State Board of Administration of Florida Retirement System Has $16.03 Million Stock Position in Iron Mountain Incorporated (NYSE:IRM)

Posted by Defense World Staff on May 8th, 2023

State Board of Administration of Florida Retirement System lowered its stake in Iron Mountain Incorporated (NYSE:IRM – Get Rating) by 2.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 321,492 shares of the financial services provider’s stock after selling 8,730 shares during the period. State Board of Administration of Florida Retirement System owned 0.11% of Iron Mountain worth $16,026,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Acadian Asset Management LLC grew its position in Iron Mountain by 15.1% in the 1st quarter. Acadian Asset Management LLC now owns 2,503 shares of the financial services provider’s stock worth $137,000 after purchasing an additional 328 shares in the last quarter. Panagora Asset Management Inc. grew its position in Iron Mountain by 71.3% in the 1st quarter. Panagora Asset Management Inc. now owns 18,549 shares of the financial services provider’s stock worth $1,028,000 after purchasing an additional 7,719 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Iron Mountain by 6.6% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 38,743 shares of the financial services provider’s stock worth $2,147,000 after purchasing an additional 2,399 shares in the last quarter. APG Asset Management N.V. grew its position in Iron Mountain by 13.0% in the 1st quarter. APG Asset Management N.V. now owns 18,205 shares of the financial services provider’s stock worth $907,000 after purchasing an additional 2,100 shares in the last quarter. Finally, Raymond James Trust N.A. grew its position in shares of Iron Mountain by 52.8% during the 1st quarter. Raymond James Trust N.A. now owns 7,552 shares of the financial services provider’s stock valued at $419,000 after acquiring an additional 2,608 shares during the period. Institutional investors and hedge funds own 77.12% of the company’s stock.

Insider Activity at Iron Mountain

In other Iron Mountain news, EVP Deborah Marson sold 1,125 shares of Iron Mountain stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $51.77, for a total value of $58,241.25. Following the completion of the transaction, the executive vice president now directly owns 59,419 shares of the company’s stock, valued at $3,076,121.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Iron Mountain news, CEO William L. Meaney sold 10,507 shares of Iron Mountain stock in a transaction that occurred on Friday, April 14th. The shares were sold at an average price of $53.55, for a total transaction of $562,649.85. Following the transaction, the chief executive officer now owns 295,650 shares of the company’s stock, valued at $15,832,057.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Deborah Marson sold 1,125 shares of the business’s stock in a transaction on Friday, February 24th. The stock was sold at an average price of $51.77, for a total transaction of $58,241.25. Following the completion of the transaction, the executive vice president now directly owns 59,419 shares in the company, valued at approximately $3,076,121.63. The disclosure for this sale can be found here. Insiders sold a total of 94,552 shares of company stock valued at $4,993,621 in the last three months. Company insiders own 2.20% of the company’s stock.

Iron Mountain Trading Up 1.3 %

NYSE:IRM opened at $56.39 on Monday. The company has a 50-day moving average price of $52.90 and a 200-day moving average price of $52.37. Iron Mountain Incorporated has a 12 month low of $43.33 and a 12 month high of $57.21. The company has a current ratio of 0.80, a quick ratio of 0.81 and a debt-to-equity ratio of 19.91. The stock has a market cap of $16.44 billion, a price-to-earnings ratio of 28.48, a P/E/G ratio of 3.74 and a beta of 0.91.

Iron Mountain (NYSE:IRM – Get Rating) last posted its earnings results on Thursday, February 23rd. The financial services provider reported $0.43 EPS for the quarter, missing the consensus estimate of $0.89 by ($0.46). Iron Mountain had a return on equity of 88.48% and a net margin of 11.20%. The company had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the prior year, the business posted $0.74 earnings per share. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. Equities analysts predict that Iron Mountain Incorporated will post 3.77 EPS for the current year.

Iron Mountain Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 6th. Investors of record on Thursday, June 15th will be given a dividend of $0.6185 per share. The ex-dividend date is Wednesday, June 14th. This represents a $2.47 dividend on an annualized basis and a yield of 4.39%. Iron Mountain’s dividend payout ratio (DPR) is currently 124.75%.

Analysts Set New Price Targets

IRM has been the subject of a number of research reports. Barclays increased their target price on shares of Iron Mountain from $56.00 to $64.00 in a research report on Friday. Royal Bank of Canada restated a “sector perform” rating and set a $58.00 price target on shares of Iron Mountain in a research note on Monday, March 6th. Finally, StockNews.com lowered shares of Iron Mountain from a “hold” rating to a “sell” rating in a report on Friday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $62.00.

About Iron Mountain

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Iron Mountain, Inc engages in the provision of storage and information management solutions. It operates through the following business segments: North American Records & Information Management Business, North American Data Management Business, Western European Business, Other International Business, Global Data Center Business and Corporate & Other Business.