Iron Mountain Incorporated $IRM Stock Position Reduced by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. decreased its stake in Iron Mountain Incorporated (NYSE:IRM) by 11.7% in the second quarter, Holdings Channel reports. The institutional investor owned 924,414 shares of the financial services provider’s stock after selling 122,702 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Iron Mountain were worth $94,817,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on IRM shares. Jefferies Financial Group assumed coverage on shares of Iron Mountain in a research note on Monday, September 22nd. They set a “buy” rating and a $120.00 price target on the stock. JPMorgan Chase & Co. cut their target price on Iron Mountain from $112.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, August 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Iron Mountain in a research note on Saturday. Zacks Research raised Iron Mountain from a “strong sell” rating to a “hold” rating in a research note on Monday, October 20th. Finally, Barclays upped their target price on Iron Mountain from $121.00 to $122.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 20th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Iron Mountain presently has a consensus rating of “Moderate Buy” and an average price target of $116.83.

Iron Mountain Stock Up 1.4%

Shares of NYSE:IRM opened at $105.34 on Friday. The company has a market cap of $31.11 billion, a price-to-earnings ratio of 752.50 and a beta of 1.06. The business has a 50 day moving average price of $98.96 and a 200 day moving average price of $96.98. Iron Mountain Incorporated has a twelve month low of $72.33 and a twelve month high of $130.24.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.24 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same period in the previous year, the company earned $1.08 earnings per share. The company’s quarterly revenue was up 11.6% compared to the same quarter last year. Analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Announces Dividend

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

Insider Activity at Iron Mountain

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $94.55, for a total value of $6,535,768.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Kidd sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $91.05, for a total value of $546,300.00. Following the sale, the executive vice president owned 79,081 shares in the company, valued at approximately $7,200,325.05. This represents a 7.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 213,375 shares of company stock worth $20,347,156. Company insiders own 1.90% of the company’s stock.

About Iron Mountain

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.