Main Street Financial Solutions LLC Acquires New Stake in Iron Mountain Incorporated (NYSE:IRM)

Main Street Financial Solutions LLC bought a new position in shares of Iron Mountain Incorporated (NYSE:IRM) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 2,325 shares of the financial services provider’s stock, valued at approximately $208,000.

Other institutional investors have also recently made changes to their positions in the company. Cohen & Steers Inc. lifted its stake in shares of Iron Mountain by 202.1% in the fourth quarter. Cohen & Steers Inc. now owns 22,475,614 shares of the financial services provider’s stock worth $1,572,936,000 after acquiring an additional 15,035,937 shares during the period. Daiwa Securities Group Inc. raised its holdings in Iron Mountain by 11.6% during the 1st quarter. Daiwa Securities Group Inc. now owns 4,562,165 shares of the financial services provider’s stock worth $365,931,000 after purchasing an additional 475,849 shares during the last quarter. Norges Bank acquired a new position in shares of Iron Mountain in the 4th quarter worth approximately $228,391,000. AGF Management Ltd. boosted its stake in shares of Iron Mountain by 76.3% in the 2nd quarter. AGF Management Ltd. now owns 2,245,393 shares of the financial services provider’s stock valued at $201,232,000 after purchasing an additional 972,101 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Iron Mountain by 0.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,126,237 shares of the financial services provider’s stock worth $190,553,000 after acquiring an additional 6,562 shares during the period. Institutional investors own 80.13% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Edward Baker-Greene sold 6,200 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $88.35, for a total transaction of $547,770.00. Following the completion of the sale, the executive vice president now directly owns 11,311 shares of the company’s stock, valued at approximately $999,326.85. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, EVP Edward Baker-Greene sold 6,200 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $88.35, for a total transaction of $547,770.00. Following the completion of the transaction, the executive vice president now directly owns 11,311 shares of the company’s stock, valued at approximately $999,326.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Daniel Borges sold 3,095 shares of Iron Mountain stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $86.83, for a total transaction of $268,738.85. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 68,882 shares of company stock valued at $6,293,740. Insiders own 2.10% of the company’s stock.

Wall Street Analyst Weigh In

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

Iron Mountain Stock Performance

NYSE IRM opened at $117.06 on Friday. The company has a fifty day moving average price of $106.10 and a 200-day moving average price of $89.93. The firm has a market cap of $34.31 billion, a price-to-earnings 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 current ratio of 0.79 and a quick ratio of 0.79. Iron Mountain Incorporated has a 1 year low of $56.51 and a 1 year high of $117.83.

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

Iron Mountain Increases Dividend

The firm also recently declared 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 is a positive change from Iron Mountain’s previous quarterly dividend of $0.65. This represents a $2.86 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date of this dividend is Monday, September 16th. Iron Mountain’s dividend payout ratio (DPR) is 433.33%.

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.