Independent Advisor Alliance Sells 11,635 Shares of Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Independent Advisor Alliance reduced its stake in Iron Mountain by 29.6%, holding 27,675 shares worth approximately $2.38 million after selling 11,635 shares.
• Analysts have mixed ratings on Iron Mountain, with seven analysts recommending buy ratings, while JPMorgan lowered their target price to $100.
• Iron Mountain recently declared a $0.785 quarterly dividend, resulting in a 3.4% annual yield, with a substantial payout ratio of 2,242.86%.

Independent Advisor Alliance trimmed its stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 29.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,675 shares of the financial services provider's stock after selling 11,635 shares during the quarter. Independent Advisor Alliance's holdings in Iron Mountain were worth $2,381,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Cranbrook Wealth Management LLC bought a new position in shares of Iron Mountain in the first quarter valued at $26,000. Golden State Wealth Management LLC bought a new position in Iron Mountain during the first quarter worth about $30,000. Ramirez Asset Management Inc. bought a new position in shares of Iron Mountain in the first quarter valued at approximately $34,000. Wayfinding Financial LLC bought a new position in shares of Iron Mountain in the first quarter valued at approximately $37,000. Finally, Franchise Capital Ltd bought a new position in shares of Iron Mountain in the first quarter valued at approximately $39,000. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Mark Kidd sold 6,000 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 91,081 shares of the company's stock, valued at approximately $9,292,083.62. This represents a 6.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Walter C. Rakowich sold 900 shares of the stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $99.97, for a total transaction of $89,973.00. Following the completion of the sale, the director directly owned 36,515 shares of the company's stock, valued at $3,650,404.55. This represents a 2.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 240,007 shares of company stock valued at $23,543,507. 1.90% of the stock is owned by insiders.

Iron Mountain Trading Up 0.1%

NYSE:IRM traded up $0.07 during mid-day trading on Friday, reaching $91.47. The company's stock had a trading volume of 1,159,811 shares, compared to its average volume of 1,846,745. Iron Mountain Incorporated has a 12-month low of $72.33 and a 12-month high of $130.24. The firm's fifty day moving average price is $98.82 and its two-hundred day moving average price is $94.28. The stock has a market cap of $27.02 billion, a P/E ratio of 653.40 and a beta of 1.07.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the previous year, the firm earned $1.08 EPS. Iron Mountain's revenue was up 11.6% on a year-over-year basis. Analysts predict 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. Investors of record on Monday, September 15th will be issued a $0.785 dividend. This represents a $3.14 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Monday, September 15th. Iron Mountain's dividend payout ratio is currently 2,242.86%.

Analyst Ratings Changes

Several equities research analysts have issued reports on IRM shares. Barclays lifted their target price 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. Wall Street Zen raised shares of Iron Mountain from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $120.00.

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.