Atria Wealth Solutions Inc. Trims Holdings in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Atria Wealth Solutions Inc. reduced its stake in Iron Mountain Incorporated (NYSE:IRM) by 29.1%, selling 12,055 shares during the first quarter and now holding 29,417 shares valued at approximately $2.55 million.
• JPMorgan Chase & Co. lowered its target price for Iron Mountain shares from $112 to $100, while Barclays increased its target from $118 to $121, indicating mixed sentiment among analysts.
• Iron Mountain announced a quarterly dividend of $0.785 per share with a yield of 3.5%; the dividend will be paid on October 3rd to investors of record as of September 15th.

Atria Wealth Solutions Inc. lowered its position in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 29.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 29,417 shares of the financial services provider's stock after selling 12,055 shares during the period. Atria Wealth Solutions Inc.'s holdings in Iron Mountain were worth $2,553,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Kestra Private Wealth Services LLC boosted its position in shares of Iron Mountain by 14.7% in the first quarter. Kestra Private Wealth Services LLC now owns 14,537 shares of the financial services provider's stock valued at $1,251,000 after acquiring an additional 1,860 shares during the period. Golden State Wealth Management LLC acquired a new position in Iron Mountain during the first quarter worth $30,000. Assenagon Asset Management S.A. raised its stake in Iron Mountain by 3.5% during the first quarter. Assenagon Asset Management S.A. now owns 11,538 shares of the financial services provider's stock worth $993,000 after acquiring an additional 388 shares in the last quarter. Miracle Mile Advisors LLC increased its stake in shares of Iron Mountain by 134.7% in the first quarter. Miracle Mile Advisors LLC now owns 7,545 shares of the financial services provider's stock valued at $649,000 after buying an additional 4,330 shares in the last quarter. Finally, Sowell Financial Services LLC acquired a new stake in shares of Iron Mountain in the first quarter valued at $285,000. Institutional investors and hedge funds own 80.13% of the company's stock.

Wall Street Analysts Forecast Growth

IRM has been the subject of a number of research reports. Wall Street Zen upgraded Iron Mountain from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. JPMorgan Chase & Co. reduced their target price on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Finally, Barclays lifted their price objective on Iron Mountain from $118.00 to $121.00 and gave the company an "overweight" rating in a report on Tuesday, May 27th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Iron Mountain has a consensus rating of "Buy" and an average target price of $120.00.

Insider Transactions at Iron Mountain

In other news, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $94.55, for a total value of $6,535,768.75. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Greg W. Mcintosh sold 17,334 shares of the firm's stock in a transaction that occurred on 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 transaction, the executive vice president owned 35,446 shares in the company, valued at $3,544,600. This represents a 32.84% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 240,007 shares of company stock worth $23,543,507. 1.90% of the stock is currently owned by insiders.

Iron Mountain Stock Up 1.4%

Iron Mountain stock traded up $1.26 during trading hours on Wednesday, hitting $93.41. The stock had a trading volume of 394,071 shares, compared to its average volume of 1,843,999. The stock has a market cap of $27.59 billion, a price-to-earnings ratio of 667.26 and a beta of 1.07. Iron Mountain Incorporated has a one year low of $72.33 and a one year high of $130.24. The business's 50 day simple moving average is $99.14 and its 200-day simple moving average is $94.37.

Iron Mountain (NYSE:IRM - Get Free Report) last released its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 EPS for the quarter, topping the consensus estimate of $1.19 by $0.05. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%. The business had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter last year, the firm posted $1.08 earnings per share. The firm's revenue was up 11.6% on a year-over-year basis. Research analysts anticipate 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 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 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Monday, September 15th. Iron Mountain's dividend payout ratio (DPR) is 2,242.86%.

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.