True Vision MN LLC Acquires Shares of 4,061 Iron Mountain Incorporated (NYSE:IRM)

True Vision MN LLC bought a new stake in Iron Mountain Incorporated (NYSE:IRM) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 4,061 shares of the financial services provider’s stock, valued at approximately $367,000.

Other hedge funds have also modified their holdings of the company. State Board of Administration of Florida Retirement System raised its position in shares of Iron Mountain by 2.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 321,492 shares of the financial services provider’s stock valued at $25,787,000 after buying an additional 7,486 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Iron Mountain by 22.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 592,773 shares of the financial services provider’s stock worth $47,547,000 after buying an additional 110,551 shares during the period. Hennion & Walsh Asset Management Inc. boosted its stake in Iron Mountain by 19.8% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 75,809 shares of the financial services provider’s stock worth $6,794,000 after buying an additional 12,540 shares during the period. Goldman Sachs Group Inc. boosted its stake in Iron Mountain by 6.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 940,090 shares of the financial services provider’s stock worth $65,787,000 after buying an additional 59,381 shares during the period. Finally, Centersquare Investment Management LLC boosted its stake in shares of Iron Mountain by 7,892.6% in the first quarter. Centersquare Investment Management LLC now owns 1,538,486 shares of the financial services provider’s stock valued at $119,263,000 after purchasing an additional 1,519,237 shares during the period. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Iron Mountain

In related news, EVP Edward Baker-Greene sold 6,200 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $88.35, for a total value of $547,770.00. Following the completion of the transaction, the executive vice president now owns 11,311 shares in the company, valued at approximately $999,326.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO William L. Meaney sold 15,875 shares of the firm’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $91.59, for a total transaction of $1,453,991.25. Following the completion of the sale, the chief executive officer now directly owns 295,650 shares of the company’s stock, valued at approximately $27,078,583.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Edward Baker-Greene sold 6,200 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $88.35, for a total value of $547,770.00. Following the sale, the executive vice president now directly owns 11,311 shares of the company’s stock, valued at $999,326.85. The disclosure for this sale can be found here. Insiders sold 65,787 shares of company stock valued at $6,025,002 over the last 90 days. 2.10% of the stock is currently owned by corporate insiders.

Iron Mountain Stock Performance

Iron Mountain stock opened at $115.90 on Wednesday. The stock has a 50 day moving average of $106.61 and a 200-day moving average of $90.31. Iron Mountain Incorporated has a 52 week low of $56.51 and a 52 week high of $118.46. The stock has a market cap of $33.97 billion, a P/E ratio of 175.61, a price-to-earnings-growth ratio of 6.85 and a beta of 1.00. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 674.63.

Iron Mountain (NYSE:IRM) last issued its earnings results on Thursday, August 1st. The financial services provider reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.59). The company had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.50 billion. Iron Mountain had a return on equity of 595.44% and a net margin of 3.94%. Iron Mountain’s quarterly revenue was up 13.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.94 earnings per share. On average, analysts expect that Iron Mountain Incorporated will post 4.17 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Monday, September 16th will be paid a dividend of $0.715 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $2.86 annualized dividend and a yield of 2.47%. This is a boost from Iron Mountain’s previous quarterly dividend of $0.65. Iron Mountain’s dividend payout ratio (DPR) is currently 433.33%.

Analysts Set New Price Targets

IRM has been the subject of several recent research reports. JPMorgan Chase & Co. raised their price objective on shares of Iron Mountain from $82.00 to $121.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Wells Fargo & Company raised their price objective on shares of Iron Mountain from $110.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. The Goldman Sachs Group lifted their target price on shares of Iron Mountain from $106.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, Stifel Nicolaus lifted their target price on shares of Iron Mountain from $86.00 to $103.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $99.83.

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.