated has a 52 week low of $77.77 and a 52 week high of $134.68. The firm's fifty day moving average is $113.75 and its 200-day moving average is $115.38.

Iron Mountain (NYSE:IRM - Get Free Report) last released its earnings results on Thursday, November 5th. The financial services provider reported $0.64 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.03. The company had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.99 billion. Iron Mountain had a negative return on equity of 79.98% and a net margin of 5.88%. Iron Mountain's quarterly revenue was up 13.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.32 EPS. On average, analysts forecast that Iron Mountain Incorporated will post 5.42 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 6th. Shareholders of record on Tuesday, December 15th will be paid a $0.9930 dividend. This is an increase from Iron Mountain's previous quarterly dividend of $0.8640. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $3.97 dividend on an annualized basis and a yield of 3.6%. Iron Mountain's payout ratio is presently 259.48%.

Hedge Funds Weigh In On Iron Mountain

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Brown Financial Advisors lifted its position in shares of Iron Mountain by 3.6% in the 2nd quarter. Brown Financial Advisors now owns 2,580 shares of the financial services provider's stock worth $326,000 after purchasing an additional 90 shares during the period. Crown Wealth Group LLC increased its position in shares of Iron Mountain by 3.0% during the third quarter. Crown Wealth Group LLC now owns 3,086 shares of the financial services provider's stock valued at $342,000 after buying an additional 91 shares during the period. Compass Financial Management LLC increased its position in shares of Iron Mountain by 18.6% during the third quarter. Compass Financial Management LLC now owns 625 shares of the financial services provider's stock valued at $69,000 after buying an additional 98 shares during the period. Yousif Capital Management LLC increased its position in shares of Iron Mountain by 0.3% during the third quarter. Yousif Capital Management LLC now owns 38,379 shares of the financial services provider's stock valued at $4,258,000 after buying an additional 102 shares during the period. Finally, Eastern Bank raised its stake in Iron Mountain by 14.4% in the third quarter. Eastern Bank now owns 841 shares of the financial services provider's stock worth $93,000 after buying an additional 106 shares in the last quarter. Institutional investors own 80.13% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Wall Street Zen cut shares of Iron Mountain from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. The Goldman Sachs Group increased their price target on shares of Iron Mountain from $153.00 to $155.00 and gave the company a "buy" rating in a research report on Tuesday, October 6th. Wells Fargo & Company raised their price target on shares of Iron Mountain from $135.00 to $140.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. JPMorgan Chase & Co. decreased their price objective on shares of Iron Mountain from $147.00 to $124.00 and set an "overweight" rating on the stock in a research report on Friday. Finally, Barclays increased their target price on shares of Iron Mountain from $143.00 to $144.00 and gave the stock an "overweight" rating in a report on Tuesday, September 8th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $141.33.

About Iron Mountain

Iron Mountain Incorporated is an information management and storage company that helps organizations protect, manage and access physical and digital assets. Its services include records storage and management, secure document shredding, digitization and other information-management solutions.

The company also operates data centers and provides services for businesses moving, storing and managing data. Its offerings extend to specialized storage and care for items such as artwork and other valuable collections.

Founded in 1951, Iron Mountain began as a records-storage business in a former iron ore mine in New York.

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