Iron Mountain Incorporated (NYSE:IRM) Shares Sold by DAVENPORT & Co LLC

DAVENPORT & Co LLC cut its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 62.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,670 shares of the financial services provider's stock after selling 15,796 shares during the quarter. DAVENPORT & Co LLC's holdings in Iron Mountain were worth $832,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of IRM. IMG Wealth Management Inc. acquired a new stake in shares of Iron Mountain in the 4th quarter worth $26,000. Cranbrook Wealth Management LLC acquired a new stake in shares of Iron Mountain in the 1st quarter worth $26,000. Golden State Wealth Management LLC purchased a new position in shares of Iron Mountain during the 1st quarter worth $30,000. Franchise Capital Ltd purchased a new position in shares of Iron Mountain during the 1st quarter worth $39,000. Finally, Crewe Advisors LLC grew its holdings 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 period. 80.13% of the stock is owned by institutional investors and hedge funds.

Iron Mountain Trading Down 0.4%

Iron Mountain stock traded down $0.44 during midday trading on Monday, reaching $100.24. 1,328,880 shares of the stock traded hands, compared to its average volume of 1,798,782. The company has a 50-day simple moving average of $99.01 and a two-hundred day simple moving average of $95.98. Iron Mountain Incorporated has a 12-month low of $72.33 and a 12-month high of $130.24. The firm has a market cap of $29.57 billion, a PE ratio of 244.49 and a beta of 1.08.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its earnings results on Thursday, May 1st. The financial services provider reported $1.17 EPS for the quarter, beating analysts' consensus estimates of $1.16 by $0.01. Iron Mountain had a negative return on equity of 201.62% and a net margin of 1.97%. The company had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.59 billion. During the same period last year, the business posted $1.10 EPS. Iron Mountain's revenue for the quarter was up 7.9% on a year-over-year basis. Equities research analysts anticipate that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Monday, June 16th were given a $0.785 dividend. This represents a $3.14 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date of this dividend was Monday, June 16th. Iron Mountain's dividend payout ratio is currently 765.85%.

Insider Buying and Selling

In other news, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $100.36, for a total transaction of $6,937,385.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Mark Kidd sold 6,000 shares of the firm's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $102.02, for a total value of $612,120.00. Following the sale, the executive vice president directly owned 91,081 shares in the company, valued at $9,292,083.62. This trade represents a 6.18% decrease in their position. The disclosure for this sale can be found here. Insiders sold 240,007 shares of company stock worth $23,649,959 over the last 90 days. 1.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on IRM shares. Truist Financial started coverage on Iron Mountain in a report on Tuesday, April 8th. They set a "buy" rating and a $95.00 price target for the company. Barclays increased their price target on Iron Mountain from $118.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, May 27th. Finally, Wall Street Zen upgraded Iron Mountain from a "sell" rating to a "hold" rating in a report on Friday, April 18th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $121.71.

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.