APG Asset Management US Inc. Buys Shares of 400,000 Iron Mountain Incorporated (NYSE:IRM)

APG Asset Management US Inc. purchased a new position in Iron Mountain Incorporated (NYSE:IRM) in the second quarter, HoldingsChannel reports. The firm purchased 400,000 shares of the financial services provider’s stock, valued at approximately $35,876,000.

Several other institutional investors and hedge funds have also made changes to their positions in IRM. Csenge Advisory Group boosted its stake in Iron Mountain by 1.2% during the second quarter. Csenge Advisory Group now owns 9,515 shares of the financial services provider’s stock valued at $853,000 after buying an additional 114 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its position in shares of Iron Mountain by 2.8% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,241 shares of the financial services provider’s stock valued at $380,000 after purchasing an additional 117 shares in the last quarter. Perfromance Wealth Partners LLC grew its stake in shares of Iron Mountain by 2.4% in the 2nd quarter. Perfromance Wealth Partners LLC now owns 5,007 shares of the financial services provider’s stock worth $449,000 after purchasing an additional 118 shares during the last quarter. Massmutual Trust Co. FSB ADV raised its holdings in shares of Iron Mountain by 9.8% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,347 shares of the financial services provider’s stock worth $121,000 after purchasing an additional 120 shares in the last quarter. Finally, Terra Nova Asset Management LLC boosted its holdings in Iron Mountain by 0.4% during the second quarter. Terra Nova Asset Management LLC now owns 32,409 shares of the financial services provider’s stock worth $2,905,000 after buying an additional 120 shares in the last quarter. 80.13% of the stock is currently owned by institutional investors.

Iron Mountain Stock Performance

Shares of IRM stock opened at $119.32 on Thursday. The stock’s fifty day simple moving average is $109.47 and its 200-day simple moving average is $92.03. The company has a market capitalization of $35.00 billion, a price-to-earnings ratio of 180.79, a P/E/G ratio of 7.09 and a beta of 1.00. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 674.63. Iron Mountain Incorporated has a 1-year low of $56.51 and a 1-year high of $120.54.

Iron Mountain (NYSE:IRM) last released its 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). The business had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Iron Mountain had a net margin of 3.94% and a return on equity of 595.44%. The company’s revenue was up 13.0% compared to the same quarter last year. During the same period last year, the firm earned $0.94 EPS. On average, sell-side analysts predict that Iron Mountain Incorporated will post 4.17 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Monday, September 16th will be paid a $0.715 dividend. The ex-dividend date of this dividend is Monday, September 16th. This is an increase from Iron Mountain’s previous quarterly dividend of $0.65. This represents a $2.86 dividend on an annualized basis and a dividend yield of 2.40%. Iron Mountain’s dividend payout ratio is 433.34%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on IRM shares. JPMorgan Chase & Co. upped their price target on Iron Mountain from $82.00 to $121.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. 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 report on Friday, August 2nd. Wells Fargo & Company lifted their price target on Iron Mountain from $110.00 to $120.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Finally, Stifel Nicolaus upped their price objective on shares of Iron Mountain from $117.00 to $140.00 and gave the company a “buy” rating in a research note on Monday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $106.00.

Insider Buying and Selling

In related news, COO John Tomovcsik sold 1,000 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $110.00, for a total value of $110,000.00. Following the transaction, the chief operating officer now owns 14,000 shares in the company, valued at $1,540,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Edward Baker-Greene sold 2,262 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $109.75, for a total value of $248,254.50. Following the completion of the sale, the executive vice president now directly owns 9,049 shares in the company, valued at approximately $993,127.75. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO John Tomovcsik sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $110.00, for a total value of $110,000.00. Following the sale, 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. Over the last ninety days, insiders sold 33,003 shares of company stock worth $3,352,406. Corporate insiders own 2.10% of the company’s stock.

Iron Mountain Company 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.