Alethea Capital Management LLC Makes New Investment in Iron Mountain Incorporated (NYSE:IRM)

Alethea Capital Management LLC acquired a new stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 2,884 shares of the financial services provider's stock, valued at approximately $303,000. Iron Mountain comprises approximately 0.3% of Alethea Capital Management LLC's investment portfolio, making the stock its 24th largest position.

A number of other institutional investors and hedge funds have also recently modified their holdings of IRM. Key Financial Inc boosted its stake in Iron Mountain by 25,100.0% during the fourth quarter. Key Financial Inc now owns 252 shares of the financial services provider's stock worth $26,000 after buying an additional 251 shares during the period. Halbert Hargrove Global Advisors LLC purchased a new position in shares of Iron Mountain during the 4th quarter worth about $26,000. IMG Wealth Management Inc. purchased a new position in shares of Iron Mountain during the 4th quarter worth about $26,000. Whittier Trust Co. of Nevada Inc. grew its holdings in Iron Mountain by 46.4% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 489 shares of the financial services provider's stock valued at $51,000 after purchasing an additional 155 shares during the last quarter. Finally, Parkworth Wealth Management Inc. purchased a new stake in Iron Mountain in the 4th quarter worth about $53,000. Hedge funds and other institutional investors own 80.13% of the company's stock.

Iron Mountain Stock Performance

Shares of IRM opened at $95.63 on Friday. The company has a 50 day moving average price of $85.93 and a 200-day moving average price of $102.10. Iron Mountain Incorporated has a fifty-two week low of $72.33 and a fifty-two week high of $130.24. The stock has a market capitalization of $28.21 billion, a PE ratio of 156.76, a PEG ratio of 5.15 and a beta of 0.97.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its 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. Iron Mountain had a negative return on equity of 401.83% and a net margin of 2.95%. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.59 billion. During the same quarter in the prior year, the business earned $1.10 earnings per share. Iron Mountain's revenue was up 7.9% on a year-over-year basis. Equities research analysts forecast that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Shareholders of record on Monday, June 16th will be issued 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 3.28%. Iron Mountain's dividend payout ratio is presently 514.75%.

Insider Buying and Selling at Iron Mountain

In other news, CAO Daniel Borges sold 6,433 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.84, for a total transaction of $597,239.72. Following the transaction, the chief accounting officer now directly owns 288 shares of the company's stock, valued at approximately $26,737.92. This represents a 95.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $99.83, for a total value of $6,900,748.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 318,973 shares of company stock valued at $29,370,872. 2.10% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. reduced their price target on Iron Mountain from $125.00 to $112.00 and set an "overweight" rating on the stock in a report on Tuesday, February 18th. Barclays decreased their target price on Iron Mountain from $130.00 to $118.00 and set an "overweight" rating for the company in a research report on Thursday, March 20th. Truist Financial began coverage on shares of Iron Mountain in a research note on Tuesday, April 8th. They set a "buy" rating and a $95.00 target price for the company. StockNews.com raised shares of Iron Mountain from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. Finally, Wells Fargo & Company reduced their target price on shares of Iron Mountain from $135.00 to $125.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 4th. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Iron Mountain currently has a consensus rating of "Buy" and a consensus price target of $121.29.

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.

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