Adell Harriman & Carpenter Inc. Decreases Stock Holdings in Iron Mountain Incorporated (NYSE:IRM)

Adell Harriman & Carpenter Inc. decreased its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 2.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 321,834 shares of the financial services provider's stock after selling 7,995 shares during the quarter. Iron Mountain comprises about 2.1% of Adell Harriman & Carpenter Inc.'s investment portfolio, making the stock its 14th largest position. Adell Harriman & Carpenter Inc. owned about 0.11% of Iron Mountain worth $27,691,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. IMG Wealth Management Inc. purchased a new stake in Iron Mountain during the fourth quarter valued at $26,000. Cranbrook Wealth Management LLC purchased a new stake in Iron Mountain during the first quarter valued at $26,000. Golden State Wealth Management LLC purchased a new stake in Iron Mountain during the first quarter valued at $30,000. Wayfinding Financial LLC bought a new position in Iron Mountain during the first quarter valued at $37,000. Finally, Franchise Capital Ltd bought a new position in Iron Mountain during the first quarter valued at $39,000. Hedge funds and other institutional investors own 80.13% of the company's stock.

Insider Buying and Selling at Iron Mountain

In related news, EVP Greg W. Mcintosh sold 17,334 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $100.00, for a total value of $1,733,400.00. Following the completion of the sale, the executive vice president directly owned 35,446 shares of the company's stock, valued at $3,544,600. This represents a 32.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William L. Meaney sold 69,125 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $100.36, for a total transaction of $6,937,385.00. The disclosure for this sale can be found here. Insiders sold 240,007 shares of company stock valued at $23,649,959 in the last ninety days. 1.90% of the stock is owned by insiders.

Wall Street Analyst Weigh In

IRM has been the topic of a number of analyst reports. Truist Financial initiated coverage on shares of Iron Mountain in a research report on Tuesday, April 8th. They set a "buy" rating and a $95.00 price objective on the stock. Barclays boosted their price objective on shares of Iron Mountain from $118.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, May 27th. Finally, Wall Street Zen upgraded shares of Iron Mountain from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. 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 stock. Based on data from MarketBeat, Iron Mountain currently has a consensus rating of "Buy" and an average price target of $121.71.

Iron Mountain Trading Up 1.9%

Shares of NYSE IRM traded up $1.92 during mid-day trading on Friday, reaching $101.53. The company had a trading volume of 914,630 shares, compared to its average volume of 1,800,671. The business's 50-day moving average is $99.01 and its 200-day moving average is $95.98. The stock has a market cap of $29.95 billion, a price-to-earnings ratio of 247.62 and a beta of 1.08. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The financial services provider reported $1.17 EPS for the quarter, topping analysts' consensus estimates of $1.16 by $0.01. The firm had revenue of $1.59 billion for the quarter, compared to analysts' expectations of $1.59 billion. Iron Mountain had a net margin of 1.97% and a negative return on equity of 201.62%. The business's revenue for the quarter 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. As a group, equities research analysts forecast that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 3rd. Investors of record on Monday, June 16th were paid a $0.785 dividend. This represents a $3.14 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date was Monday, June 16th. Iron Mountain's dividend payout ratio (DPR) is presently 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.