Atria Wealth Solutions Inc. Trims Holdings in Iron Mountain Incorporated $IRM

Key Points

• Atria Wealth Solutions Inc. has significantly reduced its holdings in Iron Mountain Incorporated, decreasing its stake by 68.7% in the 2nd quarter, leaving it with 9,205 shares valued at approximately $945,000.
• Notable insider activity includes CEO William L. Meaney selling 69,125 shares for over $7 million, and EVP Mark Kidd selling 6,000 shares worth about $546,300.
• Analysts have mixed views on Iron Mountain's stock, with brokerages issuing ratings ranging from "Strong Buy" to "Strong Sell." The stock currently has a consensus target price of $116.83.

Atria Wealth Solutions Inc. decreased its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 68.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,205 shares of the financial services provider's stock after selling 20,212 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in Iron Mountain were worth $945,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Dynamic Advisor Solutions LLC increased its stake in Iron Mountain by 25.2% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 3,075 shares of the financial services provider's stock valued at $265,000 after buying an additional 619 shares during the period. Sowell Financial Services LLC acquired a new position in Iron Mountain in the 1st quarter valued at $285,000. Clarius Group LLC increased its stake in Iron Mountain by 82.3% in the 1st quarter. Clarius Group LLC now owns 3,595 shares of the financial services provider's stock valued at $309,000 after buying an additional 1,623 shares during the period. Cornerstone Wealth Management LLC increased its stake in Iron Mountain by 7.0% in the 1st quarter. Cornerstone Wealth Management LLC now owns 4,407 shares of the financial services provider's stock valued at $379,000 after buying an additional 288 shares during the period. Finally, Global X Japan Co. Ltd. increased its stake in Iron Mountain by 24.8% in the 1st quarter. Global X Japan Co. Ltd. now owns 755 shares of the financial services provider's stock valued at $65,000 after buying an additional 150 shares during the period. Hedge funds and other institutional investors own 80.13% of the company's stock.

Insider Buying and Selling

In related news, EVP Mark Kidd sold 6,000 shares of the business's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $91.05, for a total value of $546,300.00. Following the sale, the executive vice president directly owned 79,081 shares in the company, valued at $7,200,325.05. The trade was a 7.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the business's stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $102.34, for a total transaction of $7,074,252.50. The disclosure for this sale can be found here. Insiders have sold 213,375 shares of company stock worth $20,347,156 in the last three months. Corporate insiders own 1.90% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on IRM. Jefferies Financial Group began coverage on shares of Iron Mountain in a research note on Monday, September 22nd. They issued a "buy" rating and a $120.00 price objective on the stock. Barclays upped their price target on shares of Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 20th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Iron Mountain in a research note on Wednesday, October 8th. Zacks Research cut shares of Iron Mountain from a "hold" rating to a "strong sell" rating in a research note on Monday, October 13th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $116.83.

Iron Mountain Stock Down 1.1%

Iron Mountain stock opened at $104.60 on Friday. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $130.24. The firm's 50-day simple moving average is $97.67 and its 200 day simple moving average is $96.01. The firm has a market capitalization of $30.89 billion, a PE ratio of 747.20 and a beta of 1.06.

Iron Mountain (NYSE:IRM - Get Free Report) last released its quarterly earnings data 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 net margin of 0.66% and a negative return on equity of 146.80%. The business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the previous year, the firm earned $1.08 EPS. The business's revenue for the quarter was up 11.6% compared to the same quarter last year. On average, research analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 3rd. Investors of record on Monday, September 15th were given a $0.785 dividend. The ex-dividend date was Monday, September 15th. This represents a $3.14 annualized dividend and a dividend yield of 3.0%. Iron Mountain's payout ratio is currently 2,242.86%.

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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