Texas Permanent School Fund Corp Decreases Stock Holdings in Iron Mountain Incorporated (NYSE:IRM)

Texas Permanent School Fund Corp lowered its position in Iron Mountain Incorporated (NYSE:IRM) by 19.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 48,269 shares of the financial services provider’s stock after selling 12,012 shares during the period. Texas Permanent School Fund Corp’s holdings in Iron Mountain were worth $4,326,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cohen & Steers Inc. boosted its stake in Iron Mountain by 202.1% in the fourth quarter. Cohen & Steers Inc. now owns 22,475,614 shares of the financial services provider’s stock valued at $1,572,936,000 after acquiring an additional 15,035,937 shares in the last quarter. Daiwa Securities Group Inc. increased its position in shares of Iron Mountain by 11.6% during the first quarter. Daiwa Securities Group Inc. now owns 4,562,165 shares of the financial services provider’s stock worth $365,931,000 after purchasing an additional 475,849 shares in the last quarter. Norges Bank purchased a new stake in shares of Iron Mountain during the 4th quarter valued at $228,391,000. Bank of New York Mellon Corp boosted its position in shares of Iron Mountain by 0.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,126,237 shares of the financial services provider’s stock worth $190,553,000 after purchasing an additional 6,562 shares in the last quarter. Finally, Centersquare Investment Management LLC grew its stake in Iron Mountain by 7,892.6% during the 1st quarter. Centersquare Investment Management LLC now owns 1,538,486 shares of the financial services provider’s stock worth $119,263,000 after buying an additional 1,519,237 shares during the last quarter. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Insider Activity at Iron Mountain

In other Iron Mountain news, CAO Daniel Borges sold 3,095 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $86.83, for a total value of $268,738.85. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CAO Daniel Borges sold 3,095 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $86.83, for a total transaction of $268,738.85. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William L. Meaney sold 15,875 shares of Iron Mountain stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $91.59, for a total value of $1,453,991.25. Following the completion of the transaction, the chief executive officer now owns 295,650 shares of the company’s stock, valued at approximately $27,078,583.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 68,882 shares of company stock worth $6,293,740. 2.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on IRM shares. Wells Fargo & Company increased their price target on Iron Mountain from $110.00 to $120.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. lifted 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. 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. Finally, Stifel Nicolaus raised their price target on shares of Iron Mountain from $86.00 to $103.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $99.83.

Iron Mountain Stock Performance

IRM opened at $117.06 on Friday. The firm has a 50 day moving average of $106.10 and a two-hundred day moving average of $89.82. The firm has a market capitalization of $34.31 billion, a PE ratio of 177.36, a P/E/G ratio of 6.85 and a beta of 1.00. 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 Incorporated has a 12-month low of $56.51 and a 12-month high of $117.83.

Iron Mountain (NYSE:IRM) last posted its earnings results 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). The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.50 billion. Iron Mountain had a net margin of 3.94% and a return on equity of 595.44%. The company’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 earnings per share. On average, analysts anticipate that Iron Mountain Incorporated will post 4.17 EPS for the current year.

Iron Mountain Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Monday, September 16th will be issued a dividend of $0.715 per share. This represents a $2.86 annualized dividend and a yield of 2.44%. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Monday, September 16th. Iron Mountain’s dividend payout ratio (DPR) is 433.33%.

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.