Fortitude Family Office LLC Cuts Stock Position in Iron Mountain Incorporated (NYSE:IRM)

Fortitude Family Office LLC cut its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 47.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,609 shares of the financial services provider's stock after selling 4,086 shares during the period. Fortitude Family Office LLC's holdings in Iron Mountain were worth $397,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in IRM. Strategic Financial Concepts LLC increased its holdings in Iron Mountain by 10,432.5% in the fourth quarter. Strategic Financial Concepts LLC now owns 242,564 shares of the financial services provider's stock valued at $243,000 after buying an additional 240,261 shares in the last quarter. Savant Capital LLC increased its holdings in Iron Mountain by 3.5% in the fourth quarter. Savant Capital LLC now owns 11,730 shares of the financial services provider's stock valued at $1,233,000 after buying an additional 394 shares in the last quarter. Summit Trail Advisors LLC increased its holdings in Iron Mountain by 19.4% in the fourth quarter. Summit Trail Advisors LLC now owns 5,704 shares of the financial services provider's stock valued at $604,000 after buying an additional 927 shares in the last quarter. Kentucky Trust Co purchased a new position in Iron Mountain in the fourth quarter valued at about $2,259,000. Finally, Van ECK Associates Corp grew its position in shares of Iron Mountain by 10.2% in the fourth quarter. Van ECK Associates Corp now owns 55,571 shares of the financial services provider's stock valued at $5,841,000 after purchasing an additional 5,150 shares during the last quarter. 80.13% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Iron Mountain news, Director Walter C. Rakowich sold 900 shares of the stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $99.97, for a total transaction of $89,973.00. Following the transaction, the director now owns 36,515 shares of the company's stock, valued at $3,650,404.55. This trade represents a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Greg W. Mcintosh sold 8,398 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $96.14, for a total transaction of $807,383.72. Following the transaction, the executive vice president now directly owns 70,114 shares in the company, valued at approximately $6,740,759.96. This represents a 10.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 216,673 shares of company stock valued at $20,319,408 over the last quarter. Company insiders own 1.90% of the company's stock.

Iron Mountain Stock Performance

NYSE IRM traded down $1.01 during mid-day trading on Friday, reaching $101.50. 979,247 shares of the stock were exchanged, compared to its average volume of 1,849,527. Iron Mountain Incorporated has a 1-year low of $72.33 and a 1-year high of $130.24. The business's fifty day simple moving average is $93.42 and its 200 day simple moving average is $97.63. The stock has a market capitalization of $29.95 billion, a PE ratio of 166.39, a PEG ratio of 5.15 and a beta of 1.09.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its 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 2.95% and a negative return on equity of 401.83%. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.59 billion. During the same quarter last year, the business earned $1.10 earnings per share. Iron Mountain's revenue was up 7.9% compared to the same quarter last year. On average, analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Dividend Announcement

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

Analyst Ratings Changes

Several analysts have recently commented on the stock. Barclays increased 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. JPMorgan Chase & Co. lowered their price target on shares of Iron Mountain from $125.00 to $112.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 18th. Truist Financial assumed coverage on shares of Iron Mountain in a research report on Tuesday, April 8th. They issued a "buy" rating and a $95.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Iron Mountain from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. One research 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 data from MarketBeat.com, Iron Mountain has an average rating of "Buy" and an average 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.