Strategic Investment Advisors MI Decreases Stock Holdings in Iron Mountain Incorporated (NYSE:IRM)

Strategic Investment Advisors MI decreased its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 43.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,860 shares of the financial services provider’s stock after selling 4,485 shares during the period. Strategic Investment Advisors MI’s holdings in Iron Mountain were worth $504,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wealthfront Advisers LLC boosted its stake in shares of Iron Mountain by 9,843.3% in the 4th quarter. Wealthfront Advisers LLC now owns 6,864,832 shares of the financial services provider’s stock worth $721,562,000 after buying an additional 6,795,792 shares during the last quarter. Norges Bank bought a new position in Iron Mountain in the fourth quarter valued at about $348,249,000. Northern Trust Corp lifted its holdings in Iron Mountain by 56.1% in the fourth quarter. Northern Trust Corp now owns 4,326,476 shares of the financial services provider’s stock valued at $454,756,000 after acquiring an additional 1,554,746 shares during the period. TD Asset Management Inc. boosted its position in 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 worth $205,220,000 after purchasing an additional 1,086,308 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its stake in shares of Iron Mountain by 439.8% during the 4th quarter. Point72 Asset Management L.P. now owns 1,200,660 shares of the financial services provider’s stock valued at $126,201,000 after purchasing an additional 978,251 shares during the period. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on IRM. Barclays increased their price objective on shares of Iron Mountain from $118.00 to $121.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 27th. Truist Financial started coverage on shares of Iron Mountain in a research report on Tuesday, April 8th. They issued a “buy” rating and a $95.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Iron Mountain from a “sell” rating to a “hold” rating in a research note on Friday, April 18th. One analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Iron Mountain has a consensus rating of “Buy” and a consensus price target of $121.71.

Insider Buying and Selling at Iron Mountain

In other Iron Mountain news, Director Walter C. Rakowich sold 900 shares of the company’s stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $99.97, for a total value of $89,973.00. Following the completion of the transaction, the director now directly owns 36,515 shares in the company, valued at $3,650,404.55. This represents a 2.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $96.09, for a total transaction of $6,642,221.25. The disclosure for this sale can be found here. Insiders have sold a total of 216,673 shares of company stock valued at $20,319,408 over the last ninety days. 1.90% of the stock is currently owned by company insiders.

Iron Mountain Trading Down 2.4%

Iron Mountain stock opened at $102.77 on Thursday. The firm has a 50 day moving average of $96.65 and a 200 day moving average of $96.60. The firm has a market capitalization of $30.32 billion, a price-to-earnings ratio of 250.66 and a beta of 1.09. Iron Mountain Incorporated has a 12-month low of $72.33 and a 12-month high of $130.24.

Iron Mountain (NYSE:IRM) last posted its quarterly earnings results on Thursday, May 1st. The financial services provider reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.01. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.59 billion. Iron Mountain had a net margin of 1.97% and a negative return on equity of 201.62%. The company’s revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.10 earnings per share. On average, analysts predict that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Shareholders of record on Monday, June 16th will be paid a $0.785 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $3.14 dividend on an annualized basis and a yield of 3.06%. Iron Mountain’s payout ratio is presently 765.85%.

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.