Penobscot Investment Management Company Inc. Invests $517,000 in Iron Mountain Incorporated $IRM

Penobscot Investment Management Company Inc. bought a new position in shares of Iron Mountain Incorporated (NYSE:IRM) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 5,040 shares of the financial services provider’s stock, valued at approximately $517,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. QRG Capital Management Inc. increased its position in shares of Iron Mountain by 2.6% during the second quarter. QRG Capital Management Inc. now owns 138,972 shares of the financial services provider’s stock worth $14,254,000 after purchasing an additional 3,514 shares in the last quarter. Ascent Group LLC acquired a new position in Iron Mountain in the 2nd quarter valued at about $697,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in Iron Mountain in the 2nd quarter valued at about $349,000. TPG Advisors LLC acquired a new position in Iron Mountain in the 2nd quarter valued at about $200,000. Finally, Community Bank & Trust Waco Texas acquired a new position in Iron Mountain in the 2nd quarter valued at about $226,000. Institutional investors and hedge funds own 80.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Weiss Ratings restated a “hold (c)” rating on shares of Iron Mountain in a research report on Saturday, September 27th. JPMorgan Chase & Co. dropped their price target on Iron Mountain from $112.00 to $100.00 and set an “overweight” rating on the stock in a research report on Thursday, August 7th. Jefferies Financial Group assumed coverage on Iron Mountain in a research report on Monday, September 22nd. They issued a “buy” rating and a $120.00 price target on the stock. Finally, Barclays boosted their price target on Iron Mountain from $121.00 to $122.00 and gave the company an “overweight” rating in a research report on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $116.83.

Iron Mountain Trading Up 1.7%

Shares of IRM opened at $105.08 on Friday. Iron Mountain Incorporated has a twelve month low of $72.33 and a twelve month high of $130.24. The stock’s 50 day moving average is $95.72 and its two-hundred day moving average is $94.86. The firm has a market capitalization of $31.03 billion, a PE ratio of 750.60 and a beta of 1.06.

Iron Mountain (NYSE:IRM) last announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.05. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the previous year, the company earned $1.08 EPS. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, sell-side analysts predict that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 3rd. Stockholders of record on Monday, September 15th were paid 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 dividend yield of 3.0%. Iron Mountain’s payout ratio is 2,242.86%.

Insider Transactions at Iron Mountain

In other news, EVP Mark Kidd sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $91.05, for a total transaction of $546,300.00. Following the sale, the executive vice president owned 79,081 shares of the company’s stock, valued at $7,200,325.05. The trade was a 7.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $94.55, for a total value of $6,535,768.75. The disclosure for this sale can be found here. Insiders have sold 213,375 shares of company stock valued at $20,347,156 in the last quarter. 1.90% of the stock is currently owned by corporate insiders.

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.