Mechanics Bank Trust Department Purchases 1,055 Shares of Iron Mountain Incorporated $IRM

Mechanics Bank Trust Department raised its position in Iron Mountain Incorporated (NYSE:IRM) by 30.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,483 shares of the financial services provider’s stock after buying an additional 1,055 shares during the quarter. Mechanics Bank Trust Department’s holdings in Iron Mountain were worth $460,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of IRM. Cranbrook Wealth Management LLC acquired a new stake in Iron Mountain in the 1st quarter worth about $26,000. Financial Network Wealth Advisors LLC bought a new position in shares of Iron Mountain during the first quarter worth approximately $26,000. Golden State Wealth Management LLC acquired a new stake in shares of Iron Mountain in the first quarter valued at approximately $30,000. Ramirez Asset Management Inc. bought a new stake in shares of Iron Mountain in the first quarter valued at approximately $34,000. Finally, Wayfinding Financial LLC acquired a new stake in Iron Mountain during the first quarter worth approximately $37,000. Institutional investors and hedge funds own 80.13% of the company’s stock.

Iron Mountain Stock Performance

Shares of NYSE IRM opened at $104.42 on Tuesday. The firm has a 50 day moving average price of $95.10 and a two-hundred day moving average price of $93.92. The stock has a market cap of $30.84 billion, a P/E ratio of 745.87 and a beta of 1.08. Iron Mountain Incorporated has a 52-week low of $72.33 and a 52-week high of $130.24.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings data 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 for 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 for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.08 earnings per share. Analysts predict that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 15th will be given a dividend of $0.785 per share. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Monday, September 15th. Iron Mountain’s dividend payout ratio (DPR) is 2,242.86%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. dropped their price objective on Iron Mountain from $112.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, August 7th. Barclays upped their price objective on shares of Iron Mountain from $121.00 to $122.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 20th. Finally, Jefferies Financial Group assumed coverage on shares of Iron Mountain in a report on Monday. They issued a “buy” rating and a $120.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $116.83.

Insider Buying and Selling

In related news, EVP Greg W. Mcintosh sold 17,334 shares of the company’s stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $100.00, for a total value of $1,733,400.00. Following the sale, the executive vice president directly owned 35,446 shares in the company, valued at $3,544,600. This represents a 32.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the firm’s stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $89.56, for a total transaction of $6,190,835.00. The disclosure for this sale can be found here. Insiders sold 236,709 shares of company stock valued at $22,555,809 in the last ninety days. Insiders own 1.90% 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.