Axxcess Wealth Management LLC Lowers Stock Holdings in Iron Mountain Incorporated (NYSE:IRM)

Axxcess Wealth Management LLC decreased its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 39.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 11,188 shares of the financial services provider's stock after selling 7,225 shares during the period. Axxcess Wealth Management LLC's holdings in Iron Mountain were worth $963,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Norges Bank acquired a new stake in Iron Mountain in the fourth quarter valued at about $348,249,000. Northern Trust Corp lifted its position in 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 purchasing an additional 1,554,746 shares during the period. TD Asset Management Inc. lifted its position in 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 purchasing an additional 1,086,308 shares during the period. Point72 Asset Management L.P. lifted its position in 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 purchasing an additional 978,251 shares during the period. Finally, Nuveen Asset Management LLC lifted its position in Iron Mountain by 39.0% in the fourth quarter. Nuveen Asset Management LLC now owns 2,548,970 shares of the financial services provider's stock valued at $267,922,000 after purchasing an additional 715,024 shares during the period. Institutional investors and hedge funds own 80.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on IRM shares. Barclays lifted their price target 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. Wall Street Zen upgraded shares of Iron Mountain from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. Finally, Truist Financial started coverage on shares of Iron Mountain in a research report on Tuesday, April 8th. They set a "buy" rating and a $95.00 price target 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's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $121.71.

Iron Mountain Stock Down 1.0%

Shares of IRM traded down $1.03 during mid-day trading on Friday, reaching $97.93. 1,057,349 shares of the company's stock were exchanged, compared to its average volume of 1,785,140. The company has a 50-day simple moving average of $99.85 and a two-hundred day simple moving average of $95.90. Iron Mountain Incorporated has a 52-week low of $72.33 and a 52-week high of $130.24. The company has a market cap of $28.89 billion, a price-to-earnings ratio of 238.85 and a beta of 1.08.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The financial services provider reported $1.17 earnings per share 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 during the quarter, compared to analysts' expectations of $1.59 billion. During the same period last year, the company posted $1.10 EPS. The company's revenue was up 7.9% on a year-over-year basis. As a group, equities research analysts predict that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Monday, June 16th were paid a dividend of $0.785 per share. The ex-dividend date was Monday, June 16th. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.21%. Iron Mountain's dividend payout ratio (DPR) is 765.85%.

Insider Buying and Selling at Iron Mountain

In other news, 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 transaction of $1,733,400.00. Following the completion of the transaction, the executive vice president directly owned 35,446 shares of the company's stock, valued at $3,544,600. This trade represents a 32.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $102.02, for a total transaction of $612,120.00. Following the completion of the sale, the executive vice president directly owned 91,081 shares of the company's stock, valued at $9,292,083.62. The trade was a 6.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 240,007 shares of company stock valued at $23,649,959. Company insiders own 1.90% of the company's stock.

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.