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Welch & Forbes LLC Sells 5,720 Shares of Iron Mountain Incorporated (NYSE:IRM)

Iron Mountain logo with Business Services background

Welch & Forbes LLC cut its stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 0.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 674,042 shares of the financial services provider's stock after selling 5,720 shares during the quarter. Welch & Forbes LLC owned approximately 0.23% of Iron Mountain worth $57,995,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IRM. IMG Wealth Management Inc. acquired a new stake in shares of Iron Mountain in the fourth quarter valued at $26,000. Cibc World Markets Corp increased its stake in shares of Iron Mountain by 12.3% in the fourth quarter. Cibc World Markets Corp now owns 131,714 shares of the financial services provider's stock valued at $13,844,000 after buying an additional 14,380 shares in the last quarter. Signaturefd LLC increased its stake in shares of Iron Mountain by 3.6% in the fourth quarter. Signaturefd LLC now owns 6,241 shares of the financial services provider's stock valued at $656,000 after buying an additional 215 shares in the last quarter. Axxcess Wealth Management LLC increased its stake in shares of Iron Mountain by 39.4% in the fourth quarter. Axxcess Wealth Management LLC now owns 18,413 shares of the financial services provider's stock valued at $1,935,000 after buying an additional 5,208 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its stake in shares of Iron Mountain by 65.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 113,596 shares of the financial services provider's stock valued at $12,197,000 after buying an additional 44,911 shares in the last quarter. 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 the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $100.36, for a total value of $6,937,385.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Mark Kidd sold 6,000 shares of the stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $102.02, for a total value of $612,120.00. Following the completion of the sale, the executive vice president owned 91,081 shares in the company, valued at approximately $9,292,083.62. This trade represents a 6.18% decrease in their position. The disclosure for this sale can be found here. Insiders sold 240,007 shares of company stock worth $23,649,959 over the last 90 days. Company insiders own 1.90% of the company's stock.

Iron Mountain Price Performance

Shares of Iron Mountain stock traded up $0.44 during trading on Friday, hitting $99.13. 291,048 shares of the company were exchanged, compared to its average volume of 1,770,539. The firm has a market capitalization of $29.25 billion, a P/E ratio of 241.60 and a beta of 1.08. Iron Mountain Incorporated has a 1-year low of $72.33 and a 1-year high of $130.24. The firm's fifty day moving average price is $99.93 and its 200 day moving average price is $95.71.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its earnings results on Thursday, May 1st. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.01. Iron Mountain had a negative return on equity of 201.62% and a net margin of 1.97%. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.59 billion. During the same period in the previous year, the company earned $1.10 EPS. The company's revenue for the quarter was up 7.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Monday, June 16th were given a dividend of $0.785 per share. This represents a $3.14 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend was Monday, June 16th. Iron Mountain's dividend payout ratio (DPR) is 765.85%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Truist Financial assumed coverage on Iron Mountain in a research note on Tuesday, April 8th. They issued a "buy" rating and a $95.00 target price for the company. Wall Street Zen upgraded Iron Mountain from a "sell" rating to a "hold" rating in a research note on Friday, April 18th. Finally, Barclays lifted their price objective on Iron Mountain from $118.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 27th. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $121.71.

Check Out Our Latest Stock Report on IRM

Iron Mountain Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Iron Mountain (NYSE:IRM)

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