LPL Financial LLC Purchases 43,498 Shares of Iron Mountain Incorporated (NYSE:IRM)

LPL Financial LLC boosted its position in shares of Iron Mountain Incorporated (NYSE:IRM) by 9.5% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 501,499 shares of the financial services provider’s stock after acquiring an additional 43,498 shares during the quarter. LPL Financial LLC’s holdings in Iron Mountain were worth $44,944,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System grew its holdings in Iron Mountain by 2.4% during the 1st 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 purchasing an additional 7,486 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Iron Mountain by 22.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 592,773 shares of the financial services provider’s stock valued at $47,547,000 after purchasing an additional 110,551 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its holdings in Iron Mountain by 19.8% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 75,809 shares of the financial services provider’s stock valued at $6,794,000 after purchasing an additional 12,540 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Iron Mountain by 6.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 940,090 shares of the financial services provider’s stock valued at $65,787,000 after purchasing an additional 59,381 shares during the last quarter. Finally, Centersquare Investment Management LLC grew its stake in Iron Mountain by 7,892.6% in the 1st quarter. Centersquare Investment Management LLC now owns 1,538,486 shares of the financial services provider’s stock worth $119,263,000 after acquiring an additional 1,519,237 shares in the last quarter. 80.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. upped their target price on shares of Iron Mountain from $82.00 to $121.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. The Goldman Sachs Group upped their target price 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. Stifel Nicolaus upped their target price on shares of Iron Mountain from $86.00 to $103.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Finally, Wells Fargo & Company upped their target price on shares of Iron Mountain from $110.00 to $120.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Iron Mountain presently has an average rating of “Moderate Buy” and an average price target of $99.83.

Insider Activity at Iron Mountain

In related news, COO John Tomovcsik sold 1,000 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $110.00, for a total transaction of $110,000.00. Following the completion of the sale, the chief operating officer now owns 14,000 shares of the company’s stock, valued at $1,540,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Edward Baker-Greene sold 2,262 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $109.75, for a total transaction of $248,254.50. Following the completion of the sale, the executive vice president now owns 9,049 shares of the company’s stock, valued at $993,127.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO John Tomovcsik sold 1,000 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $110.00, for a total transaction of $110,000.00. Following the completion of the transaction, the chief operating officer now directly owns 14,000 shares of the company’s stock, valued at approximately $1,540,000. 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. Insiders own 2.10% of the company’s stock.

Iron Mountain Price Performance

Shares of IRM opened at $117.06 on Monday. The company has a 50 day moving average price of $106.10 and a 200-day moving average price of $90.03. Iron Mountain Incorporated has a fifty-two week low of $56.51 and a fifty-two week high of $117.83. The stock has a market capitalization of $34.31 billion, a PE ratio of 177.36, a PEG ratio of 6.85 and a beta of 1.00. The company has a debt-to-equity ratio of 674.63, a quick ratio of 0.79 and a current ratio of 0.79.

Iron Mountain (NYSE:IRM) last announced its quarterly 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). Iron Mountain had a return on equity of 595.44% and a net margin of 3.94%. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the previous year, the company posted $0.94 EPS. Iron Mountain’s revenue for the quarter was up 13.0% on a year-over-year basis. Equities analysts predict that Iron Mountain Incorporated will post 4.17 earnings per share 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 given a dividend of $0.715 per share. This is a boost from Iron Mountain’s previous quarterly dividend of $0.65. The ex-dividend date is Monday, September 16th. This represents a $2.86 dividend on an annualized basis and a yield of 2.44%. Iron Mountain’s dividend payout ratio is presently 433.33%.

Iron Mountain 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.