DAVENPORT & Co LLC Lowers Holdings in Iron Mountain Incorporated (NYSE:IRM)

DAVENPORT & Co LLC lessened its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 62.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of IRM. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Iron Mountain by 2.6% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 94,965 shares of the financial services provider's stock worth $8,171,000 after buying an additional 2,395 shares during the last quarter. Vontobel Holding Ltd. grew its position in Iron Mountain by 150.4% during the first quarter. Vontobel Holding Ltd. now owns 11,687 shares of the financial services provider's stock worth $1,006,000 after buying an additional 7,019 shares in the last quarter. Canandaigua National Bank & Trust Co. lifted its stake in Iron Mountain by 25.6% during the first quarter. Canandaigua National Bank & Trust Co. now owns 2,700 shares of the financial services provider's stock worth $232,000 after purchasing an additional 550 shares during the last quarter. IRON Financial LLC bought a new stake in Iron Mountain during the first quarter worth about $214,000. Finally, Amalgamated Bank lifted its stake in shares of Iron Mountain by 2.7% in the 1st quarter. Amalgamated Bank now owns 60,085 shares of the financial services provider's stock valued at $5,170,000 after acquiring an additional 1,571 shares during the last quarter. 80.13% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Iron Mountain

In other news, EVP Greg W. Mcintosh sold 17,334 shares of Iron Mountain stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $100.00, for a total value of $1,733,400.00. Following the completion of the transaction, the executive vice president owned 35,446 shares in the company, valued at approximately $3,544,600. The trade was a 32.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Kidd sold 6,000 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $102.02, for a total value of $612,120.00. Following the transaction, the executive vice president owned 91,081 shares of the company's stock, valued at approximately $9,292,083.62. The trade was a 6.18% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 240,007 shares of company stock worth $23,649,959. 1.90% of the stock is owned by insiders.

Iron Mountain Stock Performance

Shares of IRM stock traded down $1.49 on Tuesday, reaching $98.83. The stock had a trading volume of 44,199 shares, compared to its average volume of 1,791,951. Iron Mountain Incorporated has a 1 year low of $72.33 and a 1 year high of $130.24. The company has a 50 day simple moving average of $99.24 and a 200 day simple moving average of $95.95. The stock has a market cap of $29.16 billion, a P/E ratio of 241.48 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, topping analysts' consensus estimates of $1.16 by $0.01. The company had revenue of $1.59 billion for the quarter, compared to analysts' expectations of $1.59 billion. Iron Mountain had a negative return on equity of 201.62% and a net margin of 1.97%. Iron Mountain's revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period last year, the firm earned $1.10 EPS. On average, equities research 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 declared a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Monday, June 16th were issued a dividend of $0.785 per share. This represents a $3.14 annualized dividend and a yield of 3.18%. The ex-dividend date was Monday, June 16th. Iron Mountain's dividend payout ratio is presently 765.85%.

Wall Street Analyst Weigh In

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