Legal & General Group Plc Grows Stock Position in Iron Mountain Incorporated (NYSE:IRM)

Legal & General Group Plc boosted its position in shares of Iron Mountain Incorporated (NYSE:IRM) by 49.2% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 3,899,276 shares of the financial services provider’s stock after buying an additional 1,286,694 shares during the quarter. Legal & General Group Plc’s holdings in Iron Mountain were worth $349,453,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of IRM. Cohen & Steers Inc. boosted its stake in shares of Iron Mountain by 202.1% during the 4th quarter. Cohen & Steers Inc. now owns 22,475,614 shares of the financial services provider’s stock worth $1,572,936,000 after purchasing an additional 15,035,937 shares during the period. Daiwa Securities Group Inc. lifted its stake in Iron Mountain by 11.6% in the first quarter. Daiwa Securities Group Inc. now owns 4,562,165 shares of the financial services provider’s stock worth $365,931,000 after purchasing an additional 475,849 shares during the last quarter. AGF Management Ltd. boosted its position in shares of Iron Mountain by 76.3% during the second quarter. AGF Management Ltd. now owns 2,245,393 shares of the financial services provider’s stock valued at $201,232,000 after buying an additional 972,101 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Iron Mountain by 0.3% during the second quarter. Bank of New York Mellon Corp now owns 2,126,237 shares of the financial services provider’s stock valued at $190,553,000 after buying an additional 6,562 shares during the last quarter. Finally, Centersquare Investment Management LLC raised its holdings in shares of Iron Mountain by 7,892.6% in the first quarter. Centersquare Investment Management LLC now owns 1,538,486 shares of the financial services provider’s stock worth $119,263,000 after buying an additional 1,519,237 shares during the period. Institutional investors own 80.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on IRM shares. The Goldman Sachs Group raised their price target on Iron Mountain from $106.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. boosted their target price on shares of Iron Mountain from $82.00 to $121.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Wells Fargo & Company upped their price target on shares of Iron Mountain from $110.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Finally, Stifel Nicolaus lifted their price objective on shares of Iron Mountain from $117.00 to $140.00 and gave the company a “buy” rating in a report on Monday, September 23rd. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $106.00.

Insider Activity

In related news, CEO William L. Meaney sold 15,875 shares of the company’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $91.59, for a total transaction of $1,453,991.25. Following the completion of the sale, the chief executive officer now directly owns 295,650 shares in the company, valued at approximately $27,078,583.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Wendy J. Murdock sold 8,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $116.38, for a total value of $989,230.00. Following the sale, the director now directly owns 14,829 shares in the company, valued at approximately $1,725,799.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William L. Meaney sold 15,875 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $91.59, for a total transaction of $1,453,991.25. Following the transaction, the chief executive officer now owns 295,650 shares of the company’s stock, valued at approximately $27,078,583.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,003 shares of company stock worth $3,352,406. 2.10% of the stock is currently owned by company insiders.

Iron Mountain Stock Performance

IRM stock opened at $116.73 on Friday. The company has a debt-to-equity ratio of 674.63, a current ratio of 0.79 and a quick ratio of 0.79. Iron Mountain Incorporated has a 1-year low of $56.51 and a 1-year high of $120.54. The business has a 50-day moving average price of $110.22 and a 200 day moving average price of $92.54. The company has a market capitalization of $34.22 billion, a P/E ratio of 176.86, a PEG ratio of 7.09 and a beta of 1.00.

Iron Mountain (NYSE:IRM) last posted its quarterly earnings results on Thursday, August 1st. The financial services provider reported $0.42 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.59). Iron Mountain had a net margin of 3.94% and a return on equity of 595.44%. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the prior year, the firm posted $0.94 EPS. The company’s revenue for the quarter was up 13.0% compared to the same quarter last year. As a group, equities research analysts forecast that Iron Mountain Incorporated will post 4.17 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Monday, September 16th will be given a dividend of $0.715 per share. This represents a $2.86 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend is Monday, September 16th. This is a boost from Iron Mountain’s previous quarterly dividend of $0.65. Iron Mountain’s dividend payout ratio (DPR) is 433.33%.

Iron Mountain 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.