Greenleaf Trust Increases Stock Position in Iron Mountain Incorporated $IRM

Greenleaf Trust raised its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 10.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,142 shares of the financial services provider’s stock after buying an additional 774 shares during the period. Greenleaf Trust’s holdings in Iron Mountain were worth $835,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in IRM. Nuveen LLC purchased a new stake in Iron Mountain during the 1st quarter valued at $192,231,000. Contour Asset Management LLC purchased a new stake in Iron Mountain during the 1st quarter valued at $122,801,000. Goldman Sachs Group Inc. raised its stake in Iron Mountain by 86.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,974,922 shares of the financial services provider’s stock valued at $169,922,000 after buying an additional 913,715 shares during the last quarter. Principal Financial Group Inc. raised its stake in Iron Mountain by 117.7% during the 1st quarter. Principal Financial Group Inc. now owns 904,184 shares of the financial services provider’s stock valued at $77,796,000 after buying an additional 488,816 shares during the last quarter. Finally, Invesco Ltd. raised its stake in Iron Mountain by 14.7% during the 1st quarter. Invesco Ltd. now owns 2,848,954 shares of the financial services provider’s stock valued at $245,124,000 after buying an additional 366,134 shares during the last quarter. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO William L. Meaney sold 69,125 shares of the company’s stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $89.56, for a total value of $6,190,835.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Kidd sold 6,000 shares of the company’s stock in a transaction on Tuesday, September 2nd. The stock was 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 directly owned 79,081 shares of the company’s stock, valued at $7,200,325.05. This represents a 7.05% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 144,250 shares of company stock valued at $13,272,904. Company insiders own 1.90% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on IRM shares. Jefferies Financial Group started 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. JPMorgan Chase & Co. cut their price objective on shares of Iron Mountain from $112.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, August 7th. Finally, Barclays boosted their price objective on shares of Iron Mountain from $121.00 to $122.00 and gave the company an “overweight” rating in a research report on Wednesday, August 20th. One analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $116.83.

Iron Mountain Stock Performance

Shares of Iron Mountain stock opened at $103.36 on Friday. The company has a market capitalization of $30.53 billion, a P/E ratio of 738.34 and a beta of 1.06. The company has a fifty day moving average of $95.61 and a 200 day moving average of $94.69. Iron Mountain Incorporated has a fifty-two week low of $72.33 and a fifty-two week high of $130.24.

Iron Mountain (NYSE:IRM) last issued its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.05. The company had revenue of $1.68 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.08 EPS. Analysts forecast that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be issued a $0.785 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $3.14 annualized dividend and a yield of 3.0%. Iron Mountain’s dividend payout ratio is currently 2,242.86%.

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.