Iron Mountain Incorporated (NYSE:IRM) Holdings Cut by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 8.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 107,640 shares of the financial services provider's stock after selling 9,622 shares during the period. Allspring Global Investments Holdings LLC's holdings in Iron Mountain were worth $9,353,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Wealthfront Advisers LLC raised its position in shares of Iron Mountain by 9,843.3% in the fourth quarter. Wealthfront Advisers LLC now owns 6,864,832 shares of the financial services provider's stock valued at $721,562,000 after buying an additional 6,795,792 shares during the last quarter. Norges Bank acquired a new position in shares of Iron Mountain in the fourth quarter valued at approximately $348,249,000. Northern Trust Corp raised its position in shares of Iron Mountain by 56.1% in the fourth quarter. Northern Trust Corp now owns 4,326,476 shares of the financial services provider's stock valued at $454,756,000 after buying an additional 1,554,746 shares during the last quarter. TD Asset Management Inc. raised its position in shares of Iron Mountain by 125.4% in the fourth quarter. TD Asset Management Inc. now owns 1,952,432 shares of the financial services provider's stock valued at $205,220,000 after buying an additional 1,086,308 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its position in shares of Iron Mountain by 439.8% in the fourth quarter. Point72 Asset Management L.P. now owns 1,200,660 shares of the financial services provider's stock valued at $126,201,000 after buying an additional 978,251 shares during the last quarter. Institutional investors and hedge funds own 80.13% of the company's stock.

Iron Mountain Stock Performance

Iron Mountain stock traded up $1.92 during 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. Iron Mountain Incorporated has a 12-month low of $72.33 and a 12-month high of $130.24. The stock's 50 day moving average price is $99.01 and its two-hundred day moving average price is $96.02. The firm has a market capitalization of $29.95 billion, a price-to-earnings ratio of 247.62 and a beta of 1.08.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its 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. Iron Mountain had a net margin of 1.97% and a negative return on equity of 201.62%. The business had revenue of $1.59 billion for the quarter, compared to analysts' expectations of $1.59 billion. During the same period in the previous year, the company posted $1.10 earnings per share. The business's revenue for the quarter was up 7.9% compared to the same quarter last year. As a group, research analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Monday, June 16th were given a dividend of $0.785 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.09%. Iron Mountain's payout ratio is currently 765.85%.

Insider Activity

In other news, CEO William L. Meaney sold 69,125 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $100.36, for a total value of $6,937,385.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Mark Kidd sold 6,000 shares of the stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $102.02, for a total transaction of $612,120.00. Following the transaction, the executive vice president directly owned 91,081 shares in the company, valued at $9,292,083.62. The trade was a 6.18% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 240,007 shares of company stock valued at $23,649,959. 1.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on IRM. Wall Street Zen raised shares of Iron Mountain from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. 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, Truist Financial initiated coverage on shares of Iron Mountain in a research report on Tuesday, April 8th. They issued a "buy" rating and a $95.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $121.71.

Iron Mountain Company 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.