NewEdge Advisors LLC Lowers Stock Position in Iron Mountain Incorporated (NYSE:IRM)

NewEdge Advisors LLC lessened its position in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 23.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,978 shares of the financial services provider's stock after selling 9,386 shares during the period. NewEdge Advisors LLC's holdings in Iron Mountain were worth $3,151,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in IRM. M&T Bank Corp increased its stake in shares of Iron Mountain by 0.4% in the third quarter. M&T Bank Corp now owns 88,215 shares of the financial services provider's stock worth $10,482,000 after purchasing an additional 334 shares in the last quarter. World Investment Advisors LLC bought a new position in Iron Mountain in the 3rd quarter worth approximately $554,000. Wilmington Savings Fund Society FSB purchased a new position in Iron Mountain in the 3rd quarter valued at approximately $837,000. Tidal Investments LLC lifted its position in shares of Iron Mountain by 254.1% during the third quarter. Tidal Investments LLC now owns 20,536 shares of the financial services provider's stock worth $2,440,000 after acquiring an additional 14,737 shares in the last quarter. Finally, Oddo BHF Asset Management Sas bought a new position in shares of Iron Mountain in the third quarter worth $10,206,000. Institutional investors own 80.13% of the company's stock.

Iron Mountain Trading Up 3.1 %

Shares of IRM traded up $2.65 during mid-day trading on Friday, reaching $87.97. The company's stock had a trading volume of 2,097,977 shares, compared to its average volume of 1,832,448. The company's fifty day moving average price is $86.08 and its two-hundred day moving average price is $103.27. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $130.24. The stock has a market cap of $25.95 billion, a PE ratio of 144.21, a P/E/G ratio of 5.15 and a beta of 0.97.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its quarterly earnings results on Thursday, February 13th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($0.70). The company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.60 billion. Iron Mountain had a negative return on equity of 401.83% and a net margin of 2.95%. During the same quarter in the previous year, the business earned $0.52 earnings per share. Research analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Monday, March 17th were paid a dividend of $0.785 per share. This represents a $3.14 annualized dividend and a dividend yield of 3.57%. This is an increase from Iron Mountain's previous quarterly dividend of $0.72. The ex-dividend date was Monday, March 17th. Iron Mountain's dividend payout ratio is 514.75%.

Insider Buying and Selling

In other news, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $86.11, for a total value of $5,952,353.75. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Daniel Borges sold 6,433 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.84, for a total value of $597,239.72. Following the transaction, the chief accounting officer now directly owns 288 shares in the company, valued at $26,737.92. This trade represents a 95.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 318,973 shares of company stock valued at $29,370,872 over the last ninety days. 2.10% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

IRM has been the subject of several analyst reports. Barclays cut their target price on Iron Mountain from $130.00 to $118.00 and set an "overweight" rating for the company in a research note on Thursday, March 20th. StockNews.com upgraded shares of Iron Mountain from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. JPMorgan Chase & Co. decreased their target price on shares of Iron Mountain from $125.00 to $112.00 and set an "overweight" rating on the stock in a report on Tuesday, February 18th. Wells Fargo & Company cut their price target on shares of Iron Mountain from $135.00 to $125.00 and set an "overweight" rating for the company in a report on Tuesday, February 4th. Finally, Truist Financial started coverage on Iron Mountain in a research report on Tuesday, April 8th. They issued a "buy" rating and a $95.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Iron Mountain has an average rating of "Buy" and an average target price of $121.29.

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.