Belpointe Asset Management LLC Has $213,000 Stake in Iron Mountain Incorporated $IRM

Key Points

• Belpointe Asset Management LLC has significantly reduced its stake in Iron Mountain, cutting its holdings by 65.8% in the first quarter, leaving them with 2,476 shares valued at $213,000.
• Corporate insiders, including CEO William L. Meaney, have sold a total of 236,709 shares of Iron Mountain stock worth approximately $22.5 million over the last 90 days.
• Iron Mountain announced a quarterly dividend of $0.785 per share, representing a 3.1% yield and with a dividend payout ratio of 2,242.86%.

Belpointe Asset Management LLC lessened its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 65.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,476 shares of the financial services provider's stock after selling 4,774 shares during the period. Belpointe Asset Management LLC's holdings in Iron Mountain were worth $213,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Cranbrook Wealth Management LLC bought a new position in Iron Mountain during the 1st quarter valued at about $26,000. Financial Network Wealth Advisors LLC acquired a new stake in Iron Mountain during the first quarter valued at $26,000. Golden State Wealth Management LLC acquired a new stake in shares of Iron Mountain in the first quarter valued at about $30,000. Ramirez Asset Management Inc. purchased a new stake in shares of Iron Mountain in the 1st quarter valued at approximately $34,000. Finally, Wayfinding Financial LLC purchased a new stake in Iron Mountain during the 1st quarter worth approximately $37,000. Hedge funds and other institutional investors own 80.13% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on IRM shares. JPMorgan Chase & Co. reduced their price target on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Barclays raised their price target on shares of Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a report on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $120.17.

Iron Mountain Stock Performance

IRM traded up $0.98 during trading hours on Friday, reaching $99.90. The company's stock had a trading volume of 3,124,238 shares, compared to its average volume of 1,344,872. The firm has a market cap of $29.51 billion, a PE ratio of 713.62 and a beta of 1.08. The company's 50-day moving average is $94.98 and its 200-day moving average is $93.66. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $1.68 billion. During the same period last year, the firm posted $1.08 earnings per share. Iron Mountain's revenue was up 11.6% compared to the same quarter last year. Equities analysts anticipate that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal 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. The ex-dividend date is Monday, September 15th. This represents a $3.14 annualized dividend and a dividend yield of 3.1%. Iron Mountain's payout ratio is presently 2,242.86%.

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 stock was sold at an average price of $91.05, for a total transaction of $546,300.00. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Greg W. Mcintosh sold 17,334 shares of the stock in a transaction dated 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 sale, the executive vice president owned 35,446 shares of the company's stock, valued at $3,544,600. This represents a 32.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 236,709 shares of company stock valued at $22,555,809. 1.90% of the stock is owned by company insiders.

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.