Iron Mountain (NYSE:IRM) Stock: Insider William Meaney Sells 38,474 Shares

Iron Mountain Incorporated (NYSE:IRM) CEO William Meaney sold 38,474 shares of the business’s stock in a transaction 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 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 is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Iron Mountain Stock Down 0.1%

IRM stock opened at $110.73 on Wednesday. The business’s fifty day simple moving average is $113.52 and its two-hundred day simple moving average is $115.55. Iron Mountain Incorporated has a twelve month low of $77.77 and a twelve month high of $134.68. The firm has a market cap of $32.98 billion, a price-to-earnings ratio of 72.37 and a beta of 1.18.

Iron Mountain (NYSE:IRM) last released its 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 business had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.99 billion. Iron Mountain had a negative return on equity of 79.98% and a net margin of 5.88%. The business’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same period last year, the company earned $1.32 earnings per share. Research analysts expect that Iron Mountain Incorporated will post 5.42 EPS for the current year.

Iron Mountain Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 6th. Shareholders of record on Tuesday, December 15th will be given a $0.9930 dividend. This is a positive change 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 dividend payout ratio is presently 226.14%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in Iron Mountain during the second quarter worth $4,240,342,000. Principal Financial Group Inc. increased its holdings in shares of Iron Mountain by 8.5% in the 1st quarter. Principal Financial Group Inc. now owns 4,566,093 shares of the financial services provider’s stock valued at $466,382,000 after acquiring an additional 358,497 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Iron Mountain by 2.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,552,286 shares of the financial services provider’s stock valued at $464,931,000 after acquiring an additional 122,927 shares during the period. Legal & General Group Plc bought a new position in shares of Iron Mountain in the 2nd quarter worth $409,843,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Iron Mountain by 29,674.0% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,193,560 shares of the financial services provider’s stock worth $403,379,000 after acquiring an additional 3,182,834 shares in the last quarter. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. BNP Paribas Exane boosted their price target on Iron Mountain from $138.00 to $145.00 and gave the company an “outperform” rating in a report on Wednesday, August 5th. The Goldman Sachs Group raised their price objective on Iron Mountain from $153.00 to $155.00 and gave the stock a “buy” rating in a report on Tuesday, October 6th. Jefferies Financial Group reduced their price objective on Iron Mountain from $147.00 to $135.00 and set a “buy” rating on the stock in a report on Monday, October 12th. Wall Street Zen lowered Iron Mountain from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Finally, Truist Financial upped their target price on Iron Mountain from $140.00 to $155.00 and gave the stock a “buy” rating in a report on Thursday, August 27th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Iron Mountain currently has an average rating of “Moderate Buy” and an average target price of $141.33.

About Iron Mountain

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.