Duff & Phelps Investment Management Co. Increases Holdings in Iron Mountain Incorporated (NYSE:IRM)

Duff & Phelps Investment Management Co. lifted its holdings in Iron Mountain Incorporated (NYSE:IRM) by 45.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,298,330 shares of the financial services provider’s stock after acquiring an additional 402,625 shares during the period. Iron Mountain accounts for approximately 1.5% of Duff & Phelps Investment Management Co.’s holdings, making the stock its 16th biggest holding. Duff & Phelps Investment Management Co. owned 0.44% of Iron Mountain worth $116,356,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Oliver Lagore Vanvalin Investment Group purchased a new position in shares of Iron Mountain in the 2nd quarter worth approximately $70,000. Scientech Research LLC lifted its position in Iron Mountain by 84.6% in the second quarter. Scientech Research LLC now owns 5,162 shares of the financial services provider’s stock worth $463,000 after buying an additional 2,366 shares during the last quarter. Legal & General Group Plc boosted its stake in Iron Mountain by 49.2% during the second quarter. Legal & General Group Plc now owns 3,899,276 shares of the financial services provider’s stock worth $349,453,000 after buying an additional 1,286,694 shares during the period. MBB Public Markets I LLC increased its position in Iron Mountain by 405.1% during the second quarter. MBB Public Markets I LLC now owns 19,917 shares of the financial services provider’s stock valued at $1,785,000 after acquiring an additional 15,974 shares during the last quarter. Finally, APG Asset Management N.V. raised its stake in shares of Iron Mountain by 186.2% in the second quarter. APG Asset Management N.V. now owns 37,044 shares of the financial services provider’s stock valued at $3,098,000 after acquiring an additional 24,100 shares during the period. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Insider Activity

In related news, EVP Edward Baker-Greene sold 2,262 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $109.75, for a total value of $248,254.50. Following the completion of the transaction, the executive vice president now owns 9,049 shares of the company’s stock, valued at $993,127.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Edward Baker-Greene sold 2,262 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $109.75, for a total value of $248,254.50. Following the completion of the transaction, the executive vice president now directly owns 9,049 shares of the company’s stock, valued at approximately $993,127.75. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO William L. Meaney sold 15,875 shares of the firm’s 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 sale, the chief executive officer now directly owns 295,650 shares in the company, valued at approximately $27,078,583.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,003 shares of company stock worth $3,352,406. Corporate insiders own 2.10% of the company’s stock.

Iron Mountain Stock Down 0.5 %

Shares of NYSE:IRM opened at $116.73 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 674.63. The business’s 50 day moving average is $110.22 and its 200 day moving average is $92.54. The stock has a market cap of $34.22 billion, a P/E ratio of 176.86, a price-to-earnings-growth ratio of 7.09 and a beta of 1.00. Iron Mountain Incorporated has a 52-week low of $56.51 and a 52-week high of $120.54.

Iron Mountain (NYSE:IRM) last announced its quarterly earnings results on Thursday, August 1st. The financial services provider reported $0.42 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.59). Iron Mountain had a net margin of 3.94% and a return on equity of 595.44%. The firm had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the prior year, the business posted $0.94 EPS. The business’s quarterly revenue was up 13.0% on a year-over-year basis. Sell-side analysts predict 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 will be paid on Thursday, October 3rd. Stockholders of record on Monday, September 16th will be given a $0.715 dividend. This represents a $2.86 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Monday, September 16th. This is a boost from Iron Mountain’s previous quarterly dividend of $0.65. Iron Mountain’s dividend payout ratio is presently 433.33%.

Wall Street Analyst Weigh In

IRM has been the topic of several analyst reports. Wells Fargo & Company upped their price target on shares of Iron Mountain from $110.00 to $120.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. The Goldman Sachs Group upped 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 raised 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. upped 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 analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $106.00.

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.