Avidian Wealth Enterprises LLC Makes New Investment in Iron Mountain Incorporated $IRM

Avidian Wealth Enterprises LLC acquired a new position in Iron Mountain Incorporated (NYSE:IRM) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,108 shares of the financial services provider’s stock, valued at approximately $216,000.

Other large investors also recently bought and sold shares of the company. Kestra Private Wealth Services LLC raised its holdings in Iron Mountain by 14.7% in the 1st quarter. Kestra Private Wealth Services LLC now owns 14,537 shares of the financial services provider’s stock worth $1,251,000 after purchasing an additional 1,860 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Iron Mountain by 86.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,974,922 shares of the financial services provider’s stock worth $169,922,000 after buying an additional 913,715 shares during the period. Golden State Wealth Management LLC acquired a new position in Iron Mountain during the first quarter worth $30,000. Steward Partners Investment Advisory LLC raised its position in Iron Mountain by 1.4% during the first quarter. Steward Partners Investment Advisory LLC now owns 38,032 shares of the financial services provider’s stock worth $3,272,000 after acquiring an additional 513 shares during the period. Finally, Kingstone Capital Partners Texas LLC acquired a new position in Iron Mountain during the second quarter worth $10,093,000. Institutional investors and hedge funds own 80.13% of the company’s stock.

Iron Mountain Stock Down 0.0%

Shares of IRM opened at $103.93 on Friday. Iron Mountain Incorporated has a 52-week low of $72.33 and a 52-week high of $130.24. The company has a market capitalization of $30.70 billion, a PE ratio of 742.44 and a beta of 1.06. The stock has a fifty day simple moving average of $98.68 and a two-hundred day simple moving average of $96.64.

Iron Mountain (NYSE:IRM) last released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.05. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. The firm had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.68 billion. During the same period last year, the business earned $1.08 earnings per share. Iron Mountain’s revenue was up 11.6% compared to the same quarter last year. As a group, equities analysts anticipate that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 3rd. Stockholders of record on Monday, September 15th were issued a dividend of $0.785 per share. The ex-dividend date was Monday, September 15th. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.0%. Iron Mountain’s dividend payout ratio (DPR) is currently 2,242.86%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on IRM. Weiss Ratings restated a “hold (c)” rating on shares of Iron Mountain in a research report on Wednesday, October 8th. Jefferies Financial Group assumed coverage on Iron Mountain in a report on Monday, September 22nd. They set a “buy” rating and a $120.00 target price for the company. Barclays increased their target price on Iron Mountain from $121.00 to $122.00 and gave the company an “overweight” rating in a report on Wednesday, August 20th. Zacks Research raised Iron Mountain from a “strong sell” rating to a “hold” rating in a research note on Monday. Finally, JPMorgan Chase & Co. reduced their price objective on Iron Mountain from $112.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $116.83.

Insider Transactions at Iron Mountain

In other news, CEO William L. Meaney sold 69,125 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $94.55, for a total transaction of $6,535,768.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark Kidd sold 6,000 shares of the firm’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $91.05, for a total value of $546,300.00. Following the sale, the executive vice president directly owned 79,081 shares of the company’s stock, valued at approximately $7,200,325.05. This trade represents a 7.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold 213,375 shares of company stock worth $20,347,156 in the last 90 days. Insiders own 1.90% of the company’s stock.

About Iron Mountain

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.