Concurrent Investment Advisors LLC Purchases 3,967 Shares of Iron Mountain Incorporated (NYSE:IRM)

Concurrent Investment Advisors LLC lifted its position in shares of Iron Mountain Incorporated (NYSE:IRM) by 94.4% during the second quarter, Holdings Channel.com reports. The institutional investor owned 8,171 shares of the financial services provider’s stock after acquiring an additional 3,967 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Iron Mountain were worth $732,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new stake in Iron Mountain in the second quarter worth about $32,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Iron Mountain in the 2nd quarter valued at about $36,000. Headlands Technologies LLC purchased a new stake in shares of Iron Mountain in the 1st quarter worth approximately $38,000. Family Firm Inc. bought a new position in shares of Iron Mountain during the second quarter valued at approximately $45,000. Finally, Transcendent Capital Group LLC purchased a new position in Iron Mountain during the fourth quarter valued at approximately $36,000. Institutional investors own 80.13% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Iron Mountain Stock Performance

Shares of IRM stock opened at $113.26 on Tuesday. The company has a debt-to-equity ratio of 674.63, a current ratio of 0.79 and a quick ratio of 0.79. The business has a fifty day moving average of $102.00 and a 200 day moving average of $87.41. The firm has a market capitalization of $33.22 billion, a price-to-earnings ratio of 171.61, a price-to-earnings-growth ratio of 6.78 and a beta of 0.98. Iron Mountain Incorporated has a 1 year low of $56.51 and a 1 year high of $114.93.

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

Iron Mountain Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Monday, September 16th will be issued a dividend of $0.715 per share. This represents a $2.86 annualized dividend and a yield of 2.53%. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.65. The ex-dividend date is Monday, September 16th. Iron Mountain’s dividend payout ratio (DPR) is 393.95%.

Insider Activity at Iron Mountain

In other news, Director Walter C. Rakowich sold 954 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $81.33, for a total transaction of $77,588.82. Following the sale, the director now owns 35,166 shares of the company’s stock, valued at approximately $2,860,050.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Iron Mountain news, CAO Daniel Borges sold 3,095 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $86.83, for a total value of $268,738.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Walter C. Rakowich sold 954 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $81.33, for a total value of $77,588.82. Following the sale, the director now owns 35,166 shares in the company, valued at $2,860,050.78. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 83,759 shares of company stock worth $7,588,339. 2.10% of the stock is owned by corporate insiders.

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.