Somerset Trust Co Grows Stock Position in Iron Mountain Incorporated $IRM

Somerset Trust Co lifted its holdings in Iron Mountain Incorporated (NYSE:IRM) by 4.0% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,721 shares of the financial services provider’s stock after purchasing an additional 220 shares during the period. Somerset Trust Co’s holdings in Iron Mountain were worth $587,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Iron Mountain by 0.5% during the first quarter. Vanguard Group Inc. now owns 46,825,734 shares of the financial services provider’s stock valued at $4,028,886,000 after buying an additional 220,564 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Iron Mountain by 0.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,256,417 shares of the financial services provider’s stock valued at $366,210,000 after acquiring an additional 37,154 shares during the period. Invesco Ltd. increased its stake in shares of Iron Mountain by 14.7% in the 1st quarter. Invesco Ltd. now owns 2,848,954 shares of the financial services provider’s stock worth $245,124,000 after purchasing an additional 366,134 shares in the last quarter. Nuveen LLC bought a new position in Iron Mountain in the 1st quarter worth $192,231,000. Finally, JPMorgan Chase & Co. raised its holdings in Iron Mountain by 17.8% in the 1st quarter. JPMorgan Chase & Co. now owns 2,061,560 shares of the financial services provider’s stock worth $177,377,000 after purchasing an additional 311,494 shares during the period. 80.13% of the stock is currently owned by institutional investors.

Insider Activity at Iron Mountain

In related news, CEO William L. Meaney sold 69,125 shares of the firm’s stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $89.56, for a total transaction of $6,190,835.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark Kidd sold 6,000 shares of the business’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 sale, the executive vice president owned 79,081 shares in the company, valued at approximately $7,200,325.05. The trade was a 7.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 236,709 shares of company stock worth $22,555,809 in the last three months. Insiders own 1.90% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on IRM. Barclays boosted their price target on Iron Mountain from $121.00 to $122.00 and gave the company an “overweight” rating in a report on Wednesday, August 20th. JPMorgan Chase & Co. reduced their target price on shares of Iron Mountain from $112.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. Based on data from MarketBeat.com, Iron Mountain currently has an average rating of “Buy” and a consensus target price of $120.17.

Iron Mountain Stock Down 2.0%

Shares of Iron Mountain stock opened at $96.82 on Friday. The company has a market capitalization of $28.60 billion, a price-to-earnings ratio of 691.64 and a beta of 1.08. The stock’s 50-day simple moving average is $94.93 and its 200-day simple moving average is $93.37. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $130.24.

Iron Mountain (NYSE:IRM) last released its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.05. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The firm had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter last year, the business posted $1.08 earnings per share. The firm’s revenue was up 11.6% on a year-over-year basis. On average, equities analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 15th will be issued a $0.785 dividend. This represents a $3.14 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, September 15th. Iron Mountain’s payout ratio is 2,242.86%.

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.