Eastern Bank Invests $87,000 in Iron Mountain Incorporated (NYSE:IRM)

Eastern Bank purchased a new position in Iron Mountain Incorporated (NYSE:IRM) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 735 shares of the financial services provider’s stock, valued at approximately $87,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of IRM. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in Iron Mountain during the 2nd quarter worth $32,000. West Branch Capital LLC purchased a new position in Iron Mountain during the 3rd quarter worth $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Iron Mountain during the 2nd quarter worth $36,000. Headlands Technologies LLC purchased a new position in Iron Mountain during the 1st quarter worth $38,000. Finally, Family Firm Inc. purchased a new position in Iron Mountain during the 2nd quarter worth $45,000. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Wells Fargo & Company raised their price objective on Iron Mountain from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. The Goldman Sachs Group increased their target price on Iron Mountain from $106.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Barclays increased their target price on Iron Mountain from $91.00 to $133.00 and gave the company an “overweight” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. increased their target price on Iron Mountain from $82.00 to $121.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Finally, Stifel Nicolaus increased their target price on Iron Mountain from $117.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, September 23rd. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $115.50.

Insider Buying and Selling

In related news, COO John Tomovcsik sold 2,866 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $105.00, for a total value of $300,930.00. Following the completion of the transaction, the chief operating officer now owns 15,000 shares in the company, valued at $1,575,000. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Iron Mountain news, COO John Tomovcsik sold 2,866 shares of Iron Mountain stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $105.00, for a total transaction of $300,930.00. Following the completion of the transaction, the chief operating officer now owns 15,000 shares in the company, valued at approximately $1,575,000. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO William L. Meaney sold 15,875 shares of Iron Mountain stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $117.36, for a total value of $1,863,090.00. Following the transaction, the chief executive officer now owns 295,650 shares of the company’s stock, valued at $34,697,484. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 30,503 shares of company stock worth $3,511,505 in the last 90 days. Insiders own 2.10% of the company’s stock.

Iron Mountain Stock Up 1.4 %

Iron Mountain stock opened at $127.70 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. The stock has a market capitalization of $37.46 billion, a price-to-earnings ratio of 163.72, a PEG ratio of 7.42 and a beta of 1.00. Iron Mountain Incorporated has a 1-year low of $57.36 and a 1-year high of $130.24. The business has a fifty day moving average price of $117.12 and a 200-day moving average price of $98.32.

Iron Mountain (NYSE:IRM) last issued its earnings results on Thursday, August 1st. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.59). The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Iron Mountain had a return on equity of 595.44% and a net margin of 3.94%. The business’s revenue was up 13.0% on a year-over-year basis. During the same quarter last year, the business earned $0.94 EPS. Equities research analysts forecast that Iron Mountain Incorporated will post 4.17 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Investors of record on Monday, September 16th were paid a $0.715 dividend. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.86 dividend on an annualized basis and a yield of 2.24%. Iron Mountain’s dividend payout ratio (DPR) is 366.67%.

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.