Miracle Mile Advisors LLC Buys 4,330 Shares of Iron Mountain Incorporated (NYSE:IRM)

Miracle Mile Advisors LLC lifted its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 134.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,545 shares of the financial services provider's stock after buying an additional 4,330 shares during the quarter. Miracle Mile Advisors LLC's holdings in Iron Mountain were worth $649,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Cranbrook Wealth Management LLC acquired a new position in Iron Mountain during the first quarter valued at approximately $26,000. Chesley Taft & Associates LLC grew its holdings in Iron Mountain by 2.8% during the first quarter. Chesley Taft & Associates LLC now owns 11,667 shares of the financial services provider's stock valued at $1,004,000 after purchasing an additional 317 shares during the period. Financial Management Professionals Inc. grew its holdings in Iron Mountain by 2.6% during the first quarter. Financial Management Professionals Inc. now owns 5,574 shares of the financial services provider's stock valued at $480,000 after purchasing an additional 140 shares during the period. RFG Advisory LLC grew its holdings in Iron Mountain by 28.2% during the first quarter. RFG Advisory LLC now owns 18,183 shares of the financial services provider's stock valued at $1,564,000 after purchasing an additional 4,005 shares during the period. Finally, Merit Financial Group LLC grew its holdings in Iron Mountain by 2.3% during the first quarter. Merit Financial Group LLC now owns 15,278 shares of the financial services provider's stock valued at $1,315,000 after purchasing an additional 345 shares during the period. Institutional investors and hedge funds own 80.13% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on IRM. Barclays boosted their price objective on shares of Iron Mountain from $118.00 to $121.00 and gave the company an "overweight" rating in a report on Tuesday, May 27th. Truist Financial assumed coverage on shares of Iron Mountain in a report on Tuesday, April 8th. They issued a "buy" rating and a $95.00 price target for the company. JPMorgan Chase & Co. reduced their price target on shares of Iron Mountain from $125.00 to $112.00 and set an "overweight" rating for the company in a report on Tuesday, February 18th. Finally, Wall Street Zen upgraded shares of Iron Mountain from a "sell" rating to a "hold" rating in a report on Friday, April 18th. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $121.71.

Insiders Place Their Bets

In other news, EVP Greg W. Mcintosh sold 8,398 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $96.14, for a total value of $807,383.72. Following the transaction, the executive vice president now directly owns 70,114 shares of the company's stock, valued at $6,740,759.96. This represents a 10.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William L. Meaney sold 69,125 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $96.09, for a total transaction of $6,642,221.25. The disclosure for this sale can be found here. Over the last three months, insiders have sold 216,673 shares of company stock valued at $20,319,408. 1.90% of the stock is currently owned by corporate insiders.

Iron Mountain Stock Down 1.0%

IRM traded down $1.01 during trading hours on Friday, hitting $101.50. 979,247 shares of the company's stock were exchanged, compared to its average volume of 1,852,247. Iron Mountain Incorporated has a 1-year low of $72.33 and a 1-year high of $130.24. The stock's 50-day moving average is $93.42 and its two-hundred day moving average is $97.63. The stock has a market cap of $29.95 billion, a price-to-earnings 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 EPS for the quarter, topping the consensus estimate 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 business had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.59 billion. During the same quarter in the prior year, the company posted $1.10 earnings per share. The firm's revenue was up 7.9% on a year-over-year basis. On average, equities research analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Dividend Announcement

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

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.