Mercer Global Advisors Inc. ADV Reduces Stock Position in Iron Mountain Incorporated (NYSE:IRM)

Mercer Global Advisors Inc. ADV decreased its holdings in Iron Mountain Incorporated (NYSE:IRM) by 7.5% during the second quarter, HoldingsChannel.com reports. The firm owned 88,632 shares of the financial services provider’s stock after selling 7,144 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in Iron Mountain were worth $7,943,000 at the end of the most recent quarter.

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

Iron Mountain Price Performance

IRM opened at $115.36 on Friday. The firm has a market capitalization of $33.82 billion, a PE ratio of 172.06, a price-to-earnings-growth ratio of 6.85 and a beta of 1.00. The business’s 50-day moving average is $107.88 and its two-hundred day moving average is $90.90. Iron Mountain Incorporated has a 1 year low of $56.51 and a 1 year high of $118.46. 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 (NYSE:IRM) last posted 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). The firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.50 billion. Iron Mountain had a return on equity of 595.44% and a net margin of 3.94%. The company’s revenue was up 13.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.94 EPS. Research analysts anticipate that Iron Mountain Incorporated will post 4.17 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Monday, September 16th will be given a $0.715 dividend. 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 dividend yield of 2.48%. Iron Mountain’s dividend payout ratio (DPR) is presently 433.33%.

Insider Buying and Selling

In other Iron Mountain news, CEO William L. Meaney sold 15,875 shares of the stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $91.59, for a total value of $1,453,991.25. Following the completion of the sale, the chief executive officer now directly owns 295,650 shares in the company, valued at $27,078,583.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, COO John Tomovcsik sold 2,866 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $105.00, for a total value of $300,930.00. Following the transaction, the chief operating officer now directly owns 15,000 shares of the company’s stock, valued at approximately $1,575,000. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO William L. Meaney sold 15,875 shares of Iron Mountain stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $91.59, for a total value of $1,453,991.25. Following 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 disclosure for this sale can be found here. Insiders have sold a total of 33,003 shares of company stock worth $3,352,406 in the last ninety days. 2.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on IRM. Wells Fargo & Company lifted their target price on Iron Mountain from $110.00 to $120.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. upped their price objective 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. Stifel Nicolaus raised 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, The Goldman Sachs Group upped their price target on shares of Iron Mountain from $106.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. 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 MarketBeat.com, the company has a consensus 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.