Assetmark Inc. Has $113,000 Stake in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Assetmark Inc. reduced its stake in Iron Mountain Incorporated by 98.2%, selling 71,899 shares and leaving it with only 1,315 shares valued at approximately $113,000.
• Despite the sell-off, other institutional investors increased their holdings, with Northern Trust Corp growing its stake by 56.1% in the last quarter.
• Iron Mountain's share price has decreased by 3.4%, with analysts maintaining an average target price of $122.00 and most ratings being favorable.

Assetmark Inc. decreased its stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 98.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,315 shares of the financial services provider's stock after selling 71,899 shares during the period. Assetmark Inc.'s holdings in Iron Mountain were worth $113,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Kestra Private Wealth Services LLC raised its stake in Iron Mountain by 14.7% during the 1st quarter. Kestra Private Wealth Services LLC now owns 14,537 shares of the financial services provider's stock valued at $1,251,000 after purchasing an additional 1,860 shares during the period. Golden State Wealth Management LLC purchased a new stake in Iron Mountain in the 1st quarter worth approximately $30,000. Assenagon Asset Management S.A. boosted its stake in shares of Iron Mountain by 3.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 11,538 shares of the financial services provider's stock valued at $993,000 after buying an additional 388 shares during the period. Miracle Mile Advisors LLC raised its holdings in shares of Iron Mountain by 134.7% during the first quarter. Miracle Mile Advisors LLC now owns 7,545 shares of the financial services provider's stock worth $649,000 after acquiring an additional 4,330 shares in the last quarter. Finally, Sowell Financial Services LLC acquired a new position in Iron Mountain in the 1st quarter worth about $285,000. 80.13% of the stock is currently owned by institutional investors.

Insider Activity

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $94.55, for a total value of $6,535,768.75. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Greg W. Mcintosh sold 17,334 shares of the stock in a transaction dated 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 transaction, the executive vice president owned 35,446 shares of the company's stock, valued at approximately $3,544,600. The trade was a 32.84% 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 worth $23,543,507 over the last three months. Company insiders own 1.90% of the company's stock.

Iron Mountain Stock Down 5.7%

Iron Mountain stock traded down $5.42 during mid-day trading on Wednesday, hitting $90.13. 4,971,388 shares of the company were exchanged, compared to its average volume of 1,091,853. The company has a market capitalization of $26.59 billion, a PE ratio of 219.82 and a beta of 1.07. The business has a fifty day moving average of $99.92 and a 200 day moving average of $95.05. Iron Mountain Incorporated has a 1-year low of $72.33 and a 1-year high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.19 by $0.05. The business had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.68 billion. Iron Mountain had a negative return on equity of 201.62% and a net margin of 1.97%. The firm's revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.08 earnings per share. Research analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 15th will be paid a $0.785 dividend. This represents a $3.14 annualized dividend and a yield of 3.5%. Iron Mountain's payout ratio is presently 765.85%.

Analyst Upgrades and Downgrades

IRM has been the topic of several recent research reports. Barclays raised their target price on Iron Mountain from $118.00 to $121.00 and gave the company an "overweight" rating in a report on Tuesday, May 27th. Truist Financial assumed coverage on Iron Mountain in a report on Tuesday, April 8th. They set a "buy" rating and a $95.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Iron Mountain from a "sell" rating to a "hold" rating in a research note on Friday, April 18th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $122.00.

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.