Welch & Forbes LLC Cuts Stock Holdings in Iron Mountain Incorporated $IRM

Welch & Forbes LLC reduced its position in shares of Iron Mountain Incorporated (NYSE:IRM) by 0.8% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 668,938 shares of the financial services provider’s stock after selling 5,104 shares during the period. Welch & Forbes LLC’s holdings in Iron Mountain were worth $68,613,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of IRM. Financial Network Wealth Advisors LLC purchased a new stake in Iron Mountain during the 1st quarter worth approximately $26,000. Golden State Wealth Management LLC purchased a new stake in Iron Mountain during the 1st quarter worth approximately $30,000. Ramirez Asset Management Inc. purchased a new stake in Iron Mountain during the 1st quarter worth approximately $34,000. Wayfinding Financial LLC purchased a new stake in Iron Mountain during the 1st quarter worth approximately $37,000. Finally, Richards Merrill & Peterson Inc. acquired a new position in shares of Iron Mountain during the 1st quarter worth approximately $43,000. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Iron Mountain

In other news, CEO William L. Meaney sold 69,125 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $102.34, for a total value of $7,074,252.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Mark Kidd sold 6,000 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $91.05, for a total value of $546,300.00. Following the completion of the sale, the executive vice president owned 79,081 shares in the company, valued at approximately $7,200,325.05. The trade was a 7.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 144,250 shares of company stock worth $13,811,388. Insiders own 1.90% of the company’s stock.

Iron Mountain Stock Up 1.8%

IRM opened at $103.12 on Friday. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $127.29. The business has a fifty day simple moving average of $100.12 and a 200-day simple moving average of $97.76. The firm has a market cap of $30.46 billion, a P/E ratio of 736.60 and a beta of 1.06.

Iron Mountain (NYSE:IRM) last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.24 EPS for the quarter, topping the consensus estimate of $1.19 by $0.05. The business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.68 billion. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The company’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period last year, the business posted $1.08 earnings per share. Sell-side analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Announces Dividend

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

Wall Street Analysts Forecast Growth

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

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.