State Treasurer State of Michigan increased its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 0.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 80,746 shares of the financial services provider’s stock after buying an additional 200 shares during the period. State Treasurer State of Michigan’s holdings in Iron Mountain were worth $2,774,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Creative Planning boosted its position in Iron Mountain by 4.6% in the second quarter. Creative Planning now owns 3,049 shares of the financial services provider’s stock worth $105,000 after buying an additional 134 shares during the last quarter. Ledyard National Bank acquired a new position in Iron Mountain during the first quarter worth $108,000. Pacer Advisors Inc. boosted its position in Iron Mountain by 3.4% in the first quarter. Pacer Advisors Inc. now owns 3,663 shares of the financial services provider’s stock worth $131,000 after buying an additional 121 shares during the last quarter. Trust Department MB Financial Bank N A acquired a new position in Iron Mountain during the first quarter worth $178,000. Finally, Benjamin F. Edwards & Company Inc. boosted its position in Iron Mountain by 11.6% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 5,309 shares of the financial services provider’s stock worth $189,000 after buying an additional 550 shares during the last quarter. 86.04% of the stock is owned by institutional investors.
Iron Mountain Incorporated (NYSE:IRM) traded up 3.04% during midday trading on Wednesday, hitting $38.31. The stock had a trading volume of 1,728,220 shares. Iron Mountain Incorporated has a 12-month low of $30.75 and a 12-month high of $39.75. The firm has a market cap of $10.13 billion, a P/E ratio of 52.55 and a beta of 0.94. The stock has a 50-day moving average price of $34.84 and a 200 day moving average price of $35.28.
Iron Mountain (NYSE:IRM) last posted its quarterly earnings results on Friday, July 28th. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.03. Iron Mountain had a net margin of 5.14% and a return on equity of 14.46%. The company had revenue of $950 million during the quarter, compared to the consensus estimate of $955.05 million. During the same period last year, the firm earned $0.24 EPS. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. On average, equities analysts anticipate that Iron Mountain Incorporated will post $1.18 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 5.74%. Iron Mountain’s payout ratio is 297.30%.
Several research firms have commented on IRM. Stifel Nicolaus reiterated a “buy” rating and set a $40.00 price objective on shares of Iron Mountain in a research note on Friday, June 9th. Zacks Investment Research lowered Iron Mountain from a “hold” rating to a “sell” rating in a research note on Tuesday, May 2nd. BidaskClub lowered Iron Mountain from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Deutsche Bank AG lowered Iron Mountain from a “hold” rating to a “sell” rating and cut their price objective for the stock from $41.00 to $30.00 in a research note on Wednesday, June 7th. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $35.67.
In related news, SVP Eileen Sweeney sold 2,100 shares of Iron Mountain stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $35.14, for a total transaction of $73,794.00. Following the completion of the transaction, the senior vice president now directly owns 2,104 shares in the company, valued at approximately $73,934.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Walter C. Rakowich sold 1,552 shares of Iron Mountain stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $35.15, for a total value of $54,552.80. Following the transaction, the director now owns 15,074 shares of the company’s stock, valued at $529,851.10. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by company insiders.
Iron Mountain Company Profile
Iron Mountain Incorporated (Iron Mountain) is engaged in storing records, primarily paper documents and data backup media, and provide information management services. The Company offers records management services, data protection and recovery services and information destruction services. Its information management services are divided into three categories: records management services, data protection and recovery services, and information destruction services.
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