Bessemer Group Inc. Cuts Stake in Iron Mountain Incorporated (NYSE:IRM)

Bessemer Group Inc. lessened its position in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 55.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,439 shares of the financial services provider's stock after selling 18,287 shares during the quarter. Bessemer Group Inc.'s holdings in Iron Mountain were worth $1,243,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of IRM. Halbert Hargrove Global Advisors LLC purchased a new stake in shares of Iron Mountain in the fourth quarter valued at approximately $26,000. IMG Wealth Management Inc. acquired a new position in Iron Mountain during the fourth quarter worth $26,000. Cranbrook Wealth Management LLC purchased a new position in Iron Mountain during the first quarter valued at $26,000. Franchise Capital Ltd purchased a new stake in shares of Iron Mountain during the first quarter worth about $39,000. Finally, Crewe Advisors LLC raised its position in shares of Iron Mountain by 10,000.0% during the 1st quarter. Crewe Advisors LLC now owns 505 shares of the financial services provider's stock worth $43,000 after purchasing an additional 500 shares during the last quarter. Institutional investors and hedge funds own 80.13% of the company's stock.

Insider Activity at Iron Mountain

In other Iron Mountain news, EVP Greg W. Mcintosh sold 17,334 shares of Iron Mountain stock in a transaction dated 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 sale, the executive vice president directly owned 35,446 shares in the company, valued at $3,544,600. This trade represents a 32.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William L. Meaney sold 69,125 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $100.36, for a total transaction of $6,937,385.00. The disclosure for this sale can be found here. Insiders have sold a total of 240,007 shares of company stock valued at $23,649,959 in the last quarter. Corporate insiders own 1.90% of the company's stock.

Iron Mountain Stock Performance

Shares of NYSE IRM traded up $1.92 during trading on Thursday, hitting $101.53. 914,630 shares of the company were exchanged, compared to its average volume of 1,796,499. Iron Mountain Incorporated has a 12-month low of $72.33 and a 12-month high of $130.24. The company has a fifty day moving average price of $98.41 and a 200-day moving average price of $96.20. The firm has a market capitalization of $29.95 billion, a PE ratio of 247.62 and a beta of 1.08.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The financial services provider reported $1.17 earnings per share (EPS) 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 the consensus estimate of $1.59 billion. During the same quarter last year, the firm earned $1.10 EPS. The business's revenue was up 7.9% compared to the same quarter last year. Research analysts anticipate that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Monday, June 16th will be given a dividend of $0.785 per share. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend is Monday, June 16th. Iron Mountain's payout ratio is 765.85%.

Analysts Set New Price Targets

IRM has been the subject of a number of research analyst reports. Barclays increased 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. Wall Street Zen raised shares of Iron Mountain from a "sell" rating to a "hold" rating in a research note on Friday, April 18th. Finally, Truist Financial initiated coverage on shares of Iron Mountain in a research note on Tuesday, April 8th. They issued a "buy" rating and a $95.00 price target on the stock. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Iron Mountain currently has an average rating of "Buy" and a consensus target price of $121.71.

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.