Adell Harriman & Carpenter Inc. Reduces Position in Iron Mountain Incorporated (NYSE:IRM)

Adell Harriman & Carpenter Inc. reduced its position in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 2.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and 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 accounts for approximately 2.1% of Adell Harriman & Carpenter Inc.'s investment portfolio, making the stock its 14th biggest holding. Adell Harriman & Carpenter Inc. owned approximately 0.11% of Iron Mountain worth $27,691,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. IMG Wealth Management Inc. bought a new stake in Iron Mountain during the fourth quarter worth $26,000. Cranbrook Wealth Management LLC acquired a new position in shares of Iron Mountain in the first quarter valued at about $26,000. Golden State Wealth Management LLC acquired a new position in shares of Iron Mountain in the first quarter valued at about $30,000. Wayfinding Financial LLC acquired a new stake in Iron Mountain during the first quarter worth about $37,000. Finally, Franchise Capital Ltd acquired a new stake in Iron Mountain during the first quarter worth about $39,000. 80.13% of the stock is owned by institutional investors.

Iron Mountain Stock Performance

Shares of IRM stock traded down $0.67 during trading hours on Tuesday, hitting $99.65. 1,059,572 shares of the company were exchanged, compared to its average volume of 1,951,513. The firm has a market cap of $29.40 billion, a P/E ratio of 243.05 and a beta of 1.08. Iron Mountain Incorporated has a fifty-two week low of $72.33 and a fifty-two week high of $130.24. The company has a 50 day simple moving average of $99.24 and a two-hundred day simple moving average of $95.95.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The financial services provider reported $1.17 EPS for the quarter, beating 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%. Iron Mountain's quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.10 EPS. As a group, sell-side analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Monday, June 16th were issued a dividend of $0.785 per share. This represents a $3.14 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date was Monday, June 16th. Iron Mountain's dividend payout ratio is 765.85%.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Wall Street Zen raised shares of Iron Mountain from a "sell" rating to a "hold" rating in a report on Friday, April 18th. Truist Financial initiated coverage on shares of Iron Mountain in a report on Tuesday, April 8th. They set a "buy" rating and a $95.00 price target for the company. Finally, Barclays raised their price target on shares of Iron Mountain from $118.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, May 27th. One 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 company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $121.71.

Insider Activity at Iron Mountain

In related news, EVP Mark Kidd sold 6,000 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $102.02, for a total value of $612,120.00. Following the transaction, the executive vice president directly owned 91,081 shares of the company's stock, valued at approximately $9,292,083.62. The trade was a 6.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Walter C. Rakowich sold 900 shares of the business's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $99.97, for a total transaction of $89,973.00. Following the completion of the transaction, the director directly owned 36,515 shares in the company, valued at $3,650,404.55. This trade represents a 2.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 240,007 shares of company stock valued at $23,649,959 over the last quarter. Corporate insiders own 1.90% of the company's stock.

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.