CoreCap Advisors LLC Decreases Holdings in Iron Mountain Incorporated (NYSE:IRM)

CoreCap Advisors LLC reduced its position in Iron Mountain Incorporated (NYSE:IRM) by 24.0% in the 4th quarter, HoldingsChannel.com reports. The firm owned 27,654 shares of the financial services provider’s stock after selling 8,756 shares during the period. CoreCap Advisors LLC’s holdings in Iron Mountain were worth $2,907,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of IRM. Wealthfront Advisers LLC increased its position in shares of Iron Mountain by 9,843.3% in the fourth quarter. Wealthfront Advisers LLC now owns 6,864,832 shares of the financial services provider’s stock valued at $721,562,000 after buying an additional 6,795,792 shares in the last quarter. Norges Bank purchased a new position in Iron Mountain during the 4th quarter valued at about $348,249,000. Northern Trust Corp raised its position in Iron Mountain by 56.1% during the fourth quarter. Northern Trust Corp now owns 4,326,476 shares of the financial services provider’s stock worth $454,756,000 after acquiring an additional 1,554,746 shares during the last quarter. TD Asset Management Inc. lifted its holdings in shares of Iron Mountain by 125.4% in the fourth quarter. TD Asset Management Inc. now owns 1,952,432 shares of the financial services provider’s stock valued at $205,220,000 after purchasing an additional 1,086,308 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Iron Mountain in the fourth quarter valued at approximately $55,271,000. 80.13% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Iron Mountain

In related news, CEO William L. Meaney sold 69,125 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $86.11, for a total value of $5,952,353.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Mithu Bhargava sold 1,738 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.84, for a total value of $161,355.92. Following the completion of the sale, the executive vice president now owns 13,054 shares of the company’s stock, valued at $1,211,933.36. This trade represents a 11.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 318,973 shares of company stock valued at $29,112,345 over the last ninety days. Corporate insiders own 2.10% of the company’s stock.

Analyst Ratings Changes

IRM has been the subject of several research reports. JPMorgan Chase & Co. reduced their target price on Iron Mountain from $125.00 to $112.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 18th. Barclays reduced their price objective on Iron Mountain from $130.00 to $118.00 and set an “overweight” rating on the stock in a research report on Thursday, March 20th. Truist Financial started coverage on Iron Mountain in a research note on Tuesday, April 8th. They set a “buy” rating and a $95.00 price objective on the stock. StockNews.com raised shares of Iron Mountain from a “sell” rating to a “hold” rating in a research note on Friday, April 18th. Finally, Wells Fargo & Company decreased their price target on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 4th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $121.29.

Iron Mountain Trading Up 0.3 %

Shares of NYSE IRM opened at $97.18 on Thursday. The stock has a fifty day moving average price of $86.20 and a 200 day moving average price of $101.68. Iron Mountain Incorporated has a 12-month low of $72.33 and a 12-month high of $130.24. The company has a market cap of $28.66 billion, a P/E ratio of 159.31, a P/E/G ratio of 5.15 and a beta of 1.08.

Iron Mountain (NYSE:IRM) last announced its earnings results on Thursday, May 1st. The financial services provider reported $1.17 EPS for the quarter, beating the consensus estimate of $1.16 by $0.01. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.59 billion. Iron Mountain had a negative return on equity of 401.83% and a net margin of 2.95%. The company’s revenue was up 7.9% on a year-over-year basis. During the same period last year, the business posted $1.10 EPS. On average, sell-side analysts forecast that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Monday, June 16th will be given a dividend of $0.785 per share. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date of this dividend is Monday, June 16th. Iron Mountain’s payout ratio is currently 765.85%.

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.