Raymond James Financial Inc. Decreases Stock Position in Iron Mountain Incorporated $IRM

Key Points

• Raymond James Financial Inc. has reduced its stake in Iron Mountain Incorporated by 26.4%, now holding approximately 387,280 shares valued at $33.3 million.
• Iron Mountain recently reported a quarterly EPS of $1.24, exceeding expectations, and has announced a dividend payment of $0.785 per share, yielding 3.3% annually.
• Analysts' ratings for Iron Mountain stock remain positive, with a consensus target price of $120.17 and several analysts issuing "Buy" ratings.

Raymond James Financial Inc. lowered its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 26.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 387,280 shares of the financial services provider's stock after selling 138,561 shares during the quarter. Raymond James Financial Inc. owned about 0.13% of Iron Mountain worth $33,322,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Whittier Trust Co. raised its position in shares of Iron Mountain by 3.4% during the 1st quarter. Whittier Trust Co. now owns 3,265 shares of the financial services provider's stock valued at $281,000 after buying an additional 108 shares in the last quarter. DoubleLine ETF Adviser LP raised its position in shares of Iron Mountain by 0.5% during the 4th quarter. DoubleLine ETF Adviser LP now owns 21,064 shares of the financial services provider's stock valued at $2,214,000 after buying an additional 114 shares in the last quarter. Stratos Wealth Partners LTD. raised its position in shares of Iron Mountain by 3.7% during the 1st quarter. Stratos Wealth Partners LTD. now owns 3,312 shares of the financial services provider's stock valued at $285,000 after buying an additional 118 shares in the last quarter. Diversify Advisory Services LLC raised its position in shares of Iron Mountain by 1.9% during the 1st quarter. Diversify Advisory Services LLC now owns 6,480 shares of the financial services provider's stock valued at $572,000 after buying an additional 123 shares in the last quarter. Finally, NorthRock Partners LLC raised its position in shares of Iron Mountain by 2.6% during the 1st quarter. NorthRock Partners LLC now owns 5,075 shares of the financial services provider's stock valued at $440,000 after buying an additional 131 shares in the last quarter. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

Iron Mountain Trading Up 3.5%

Shares of NYSE:IRM opened at $93.7470 on Friday. The company has a market capitalization of $27.69 billion, a price-to-earnings ratio of 669.67 and a beta of 1.07. Iron Mountain Incorporated has a 12 month low of $72.33 and a 12 month high of $130.24. The firm's 50-day moving average is $97.62 and its 200 day moving average is $93.83.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.24 EPS for the quarter, beating the consensus estimate of $1.19 by $0.05. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.68 billion. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. The firm's revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.08 EPS. As a group, equities analysts forecast that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 15th will be paid a $0.785 dividend. This represents a $3.14 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Monday, September 15th. Iron Mountain's dividend payout ratio is currently 2,242.86%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on IRM shares. JPMorgan Chase & Co. decreased their target price 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. Barclays upped their target price on shares of Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $120.17.

Insider Activity at Iron Mountain

In other Iron Mountain news, Director Walter C. Rakowich sold 900 shares of the company's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $99.97, for a total value of $89,973.00. Following the transaction, the director directly owned 36,515 shares in the company, valued at $3,650,404.55. This represents a 2.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Greg W. Mcintosh sold 17,334 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $100.00, for a total transaction of $1,733,400.00. Following the completion of the transaction, the executive vice president owned 35,446 shares in the company, valued at $3,544,600. This represents a 32.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 231,609 shares of company stock valued at $22,736,123 over the last 90 days. 1.90% of the stock is currently owned by insiders.

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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