Kingswood Wealth Advisors LLC Increases Stake in Iron Mountain Incorporated (NYSE:IRM)

Kingswood Wealth Advisors LLC increased its holdings in shares of Iron Mountain Incorporated (NYSE:IRM) by 173.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,299 shares of the financial services provider’s stock after acquiring an additional 8,434 shares during the period. Kingswood Wealth Advisors LLC’s holdings in Iron Mountain were worth $1,192,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of IRM. Cohen & Steers Inc. boosted its stake in Iron Mountain by 202.1% during the fourth quarter. Cohen & Steers Inc. now owns 22,475,614 shares of the financial services provider’s stock worth $1,572,936,000 after acquiring an additional 15,035,937 shares in the last quarter. Norges Bank bought a new stake in Iron Mountain during the fourth quarter worth about $228,391,000. Daiwa Securities Group Inc. boosted its stake in Iron Mountain by 60.9% during the fourth quarter. Daiwa Securities Group Inc. now owns 4,086,316 shares of the financial services provider’s stock worth $285,960,000 after acquiring an additional 1,546,592 shares in the last quarter. Centersquare Investment Management LLC boosted its stake in Iron Mountain by 7,892.6% during 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 acquiring an additional 1,519,237 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in shares of Iron Mountain by 59.1% in the fourth quarter. Russell Investments Group Ltd. now owns 2,081,786 shares of the financial services provider’s stock worth $145,879,000 after buying an additional 772,988 shares in the last quarter. Institutional investors own 80.13% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. The Goldman Sachs Group upped their target price on shares of Iron Mountain from $106.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Wells Fargo & Company upped their target price on shares of Iron Mountain from $110.00 to $120.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. upped their target price on shares of Iron Mountain from $82.00 to $121.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Finally, Stifel Nicolaus upped their target price on shares of Iron Mountain from $86.00 to $103.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $95.29.

Iron Mountain Price Performance

Shares of NYSE IRM traded down $0.89 during midday trading on Wednesday, reaching $105.56. The stock had a trading volume of 1,933,550 shares, compared to its average volume of 1,674,717. The company has a debt-to-equity ratio of 674.63, a quick ratio of 0.86 and a current ratio of 0.79. The stock has a 50-day moving average of $92.47 and a 200-day moving average of $81.74. Iron Mountain Incorporated has a 12-month low of $56.51 and a 12-month high of $112.79. The company has a market capitalization of $30.94 billion, a price-to-earnings ratio of 161.70, a price-to-earnings-growth ratio of 6.49 and a beta of 0.98.

Iron Mountain (NYSE:IRM) last issued its earnings results on Thursday, August 1st. The financial services provider reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.59). Iron Mountain had a return on equity of 595.44% and a net margin of 3.94%. The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the prior year, the company posted $0.94 EPS. Iron Mountain’s revenue was up 13.0% compared to the same quarter last year. As a group, research analysts anticipate that Iron Mountain Incorporated will post 4.22 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Monday, September 16th. This represents a $2.86 annualized dividend and a yield of 2.71%. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.65. Iron Mountain’s dividend payout ratio (DPR) is 433.33%.

Insider Buying and Selling at Iron Mountain

In other Iron Mountain news, EVP Greg W. Mcintosh sold 13,923 shares of the stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $87.41, for a total transaction of $1,217,009.43. Following the completion of the transaction, the executive vice president now owns 18,107 shares in the company, valued at $1,582,732.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO William L. Meaney sold 15,875 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $81.03, for a total value of $1,286,351.25. Following the completion of the sale, the chief executive officer now owns 295,650 shares in the company, valued at approximately $23,956,519.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Greg W. Mcintosh sold 13,923 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $87.41, for a total transaction of $1,217,009.43. Following the completion of the sale, the executive vice president now owns 18,107 shares of the company’s stock, valued at approximately $1,582,732.87. The disclosure for this sale can be found here. Insiders sold 96,372 shares of company stock worth $8,516,435 over the last 90 days. 2.10% of the stock is owned by insiders.

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.