NewEdge Advisors LLC Sells 2,582 Shares of Iron Mountain Incorporated $IRM

Key Points

• NewEdge Advisors LLC has reduced its stake in Iron Mountain by 8.6%, selling 2,582 shares and now holds 27,396 shares valued at approximately $2.36 million.
• Iron Mountain's recent quarterly earnings report showed an EPS of $1.24, surpassing analysts' expectations, alongside a revenue increase of 11.6% year-over-year.
• After selling significant stock, corporate insiders now own only 1.90% of the company's shares, highlighting a trend of insider selling over the past ninety days.

NewEdge Advisors LLC trimmed its stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 8.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,396 shares of the financial services provider's stock after selling 2,582 shares during the quarter. NewEdge Advisors LLC's holdings in Iron Mountain were worth $2,357,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Kestra Private Wealth Services LLC raised its position in shares of Iron Mountain by 14.7% during the first quarter. Kestra Private Wealth Services LLC now owns 14,537 shares of the financial services provider's stock worth $1,251,000 after acquiring an additional 1,860 shares during the last quarter. Golden State Wealth Management LLC bought a new position in shares of Iron Mountain during the first quarter worth about $30,000. Steward Partners Investment Advisory LLC increased its holdings in Iron Mountain by 1.4% in the first quarter. Steward Partners Investment Advisory LLC now owns 38,032 shares of the financial services provider's stock worth $3,272,000 after purchasing an additional 513 shares in the last quarter. Inspire Trust Co. N.A. increased its holdings in Iron Mountain by 21.4% in the first quarter. Inspire Trust Co. N.A. now owns 17,000 shares of the financial services provider's stock worth $1,463,000 after purchasing an additional 3,000 shares in the last quarter. Finally, HighTower Advisors LLC increased its holdings in Iron Mountain by 76.7% in the first quarter. HighTower Advisors LLC now owns 109,124 shares of the financial services provider's stock worth $9,389,000 after purchasing an additional 47,380 shares in the last quarter. 80.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on IRM. JPMorgan Chase & Co. lowered their target price on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Barclays lifted their target price on Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a report on Wednesday, August 20th. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company's stock. Based on data from MarketBeat.com, Iron Mountain has an average rating of "Buy" and a consensus target price of $120.17.

Iron Mountain Stock Performance

Shares of Iron Mountain stock opened at $97.57 on Thursday. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $130.24. The stock has a 50 day moving average price of $95.07 and a two-hundred day moving average price of $93.29. The stock has a market capitalization of $28.82 billion, a PE ratio of 696.99 and a beta of 1.08.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 EPS for the quarter, beating 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 firm had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter last year, the firm posted $1.08 earnings per share. The company's revenue for the quarter was up 11.6% compared to the same quarter last year. Research analysts forecast that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be given a dividend of $0.785 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $3.14 annualized dividend and a dividend yield of 3.2%. Iron Mountain's payout ratio is presently 2,242.86%.

Insider Buying and Selling

In related news, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $91.05, for a total transaction of $546,300.00. Following the transaction, the executive vice president owned 79,081 shares of the company's stock, valued at $7,200,325.05. The trade was a 7.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $89.56, for a total value of $6,190,835.00. The disclosure for this sale can be found here. Insiders sold 236,709 shares of company stock worth $22,555,809 in the last ninety days. Corporate insiders own 1.90% of the company's stock.

Iron Mountain Company 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.

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