Fortitude Family Office LLC Increases Stake in Iron Mountain Incorporated (NYSE:IRM)

Fortitude Family Office LLC increased its stake in Iron Mountain Incorporated (NYSE:IRM) by 480.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,548 shares of the financial services provider’s stock after buying an additional 7,075 shares during the period. Fortitude Family Office LLC’s holdings in Iron Mountain were worth $1,016,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. abrdn plc boosted its holdings in shares of Iron Mountain by 88.2% during the 3rd quarter. abrdn plc now owns 626,280 shares of the financial services provider’s stock valued at $73,770,000 after buying an additional 293,425 shares in the last quarter. Hunter Associates Investment Management LLC bought a new stake in Iron Mountain during the third quarter worth about $261,000. Yeomans Consulting Group Inc. bought a new stake in Iron Mountain during the third quarter worth about $562,000. Custom Index Systems LLC purchased a new stake in Iron Mountain in the third quarter worth about $205,000. Finally, J.W. Cole Advisors Inc. increased its stake in shares of Iron Mountain by 37.1% during the third quarter. J.W. Cole Advisors Inc. now owns 9,566 shares of the financial services provider’s stock valued at $1,137,000 after purchasing an additional 2,590 shares in the last quarter. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Iron Mountain Trading Up 0.3 %

Shares of NYSE:IRM opened at $128.14 on Tuesday. The stock has a 50 day moving average of $117.49 and a 200 day moving average of $98.98. The company has a market cap of $37.59 billion, a PE ratio of 164.28, a price-to-earnings-growth ratio of 7.42 and a beta of 1.00. Iron Mountain Incorporated has a 12-month low of $57.36 and a 12-month high of $130.24. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 674.63.

Iron Mountain (NYSE:IRM) last posted its quarterly 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). The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate 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 for the quarter was up 13.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.94 earnings per share. As a group, equities research analysts expect that Iron Mountain Incorporated will post 4.17 EPS for the current year.

Iron Mountain Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Monday, September 16th were issued a dividend of $0.715 per share. The ex-dividend date of this dividend was Monday, September 16th. This is a boost from Iron Mountain’s previous quarterly dividend of $0.65. This represents a $2.86 dividend on an annualized basis and a yield of 2.23%. Iron Mountain’s dividend payout ratio (DPR) is currently 366.67%.

Analysts Set New Price Targets

IRM has been the topic of several recent research reports. Wells Fargo & Company upped their price target on Iron Mountain from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Barclays raised their price target on shares of Iron Mountain from $91.00 to $133.00 and gave the company an “overweight” rating in a research report on Wednesday, October 9th. 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 note on Friday, August 2nd. Stifel Nicolaus boosted their price target on Iron Mountain from $117.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, September 23rd. Finally, JPMorgan Chase & Co. increased their price objective on Iron Mountain from $82.00 to $121.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $115.50.

Insider Activity

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

About Iron Mountain

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.