Prime Capital Investment Advisors LLC Sells 3,272 Shares of Iron Mountain Incorporated $IRM

Key Points

• Prime Capital Investment Advisors LLC has reduced its stake in Iron Mountain Incorporated by 30.3%, selling 3,272 shares during the second quarter, leaving it with a total of 7,510 shares valued at $770,000.
• Recent analyst ratings show mixed opinions on Iron Mountain's stock, with JPMorgan reducing the price target to $100 while Jefferies set a target of $120, reflecting a consensus rating of "Buy" based on an average target of $116.83.
• Iron Mountain declared a quarterly dividend of $0.785, yielding 3.0%, with a staggering dividend payout ratio of 2242.86%, indicating a continued commitment to return capital to shareholders despite financial challenges.

Prime Capital Investment Advisors LLC lowered its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 30.3% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,510 shares of the financial services provider's stock after selling 3,272 shares during the quarter. Prime Capital Investment Advisors LLC's holdings in Iron Mountain were worth $770,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Kestra Private Wealth Services LLC grew its holdings in Iron Mountain by 14.7% during the 1st quarter. Kestra Private Wealth Services LLC now owns 14,537 shares of the financial services provider's stock valued at $1,251,000 after buying an additional 1,860 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Iron Mountain by 86.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,974,922 shares of the financial services provider's stock valued at $169,922,000 after acquiring an additional 913,715 shares during the last quarter. Golden State Wealth Management LLC bought a new position in shares of Iron Mountain during the 1st quarter valued at approximately $30,000. Steward Partners Investment Advisory LLC boosted its position in shares of Iron Mountain by 1.4% during the 1st quarter. Steward Partners Investment Advisory LLC now owns 38,032 shares of the financial services provider's stock valued at $3,272,000 after acquiring an additional 513 shares during the last quarter. Finally, Inspire Trust Co. N.A. increased its position 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 during the last quarter. Hedge funds and other institutional investors own 80.13% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on IRM shares. JPMorgan Chase & Co. reduced their price target 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. Jefferies Financial Group assumed coverage on shares of Iron Mountain in a report on Monday, September 22nd. They issued a "buy" rating and a $120.00 price target for the company. Barclays increased their price target on shares of Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a report on Wednesday, August 20th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Iron Mountain in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $116.83.

Iron Mountain Stock Performance

IRM opened at $105.00 on Friday. The stock has a market cap of $31.01 billion, a price-to-earnings ratio of 750.05 and a beta of 1.06. The stock's 50 day moving average price is $96.33 and its 200-day moving average price is $95.28. Iron Mountain Incorporated has a one year low of $72.33 and a one year high of $130.24.

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

Iron Mountain Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 3rd. Investors of record on Monday, September 15th were paid a $0.785 dividend. This represents a $3.14 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Monday, September 15th. Iron Mountain's dividend payout ratio (DPR) is currently 2,242.86%.

Insider Buying and Selling

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $94.55, for a total value of $6,535,768.75. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Mark Kidd sold 6,000 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $91.05, for a total value of $546,300.00. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Insiders have sold 213,375 shares of company stock valued at $20,347,156 in the last 90 days. Company 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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