IRON Financial LLC Takes Position in Iron Mountain Incorporated (NYSE:IRM)

IRON Financial LLC purchased a new position in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,483 shares of the financial services provider's stock, valued at approximately $214,000.

Several other institutional investors have also made changes to their positions in IRM. Proficio Capital Partners LLC acquired a new position in Iron Mountain in the fourth quarter valued at about $102,000. Flputnam Investment Management Co. raised its position in Iron Mountain by 5.6% in the 4th quarter. Flputnam Investment Management Co. now owns 12,555 shares of the financial services provider's stock valued at $1,320,000 after purchasing an additional 669 shares during the last quarter. SVB Wealth LLC acquired a new position in Iron Mountain in the fourth quarter worth $1,143,000. Fisher Asset Management LLC acquired a new stake in shares of Iron Mountain in the fourth quarter valued at $587,000. Finally, Smartleaf Asset Management LLC raised its holdings in shares of Iron Mountain by 8.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,793 shares of the financial services provider's stock valued at $186,000 after buying an additional 147 shares during the last quarter. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Walter C. Rakowich sold 900 shares of the company's stock in a transaction dated 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 transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Greg W. Mcintosh sold 8,398 shares of Iron Mountain stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $96.14, for a total value of $807,383.72. Following the completion of the sale, the executive vice president directly owned 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. In the last 90 days, insiders sold 147,548 shares of company stock worth $14,367,054. Corporate insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

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

Iron Mountain Stock Down 2.7%

Shares of IRM traded down $2.77 during trading hours on Tuesday, reaching $99.81. The stock had a trading volume of 2,214,478 shares, compared to its average volume of 1,798,107. The company has a market cap of $29.45 billion, a P/E ratio of 243.43 and a beta of 1.08. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $130.24. The firm has a 50-day moving average of $97.77 and a 200 day moving average of $96.15.

Iron Mountain (NYSE:IRM - Get Free Report) last released its quarterly 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. 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 for the quarter, compared to analyst estimates of $1.59 billion. During the same quarter last year, the firm posted $1.10 earnings per share. Iron Mountain's revenue was up 7.9% compared to the same quarter last year. As a group, equities analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Monday, June 16th will be paid a $0.785 dividend. This represents a $3.14 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date of this dividend is Monday, June 16th. Iron Mountain's payout ratio is presently 765.85%.

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.