HBK Sorce Advisory LLC Takes Position in Iron Mountain Incorporated $IRM

HBK Sorce Advisory LLC bought a new stake in Iron Mountain Incorporated (NYSE:IRM) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 2,419 shares of the financial services provider’s stock, valued at approximately $248,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Financial Network Wealth Advisors LLC purchased a new stake in Iron Mountain during the 1st quarter valued at approximately $26,000. Golden State Wealth Management LLC acquired a new stake in shares of Iron Mountain during the first quarter worth $30,000. Ramirez Asset Management Inc. acquired a new stake in shares of Iron Mountain during the first quarter worth $34,000. Wayfinding Financial LLC acquired a new stake in shares of Iron Mountain in the 1st quarter worth $37,000. Finally, Richards Merrill & Peterson Inc. acquired a new stake in Iron Mountain in the first quarter valued at about $43,000. 80.13% of the stock is owned by hedge funds and other institutional investors.

Iron Mountain Trading Up 1.8%

Shares of IRM opened at $103.12 on Friday. The stock has a market cap of $30.46 billion, a P/E ratio of 736.60 and a beta of 1.06. The company has a 50-day moving average of $100.12 and a two-hundred day moving average of $97.76. Iron Mountain Incorporated has a 12-month low of $72.33 and a 12-month high of $127.29.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings data 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 the consensus estimate of $1.68 billion. During the same period in the previous year, the firm posted $1.08 EPS. The company’s quarterly revenue was up 11.6% compared to the same quarter last year. As a group, analysts forecast that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 3rd. Stockholders of record on Monday, September 15th were issued a $0.785 dividend. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, September 15th. Iron Mountain’s payout ratio is 2,242.86%.

Analysts Set New Price Targets

Several research firms have recently commented on IRM. JPMorgan Chase & Co. reduced their price target 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 raised their target price on Iron Mountain from $121.00 to $122.00 and gave the company an “overweight” rating in a report on Wednesday, August 20th. Weiss Ratings reiterated a “hold (c)” rating on shares of Iron Mountain in a research note on Wednesday, October 8th. Zacks Research upgraded shares of Iron Mountain from a “strong sell” rating to a “hold” rating in a research note on Monday, October 20th. Finally, Jefferies Financial Group began coverage on shares of Iron Mountain in a research report on Monday, September 22nd. They set a “buy” rating and a $120.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $116.83.

Insiders Place Their Bets

In related 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 directly owned 79,081 shares of the company’s stock, valued at $7,200,325.05. The trade was a 7.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 144,250 shares of company stock valued at $13,811,388. 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.