Focus Financial Network Inc. Has $1.17 Million Position in Iron Mountain Incorporated (NYSE:IRM)

Focus Financial Network Inc. trimmed its stake in Iron Mountain Incorporated (NYSE:IRM) by 3.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,762 shares of the financial services provider’s stock after selling 360 shares during the quarter. Focus Financial Network Inc.’s holdings in Iron Mountain were worth $1,167,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. 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 valued at $1,572,936,000 after buying an additional 15,035,937 shares during the period. Daiwa Securities Group Inc. grew 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 valued at $365,931,000 after purchasing an additional 475,849 shares in the last quarter. Norges Bank purchased a new position in Iron Mountain in the fourth quarter valued at about $228,391,000. Charles Schwab Investment Management Inc. increased its position in Iron Mountain by 2.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,157,681 shares of the financial services provider’s stock worth $220,975,000 after purchasing an additional 81,741 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in 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 during the last quarter. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

IRM has been the subject of several recent research reports. The Goldman Sachs Group boosted their target price on shares of Iron Mountain from $106.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. boosted their price objective 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. Stifel Nicolaus raised their price target on Iron Mountain from $86.00 to $103.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Finally, Wells Fargo & Company raised their target price on Iron Mountain from $110.00 to $120.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Iron Mountain has an average rating of “Moderate Buy” and an average price target of $95.29.

Iron Mountain Stock Performance

Shares of IRM traded up $1.48 on Wednesday, reaching $111.00. 355,934 shares of the stock traded hands, compared to its average volume of 1,647,734. The firm has a market cap of $32.54 billion, a price-to-earnings ratio of 165.91, a P/E/G ratio of 6.49 and a beta of 0.98. Iron Mountain Incorporated has a 12 month low of $56.51 and a 12 month high of $112.79. The stock’s 50-day moving average price is $97.57 and its 200-day moving average price is $84.58. The company has a debt-to-equity ratio of 674.63, a current ratio of 0.79 and a quick ratio of 0.86.

Iron Mountain (NYSE:IRM) last announced its quarterly earnings data 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). 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 analyst estimates of $1.50 billion. During the same quarter in the prior year, the company posted $0.94 EPS. The company’s quarterly revenue was up 13.0% compared to the same quarter last year. Equities analysts forecast that Iron Mountain Incorporated will post 4.22 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Monday, September 16th will be paid a $0.715 dividend. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.65. This represents a $2.86 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend is Monday, September 16th. Iron Mountain’s dividend payout ratio is currently 433.33%.

Insider Transactions at Iron Mountain

In other Iron Mountain news, CEO William L. Meaney sold 15,875 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $81.03, for a total value of $1,286,351.25. Following the sale, the chief executive officer now directly owns 295,650 shares in the company, valued at $23,956,519.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO William L. Meaney sold 15,875 shares of Iron Mountain stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 295,650 shares in the company, valued at $23,956,519.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Walter C. Rakowich sold 954 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $81.33, for a total value of $77,588.82. Following the completion of the transaction, the director now directly owns 35,166 shares in the company, valued at $2,860,050.78. The disclosure for this sale can be found here. In the last ninety days, insiders sold 96,372 shares of company stock valued at $8,516,435. Corporate insiders own 2.10% of the company’s stock.

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.