Retirement Systems of Alabama Has $8.91 Million Position in Iron Mountain Incorporated (IRM)
Retirement Systems of Alabama raised its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 118.8% during the second quarter, Holdings Channel reports. The fund owned 259,359 shares of the financial services provider’s stock after buying an additional 140,803 shares during the period. Retirement Systems of Alabama’s holdings in Iron Mountain were worth $8,912,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Creative Planning raised its stake in Iron Mountain by 4.6% in the second quarter. Creative Planning now owns 3,049 shares of the financial services provider’s stock valued at $105,000 after buying an additional 134 shares during the last quarter. Ledyard National Bank acquired a new stake in Iron Mountain during the first quarter valued at about $108,000. Pacer Advisors Inc. raised its stake in Iron Mountain by 3.4% in the first quarter. Pacer Advisors Inc. now owns 3,663 shares of the financial services provider’s stock valued at $131,000 after buying an additional 121 shares during the last quarter. Trust Department MB Financial Bank N A acquired a new stake in Iron Mountain during the first quarter valued at about $178,000. Finally, Benjamin F. Edwards & Company Inc. raised its stake in Iron Mountain by 11.6% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 5,309 shares of the financial services provider’s stock valued at $189,000 after buying an additional 550 shares during the last quarter. Institutional investors and hedge funds own 86.04% of the company’s stock.
Shares of Iron Mountain Incorporated (IRM) opened at 37.13 on Friday. The firm’s 50-day moving average is $35.29 and its 200 day moving average is $35.39. The stock has a market capitalization of $9.82 billion, a price-to-earnings ratio of 50.93 and a beta of 0.94. Iron Mountain Incorporated has a 52-week low of $30.75 and a 52-week high of $39.75.
Iron Mountain (NYSE:IRM) last released its quarterly earnings results on Friday, July 28th. The financial services provider reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.03. Iron Mountain had a net margin of 5.14% and a return on equity of 14.46%. The firm had revenue of $950 million during the quarter, compared to analysts’ expectations of $955.05 million. During the same period in the previous year, the company earned $0.24 EPS. The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year. Equities analysts expect that Iron Mountain Incorporated will post $1.18 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be issued a dividend of $0.55 per share. The ex-dividend date is Thursday, September 14th. This represents a $2.20 dividend on an annualized basis and a yield of 5.93%. Iron Mountain’s payout ratio is 297.30%.
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Several analysts have issued reports on IRM shares. BidaskClub upgraded shares of Iron Mountain from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. Stifel Nicolaus restated a “buy” rating and set a $40.00 price target on shares of Iron Mountain in a research report on Friday, June 9th. Zacks Investment Research upgraded shares of Iron Mountain from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Finally, Deutsche Bank AG lowered shares of Iron Mountain from a “hold” rating to a “sell” rating and cut their price target for the company from $41.00 to $30.00 in a research report on Wednesday, June 7th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $35.67.
In related news, Director Walter C. Rakowich sold 1,552 shares of Iron Mountain stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $35.15, for a total transaction of $54,552.80. Following the completion of the sale, the director now owns 15,074 shares in the company, valued at approximately $529,851.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Eileen Sweeney sold 2,100 shares of Iron Mountain stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $35.14, for a total transaction of $73,794.00. Following the sale, the senior vice president now owns 2,104 shares of the company’s stock, valued at approximately $73,934.56. The disclosure for this sale can be found here. Insiders have sold a total of 33,102 shares of company stock valued at $1,247,447 in the last quarter. 1.50% of the stock is currently owned by company insiders.
About Iron Mountain
Iron Mountain Incorporated (Iron Mountain) is engaged in storing records, primarily paper documents and data backup media, and provide information management services. The Company offers records management services, data protection and recovery services and information destruction services. Its information management services are divided into three categories: records management services, data protection and recovery services, and information destruction services.
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