Oppenheimer Asset Management Inc. Trims Position in Iron Mountain Incorporated (NYSE:IRM)

Oppenheimer Asset Management Inc. trimmed its stake in Iron Mountain Incorporated (NYSE:IRM) by 3.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,246 shares of the financial services provider’s stock after selling 788 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Iron Mountain were worth $2,083,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Csenge Advisory Group boosted its holdings in shares of Iron Mountain by 1.2% in the second quarter. Csenge Advisory Group now owns 9,515 shares of the financial services provider’s stock valued at $853,000 after purchasing an additional 114 shares during the period. Perfromance Wealth Partners LLC lifted its holdings in shares of Iron Mountain by 2.4% in the 2nd quarter. Perfromance Wealth Partners LLC now owns 5,007 shares of the financial services provider’s stock worth $449,000 after buying an additional 118 shares during the period. Massmutual Trust Co. FSB ADV grew its position in shares of Iron Mountain by 9.8% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,347 shares of the financial services provider’s stock worth $121,000 after buying an additional 120 shares in the last quarter. Terra Nova Asset Management LLC increased its stake in shares of Iron Mountain by 0.4% during the second quarter. Terra Nova Asset Management LLC now owns 32,409 shares of the financial services provider’s stock valued at $2,905,000 after buying an additional 120 shares during the period. Finally, Jaffetilchin Investment Partners LLC raised its holdings in shares of Iron Mountain by 1.1% in the first quarter. Jaffetilchin Investment Partners LLC now owns 11,432 shares of the financial services provider’s stock valued at $917,000 after acquiring an additional 122 shares in the last quarter. 80.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. The Goldman Sachs Group increased their target price on shares of Iron Mountain from $106.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Stifel Nicolaus lifted their price objective on shares of Iron Mountain from $86.00 to $103.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Wells Fargo & Company upped their target price on Iron Mountain from $110.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Finally, JPMorgan Chase & Co. lifted their price target on Iron Mountain from $82.00 to $121.00 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 given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $99.83.

Insider Activity

In related news, COO John Tomovcsik sold 1,000 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $110.00, for a total value of $110,000.00. Following the completion of the transaction, the chief operating officer now owns 14,000 shares in the company, valued at approximately $1,540,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Iron Mountain news, CEO William L. Meaney sold 15,875 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now directly owns 295,650 shares of the company’s stock, valued at $27,078,583.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO John Tomovcsik sold 1,000 shares of the stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $110.00, for a total value of $110,000.00. Following the sale, the chief operating officer now directly owns 14,000 shares in the company, valued at $1,540,000. The disclosure for this sale can be found here. Insiders have sold 65,787 shares of company stock valued at $6,025,002 over the last ninety days. 2.10% of the stock is currently owned by insiders.

Iron Mountain Price Performance

Shares of IRM opened at $115.90 on Wednesday. The company has a 50 day moving average of $106.61 and a two-hundred day moving average of $90.31. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 674.63. Iron Mountain Incorporated has a twelve month low of $56.51 and a twelve month high of $118.46. The company has a market cap of $33.97 billion, a price-to-earnings ratio of 175.64, a price-to-earnings-growth ratio of 6.85 and a beta of 1.00.

Iron Mountain (NYSE:IRM) last posted its quarterly earnings data 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 business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.50 billion. Iron Mountain had a return on equity of 595.44% and a net margin of 3.94%. The firm’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.94 EPS. As a group, analysts predict that Iron Mountain Incorporated will post 4.17 earnings per share 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 dividend of $0.715 per share. This is an increase from Iron Mountain’s previous quarterly dividend of $0.65. This represents a $2.86 annualized dividend and a dividend yield of 2.47%. The ex-dividend date of this dividend is Monday, September 16th. Iron Mountain’s payout ratio is presently 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.