DAVENPORT & Co LLC Grows Holdings in Iron Mountain Incorporated $IRM

DAVENPORT & Co LLC raised its position in Iron Mountain Incorporated (NYSE:IRM) by 1.9% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,855 shares of the financial services provider’s stock after buying an additional 185 shares during the period. DAVENPORT & Co LLC’s holdings in Iron Mountain were worth $1,011,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in IRM. Farther Finance Advisors LLC increased its stake in shares of Iron Mountain by 4.0% during the first quarter. Farther Finance Advisors LLC now owns 4,773 shares of the financial services provider’s stock worth $415,000 after purchasing an additional 185 shares in the last quarter. SG Americas Securities LLC increased its stake in shares of Iron Mountain by 1,116.0% during the first quarter. SG Americas Securities LLC now owns 60,265 shares of the financial services provider’s stock worth $5,185,000 after purchasing an additional 55,309 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Iron Mountain by 3.5% during the first quarter. Assenagon Asset Management S.A. now owns 11,538 shares of the financial services provider’s stock worth $993,000 after purchasing an additional 388 shares in the last quarter. American Institute for Advanced Investment Management LLP increased its stake in shares of Iron Mountain by 6.6% during the first quarter. American Institute for Advanced Investment Management LLP now owns 10,870 shares of the financial services provider’s stock worth $935,000 after purchasing an additional 670 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC increased its stake in shares of Iron Mountain by 25.2% during the first quarter. Dynamic Advisor Solutions LLC now owns 3,075 shares of the financial services provider’s stock worth $265,000 after purchasing an additional 619 shares in the last quarter. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Iron Mountain Trading Down 2.8%

Shares of NYSE IRM opened at $101.98 on Friday. Iron Mountain Incorporated has a 12-month low of $72.33 and a 12-month high of $130.24. The stock has a market cap of $30.12 billion, a PE ratio of 728.48 and a beta of 1.06. The company has a 50-day moving average of $96.49 and a 200 day moving average of $95.38.

Iron Mountain (NYSE:IRM) last announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.05. The company had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.68 billion. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. Iron Mountain’s revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.08 EPS. On average, sell-side analysts forecast that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 3rd. Shareholders of record on Monday, September 15th were issued a $0.785 dividend. This represents a $3.14 annualized dividend and a yield of 3.1%. The ex-dividend date was Monday, September 15th. Iron Mountain’s payout ratio is presently 2,242.86%.

Insider Buying and Selling at Iron Mountain

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of the business’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $102.34, for a total value of $7,074,252.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Mark Kidd sold 6,000 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $91.05, for a total transaction of $546,300.00. Following the completion of the transaction, the executive vice president owned 79,081 shares in the company, valued at $7,200,325.05. The trade was a 7.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 213,375 shares of company stock worth $20,347,156 in the last ninety days. 1.90% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have recently commented on IRM. JPMorgan Chase & Co. cut their target price on shares of Iron Mountain from $112.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, August 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Iron Mountain in a research note on Wednesday. Jefferies Financial Group initiated coverage on shares of Iron Mountain in a research note on Monday, September 22nd. They set a “buy” rating and a $120.00 target price for the company. Finally, Barclays upped their price objective on shares of Iron Mountain from $121.00 to $122.00 and gave the company an “overweight” rating in a research note on Wednesday, August 20th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $116.83.

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.