Key Points
- Iron Mountain CEO William Meaney sold 38,474 shares for about $4.07 million at an average price of $105.72, cutting his position by 50%. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- Iron Mountain reported quarterly EPS of $0.64, above the $0.61 consensus, while revenue of $1.99 billion matched estimates and increased 13.5% year over year.
- The company raised its quarterly dividend from $0.864 to $0.993 per share, equivalent to a 3.6% annualized yield. Analysts’ consensus rating was “Moderate Buy,” with a $141.33 price target.
Iron Mountain Incorporated (NYSE:IRM - Get Free Report) CEO William Meaney sold 38,474 shares of the firm's stock in a transaction that occurred on Friday, November 6th. The shares were sold at an average price of $105.72, for a total value of $4,067,471.28. Following the completion of the transaction, the chief executive officer owned 38,474 shares of the company's stock, valued at approximately $4,067,471.28. The trade was a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Iron Mountain Price Performance
Shares of NYSE IRM opened at $110.92 on Tuesday. Iron Mountain Incorporated has a 1 year low of $77.77 and a 1 year high of $134.68. The firm has a 50-day moving average of $113.62 and a 200 day moving average of $115.47. The stock has a market cap of $33.02 billion, a P/E ratio of 72.49 and a beta of 1.18.
Iron Mountain (NYSE:IRM - Get Free Report) last posted its quarterly earnings results on Thursday, November 5th. The financial services provider reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.03. The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.99 billion. Iron Mountain had a negative return on equity of 85.44% and a net margin of 5.54%. The firm's quarterly revenue was up 13.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.32 EPS. Research analysts expect that Iron Mountain Incorporated will post 5.42 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 Wednesday, January 6th. Investors of record on Tuesday, December 15th will be given a $0.9930 dividend. This is a boost from Iron Mountain's previous quarterly dividend of $0.8640. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $3.97 annualized dividend and a yield of 3.6%. Iron Mountain's payout ratio is currently 226.14%.
Institutional Investors Weigh In On Iron Mountain
Institutional investors and hedge funds have recently bought and sold shares of the business. RB Capital Management LLC purchased a new position in shares of Iron Mountain in the 2nd quarter worth approximately $5,907,000. Canada Pension Plan Investment Board bought a new position in shares of Iron Mountain during the 2nd quarter valued at approximately $3,709,000. Glenview Trust Co bought a new position in shares of Iron Mountain during the 2nd quarter valued at approximately $1,391,000. Sanctuary Advisors LLC purchased a new stake in Iron Mountain during the 2nd quarter valued at $17,300,000. Finally, Deutsche Bank AG purchased a new stake in Iron Mountain during the 2nd quarter valued at $385,129,000. 80.13% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of equities research analysts have weighed in on the stock. Wells Fargo & Company boosted their target price on shares of Iron Mountain from $135.00 to $140.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. Truist Financial upped their price target on Iron Mountain from $140.00 to $155.00 and gave the stock a "buy" rating in a research report on Thursday, August 27th. BNP Paribas Exane lifted their price objective on Iron Mountain from $138.00 to $145.00 and gave the company an "outperform" rating in a research report on Wednesday, August 5th. Jefferies Financial Group lowered their price target on shares of Iron Mountain from $147.00 to $135.00 and set a "buy" rating on the stock in a report on Monday, October 12th. Finally, Weiss Ratings lowered shares of Iron Mountain from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, August 25th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Iron Mountain presently has a consensus rating of "Moderate Buy" and a consensus price target of $141.33.
View Our Latest Report on Iron Mountain
About Iron Mountain
(
Get Free Report)
Iron Mountain Incorporated is an information management and storage company that helps organizations protect, manage and access physical and digital assets. Its services include records storage and management, secure document shredding, digitization and other information-management solutions.
The company also operates data centers and provides services for businesses moving, storing and managing data. Its offerings extend to specialized storage and care for items such as artwork and other valuable collections.
Founded in 1951, Iron Mountain began as a records-storage business in a former iron ore mine in New York.
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