New York State Common Retirement Fund Increases Stake in Iron Mountain Incorporated (IRM)
New York State Common Retirement Fund lifted its holdings in Iron Mountain Incorporated (NYSE:IRM) by 1.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 564,600 shares of the financial services provider’s stock after purchasing an additional 8,499 shares during the quarter. New York State Common Retirement Fund owned 0.21% of Iron Mountain worth $19,400,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Creative Planning lifted its position in shares of Iron Mountain by 4.6% in the second quarter. Creative Planning now owns 3,049 shares of the financial services provider’s stock worth $105,000 after purchasing an additional 134 shares in the last quarter. Pacer Advisors Inc. lifted its position in shares of Iron Mountain by 3.4% in the first quarter. Pacer Advisors Inc. now owns 3,663 shares of the financial services provider’s stock worth $131,000 after purchasing an additional 121 shares in the last quarter. Soros Fund Management LLC bought a new stake in shares of Iron Mountain in the first quarter worth $203,000. Ameritas Investment Partners Inc. bought a new stake in shares of Iron Mountain in the first quarter worth $209,000. Finally, CIBC World Markets Inc. bought a new stake in shares of Iron Mountain in the second quarter worth $203,000. 87.46% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP John Tomovcsik sold 21,037 shares of Iron Mountain stock in a transaction on Friday, September 8th. The shares were sold at an average price of $40.02, for a total value of $841,900.74. Following the completion of the sale, the executive vice president now owns 62,379 shares of the company’s stock, valued at approximately $2,496,407.58. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last three months, insiders sold 51,401 shares of company stock valued at $1,997,617. 1.50% of the stock is currently owned by insiders.
Shares of Iron Mountain Incorporated (NYSE IRM) opened at 38.90 on Friday. The firm’s 50-day moving average is $38.47 and its 200 day moving average is $35.80. Iron Mountain Incorporated has a 52-week low of $30.75 and a 52-week high of $40.64. The company has a market capitalization of $10.28 billion, a price-to-earnings ratio of 53.36 and a beta of 0.92.
Iron Mountain (NYSE:IRM) last posted its quarterly earnings results on Friday, July 28th. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.03. Iron Mountain had a net margin of 5.14% and a return on equity of 14.46%. The business had revenue of $950.00 million during the quarter, compared to the consensus estimate of $955.05 million. During the same quarter last year, the firm posted $0.24 EPS. Iron Mountain’s revenue was up 7.5% compared to the same quarter last year. On average, equities research analysts anticipate that Iron Mountain Incorporated will post $1.18 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be given a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 5.66%. The ex-dividend date is Thursday, September 14th. Iron Mountain’s payout ratio is currently 297.30%.
A number of brokerages have recently commented on IRM. BidaskClub lowered shares of Iron Mountain from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Zacks Investment Research raised shares of Iron Mountain from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Robert W. Baird set a $39.00 price objective on shares of Iron Mountain and gave the stock a “hold” rating in a research report on Friday, August 25th. Deutsche Bank AG lowered shares of Iron Mountain from a “hold” rating to a “sell” rating and cut their price objective for the stock from $41.00 to $30.00 in a research report on Wednesday, June 7th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $40.00 price objective on shares of Iron Mountain in a research report on Sunday, September 3rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Iron Mountain currently has a consensus rating of “Hold” and a consensus price target of $36.50.
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About Iron Mountain
Iron Mountain Incorporated (Iron Mountain) is engaged in storing records, primarily paper documents and data backup media, and provide information management services. The Company offers records management services, data protection and recovery services and information destruction services. Its information management services are divided into three categories: records management services, data protection and recovery services, and information destruction services.
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