CHB Investment Group LLC Invests $3.50 Million in Iron Mountain Incorporated (NYSE:IRM)

CHB Investment Group LLC bought a new position in shares of Iron Mountain Incorporated (NYSE:IRM) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 29,421 shares of the financial services provider’s stock, valued at approximately $3,496,000. Iron Mountain makes up 1.9% of CHB Investment Group LLC’s portfolio, making the stock its 6th largest position.

Other institutional investors have also recently made changes to their positions in the company. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Iron Mountain by 4.9% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 84,654 shares of the financial services provider’s stock worth $10,059,000 after buying an additional 3,980 shares in the last quarter. Ellsworth Advisors LLC raised its position in Iron Mountain by 0.6% during the third quarter. Ellsworth Advisors LLC now owns 24,629 shares of the financial services provider’s stock valued at $2,927,000 after purchasing an additional 158 shares in the last quarter. Secure Asset Management LLC raised its position in Iron Mountain by 3.9% during the third quarter. Secure Asset Management LLC now owns 5,231 shares of the financial services provider’s stock valued at $622,000 after purchasing an additional 196 shares in the last quarter. Bleakley Financial Group LLC raised its position in Iron Mountain by 45.8% during the third quarter. Bleakley Financial Group LLC now owns 22,987 shares of the financial services provider’s stock valued at $2,732,000 after purchasing an additional 7,221 shares in the last quarter. Finally, Good Life Advisors LLC raised its position in Iron Mountain by 58.9% during the third quarter. Good Life Advisors LLC now owns 3,646 shares of the financial services provider’s stock valued at $433,000 after purchasing an additional 1,352 shares in the last quarter. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Stifel Nicolaus raised their price target on Iron Mountain from $117.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, September 23rd. JPMorgan Chase & Co. raised their price target on Iron Mountain from $82.00 to $121.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. The Goldman Sachs Group raised their price target on Iron Mountain from $106.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Barclays raised their price target on Iron Mountain from $91.00 to $133.00 and gave the company an “overweight” rating in a research report on Wednesday, October 9th. Finally, Wells Fargo & Company raised their price objective on Iron Mountain from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to MarketBeat.com, Iron Mountain presently has a consensus rating of “Moderate Buy” and an average target price of $115.50.

Iron Mountain Stock Performance

Shares of IRM opened at $124.32 on Friday. The company has a 50-day simple moving average of $115.09 and a two-hundred day simple moving average of $96.38. Iron Mountain Incorporated has a one year low of $57.36 and a one year high of $124.79. The firm has a market capitalization of $36.44 billion, a PE ratio of 188.65, a price-to-earnings-growth ratio of 7.22 and a beta of 1.00. The company has a debt-to-equity ratio of 674.63, a current ratio of 0.79 and a quick ratio of 0.79.

Iron Mountain (NYSE:IRM) last released its earnings results on Thursday, August 1st. The financial services provider reported $0.42 earnings per share (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 business had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the previous year, the business posted $0.94 earnings per share. Iron Mountain’s revenue for the quarter was up 13.0% on a year-over-year basis. On average, analysts anticipate that Iron Mountain Incorporated will post 4.17 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Investors of record on Monday, September 16th were issued a $0.715 dividend. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.65. This represents a $2.86 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend was Monday, September 16th. Iron Mountain’s payout ratio is presently 433.33%.

Insider Buying and Selling

In related news, CEO William L. Meaney sold 15,875 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 295,650 shares in the company, valued at $34,697,484. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Iron Mountain news, CEO William L. Meaney sold 15,875 shares of Iron Mountain stock in a transaction that occurred on 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 completion of the sale, 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Edward Baker-Greene sold 2,262 shares of Iron Mountain stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $109.75, for a total transaction of $248,254.50. Following the completion of the sale, the executive vice president now directly owns 9,049 shares of the company’s stock, valued at approximately $993,127.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 30,503 shares of company stock worth $3,511,505 in the last three months. Insiders own 2.10% of the company’s stock.

Iron Mountain 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.