State of Michigan Retirement System Has $8.23 Million Stock Holdings in Iron Mountain Incorporated $IRM

State of Michigan Retirement System raised its stake in Iron Mountain Incorporated (NYSE:IRM) by 0.8% in the 2nd quarter, Holdings Channel.com reports. The fund owned 80,246 shares of the financial services provider’s stock after buying an additional 600 shares during the quarter. State of Michigan Retirement System’s holdings in Iron Mountain were worth $8,231,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. TIAA Trust National Association acquired a new position in Iron Mountain in the 2nd quarter valued at $323,000. Saxony Capital Management LLC acquired a new position in Iron Mountain in the 2nd quarter valued at $219,000. Creekmur Asset Management LLC raised its holdings in Iron Mountain by 31.3% in the 2nd quarter. Creekmur Asset Management LLC now owns 15,645 shares of the financial services provider’s stock valued at $1,605,000 after acquiring an additional 3,725 shares in the last quarter. Simon Quick Advisors LLC bought a new position in shares of Iron Mountain in the 2nd quarter valued at $214,000. Finally, Strs Ohio increased its stake in shares of Iron Mountain by 17.7% in the 2nd quarter. Strs Ohio now owns 224,612 shares of the financial services provider’s stock valued at $23,038,000 after purchasing an additional 33,812 shares during the last quarter. 80.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

IRM has been the topic of several recent analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Iron Mountain in a research note on Wednesday, October 8th. JPMorgan Chase & Co. decreased their price target on Iron Mountain from $112.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday, August 7th. Barclays lifted their price target on Iron Mountain from $121.00 to $122.00 and gave the company an “overweight” rating in a research note on Wednesday, August 20th. Zacks Research upgraded Iron Mountain from a “strong sell” rating to a “hold” rating in a research note on Monday, October 20th. Finally, Jefferies Financial Group initiated coverage on Iron Mountain in a research note on Monday, September 22nd. They issued a “buy” rating and a $120.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $116.83.

Iron Mountain Stock Up 0.7%

Shares of IRM stock opened at $103.69 on Tuesday. The firm has a market capitalization of $30.62 billion, a P/E ratio of 740.70 and a beta of 1.06. Iron Mountain Incorporated has a twelve month low of $72.33 and a twelve month high of $125.88. The stock’s fifty day simple moving average is $100.36 and its 200 day simple moving average is $98.00.

Iron Mountain (NYSE:IRM) last announced its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 EPS for the quarter, topping the consensus estimate of $1.19 by $0.05. The firm had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.68 billion. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The business’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.08 EPS. As a group, equities research analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 3rd. Shareholders of record on Monday, September 15th were issued a dividend of $0.785 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $3.14 annualized dividend and a yield of 3.0%. Iron Mountain’s payout ratio is presently 2,242.86%.

Insider Activity

In other Iron Mountain news, EVP Mark Kidd sold 7,306 shares of Iron Mountain stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $100.82, for a total transaction of $736,590.92. Following the transaction, the executive vice president directly owned 73,081 shares of the company’s stock, valued at approximately $7,368,026.42. The trade was a 9.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $102.34, for a total value of $7,074,252.50. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 151,556 shares of company stock worth $14,547,978 over the last ninety days. Company insiders own 1.90% of the company’s stock.

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.