Morse Asset Management Inc Trims Stake in Iron Mountain Incorporated (NYSE:IRM)

Morse Asset Management Inc reduced its position in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 92.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,050 shares of the financial services provider's stock after selling 25,460 shares during the period. Morse Asset Management Inc's holdings in Iron Mountain were worth $176,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Iron Mountain in the fourth quarter valued at approximately $348,249,000. Northern Trust Corp boosted its holdings in shares of Iron Mountain by 56.1% in the fourth quarter. Northern Trust Corp now owns 4,326,476 shares of the financial services provider's stock valued at $454,756,000 after buying an additional 1,554,746 shares during the period. TD Asset Management Inc. boosted its holdings in shares of Iron Mountain by 125.4% in the fourth quarter. TD Asset Management Inc. now owns 1,952,432 shares of the financial services provider's stock valued at $205,220,000 after buying an additional 1,086,308 shares during the period. Point72 Asset Management L.P. boosted its holdings in shares of Iron Mountain by 439.8% in the fourth quarter. Point72 Asset Management L.P. now owns 1,200,660 shares of the financial services provider's stock valued at $126,201,000 after buying an additional 978,251 shares during the period. Finally, Nuveen Asset Management LLC boosted its holdings in shares of Iron Mountain by 39.0% in the fourth quarter. Nuveen Asset Management LLC now owns 2,548,970 shares of the financial services provider's stock valued at $267,922,000 after buying an additional 715,024 shares during the period. 80.13% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $100.36, for a total transaction of $6,937,385.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Walter C. Rakowich sold 900 shares of the firm's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $99.97, for a total value of $89,973.00. Following the sale, the director directly owned 36,515 shares of the company's stock, valued at approximately $3,650,404.55. This trade represents a 2.41% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 240,007 shares of company stock worth $23,649,959. 1.90% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have commented on IRM shares. Truist Financial started 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. Barclays upped 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. Finally, Wall Street Zen upgraded shares of Iron Mountain from a "sell" rating to a "hold" rating in a research note on Friday, April 18th. One investment 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. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $121.71.

Iron Mountain Price Performance

Shares of Iron Mountain stock traded down $0.94 during trading on Monday, hitting $98.73. 1,131,454 shares of the company's stock traded hands, compared to its average volume of 1,773,994. The stock has a market capitalization of $29.13 billion, a P/E ratio of 56.31 and a beta of 1.08. The business has a 50-day simple moving average of $99.98 and a 200-day simple moving average of $95.54. Iron Mountain Incorporated has a 1 year low of $72.33 and a 1 year high of $130.24.

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 firm had revenue of $1.59 billion during 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%. The company's quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.10 EPS. On average, equities analysts predict that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 3rd. Investors of record on Monday, June 16th were given a dividend of $0.785 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $3.14 dividend on an annualized basis and a yield of 3.18%. Iron Mountain's payout ratio is 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.