Iron Mountain (NYSE:IRM) CEO Sells $7,074,252.50 in Stock

Key Points

• Iron Mountain CEO William Meaney sold 69,125 shares of the company at an average price of $102.34, totaling $7,074,252.50.
• The company has recently announced a quarterly dividend of $0.785 per share, representing an annualized dividend yield of 3.0%.
• Iron Mountain's stock has a market cap of $31.03 billion, with a recent trading price of $105.08 and a 12-month high of $130.24.

Iron Mountain Incorporated (NYSE:IRM - Get Free Report) CEO William Meaney sold 69,125 shares of the company'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 sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Iron Mountain Stock Performance

Shares of Iron Mountain stock traded up $1.78 during midday trading on Friday, reaching $105.08. 1,766,014 shares of the company's stock traded hands, compared to its average volume of 1,775,817. The company has a market cap of $31.03 billion, a PE ratio of 750.60 and a beta of 1.06. The stock has a 50 day moving average of $95.61 and a 200-day moving average of $94.69. 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 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%.The firm's revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.08 earnings per share. On average, equities analysts anticipate that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be issued a dividend of $0.785 per share. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Monday, September 15th. Iron Mountain's dividend payout ratio is currently 2,242.86%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on IRM. JPMorgan Chase & Co. decreased 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. Weiss Ratings reissued a "hold (c)" rating on shares of Iron Mountain in a research report on Saturday, September 27th. Barclays raised their price objective 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, Jefferies Financial Group started coverage on shares of Iron Mountain in a research report on Monday, September 22nd. They set a "buy" rating and a $120.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $116.83.

Institutional Investors Weigh In On Iron Mountain

A number of institutional investors have recently modified their holdings of IRM. Norges Bank purchased a new stake in shares of Iron Mountain in the second quarter worth $419,457,000. Nuveen LLC bought a new position in shares of Iron Mountain during the first quarter valued at $192,231,000. Invesco Ltd. lifted its holdings in shares of Iron Mountain by 50.6% during the second quarter. Invesco Ltd. now owns 4,289,583 shares of the financial services provider's stock valued at $439,983,000 after purchasing an additional 1,440,629 shares in the last quarter. Contour Asset Management LLC bought a new position in shares of Iron Mountain during the first quarter valued at $122,801,000. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Iron Mountain by 86.1% during the first quarter. Goldman Sachs Group Inc. now owns 1,974,922 shares of the financial services provider's stock valued at $169,922,000 after purchasing an additional 913,715 shares in the last quarter. 80.13% of the stock is owned by hedge funds and other institutional investors.

Iron Mountain Company 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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