Clinton Group Inc. Invests $233,000 in Iron Mountain Inc (IRM)

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Clinton Group Inc. acquired a new stake in shares of Iron Mountain Inc (NYSE:IRM) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 6,737 shares of the financial services provider’s stock, valued at approximately $233,000.

Other institutional investors have also recently made changes to their positions in the company. Raymond James Financial Services Advisors Inc. bought a new position in shares of Iron Mountain during the 2nd quarter valued at about $988,000. Marble Harbor Investment Counsel LLC increased its position in shares of Iron Mountain by 4.5% during the 2nd quarter. Marble Harbor Investment Counsel LLC now owns 364,609 shares of the financial services provider’s stock valued at $12,765,000 after purchasing an additional 15,643 shares during the last quarter. Truvestments Capital LLC bought a new position in shares of Iron Mountain during the 2nd quarter valued at about $1,219,000. Swiss National Bank increased its position in shares of Iron Mountain by 4.3% during the 2nd quarter. Swiss National Bank now owns 894,564 shares of the financial services provider’s stock valued at $31,319,000 after purchasing an additional 36,800 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Iron Mountain by 4.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 439,440 shares of the financial services provider’s stock valued at $15,385,000 after purchasing an additional 17,972 shares during the last quarter. Hedge funds and other institutional investors own 86.04% of the company’s stock.

IRM opened at $31.59 on Friday. The company has a debt-to-equity ratio of 3.87, a quick ratio of 0.98 and a current ratio of 0.98. Iron Mountain Inc has a 1 year low of $30.78 and a 1 year high of $41.53. The company has a market cap of $9.88 billion, a P/E ratio of 14.92 and a beta of 0.61.

Iron Mountain (NYSE:IRM) last posted its quarterly earnings results on Friday, July 27th. The financial services provider reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.03. Iron Mountain had a return on equity of 14.82% and a net margin of 4.56%. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.05 billion. During the same period last year, the company earned $0.30 EPS. Iron Mountain’s revenue for the quarter was up 11.7% compared to the same quarter last year. Research analysts forecast that Iron Mountain Inc will post 2.12 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 2nd. Investors of record on Monday, September 17th were given a dividend of $0.5875 per share. The ex-dividend date was Friday, September 14th. This represents a $2.35 annualized dividend and a yield of 7.44%. Iron Mountain’s payout ratio is 110.33%.

In related news, CFO Stuart B. Brown sold 1,750 shares of the firm’s stock in a transaction that occurred on Thursday, July 26th. The stock was sold at an average price of $35.38, for a total transaction of $61,915.00. Following the transaction, the chief financial officer now directly owns 7,661 shares in the company, valued at approximately $271,046.18. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.60% of the stock is owned by company insiders.

IRM has been the topic of several recent research reports. TheStreet upgraded Iron Mountain from a “c+” rating to a “b-” rating in a research report on Wednesday, June 20th. Berenberg Bank initiated coverage on Iron Mountain in a research report on Thursday, September 20th. They set a “buy” rating and a $52.00 price objective on the stock. Barclays initiated coverage on Iron Mountain in a research report on Wednesday, July 18th. They set an “equal weight” rating and a $39.00 price objective on the stock. Zacks Investment Research upgraded Iron Mountain from a “sell” rating to a “hold” rating in a research report on Monday, October 8th. Finally, ValuEngine lowered Iron Mountain from a “hold” rating to a “sell” rating in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $40.25.

About Iron Mountain

Iron Mountain Incorporated (NYSE: IRM), founded in 1951, is the global leader for storage and information management services. Trusted by more than 225,000 organizations around the world, and with a real estate network of more than 85 million square feet across more than 1,400 facilities in over 50 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts.

Read More: Initial Public Offering (IPO)

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Institutional Ownership by Quarter for Iron Mountain (NYSE:IRM)

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