AE Wealth Management LLC Reduces Position in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• AE Wealth Management LLC has reduced its position in Iron Mountain Incorporated by 27.9%, now holding 12,120 shares valued at approximately $1,043,000.
• Iron Mountain recently reported quarterly earnings of $1.17 EPS, slightly exceeding analysts' expectations, with a revenue of $1.59 billion.
• The company's dividend yield stands at 3.16%, with an annualized dividend of $3.14, and a high payout ratio of 765.85%.

AE Wealth Management LLC decreased its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 27.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,120 shares of the financial services provider's stock after selling 4,686 shares during the period. AE Wealth Management LLC's holdings in Iron Mountain were worth $1,043,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Cranbrook Wealth Management LLC purchased a new stake in shares of Iron Mountain during the first quarter worth $26,000. Golden State Wealth Management LLC bought a new stake in shares of Iron Mountain during the 1st quarter valued at $30,000. Wayfinding Financial LLC purchased a new stake in Iron Mountain during the 1st quarter worth about $37,000. Franchise Capital Ltd bought a new position in Iron Mountain in the 1st quarter worth about $39,000. Finally, Crewe Advisors LLC grew its holdings in Iron Mountain by 10,000.0% during the 1st quarter. Crewe Advisors LLC now owns 505 shares of the financial services provider's stock valued at $43,000 after buying an additional 500 shares in the last quarter. Institutional investors own 80.13% of the company's stock.

Iron Mountain Price Performance

Shares of Iron Mountain stock opened at $99.27 on Monday. Iron Mountain Incorporated has a 1 year low of $72.33 and a 1 year high of $130.24. The firm has a market cap of $29.29 billion, a PE ratio of 242.11 and a beta of 1.08. The company has a 50 day simple moving average of $100.04 and a two-hundred day simple moving average of $95.40.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.16 by $0.01. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.59 billion. Iron Mountain had a net margin of 1.97% and a negative return on equity of 201.62%. The firm's revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.10 EPS. As a group, research analysts anticipate that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Monday, June 16th were issued a $0.785 dividend. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date of this dividend was Monday, June 16th. Iron Mountain's payout ratio is currently 765.85%.

Analysts Set New Price Targets

IRM has been the topic of a number of recent analyst reports. Truist Financial began coverage on shares of Iron Mountain in a report on Tuesday, April 8th. They issued a "buy" rating and a $95.00 price target on the stock. Barclays increased their target price on shares of Iron Mountain from $118.00 to $121.00 and gave the stock an "overweight" rating in a research note 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 research analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $121.71.

Insider Transactions at Iron Mountain

In related news, EVP Greg W. Mcintosh sold 17,334 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was 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 owned 35,446 shares in the company, valued at $3,544,600. The trade was a 32.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Walter C. Rakowich sold 900 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $99.97, for a total value of $89,973.00. Following the completion of the sale, the director directly owned 36,515 shares of the company's stock, valued at approximately $3,650,404.55. This represents a 2.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 240,007 shares of company stock valued at $23,649,959 over the last 90 days. Company 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.

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