Prana Capital Management LP Sells 69,092 Shares of Iron Mountain Incorporated (NYSE:IRM)

Prana Capital Management LP cut its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 82.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,434 shares of the financial services provider's stock after selling 69,092 shares during the period. Prana Capital Management LP's holdings in Iron Mountain were worth $1,517,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Wealthfront Advisers LLC grew its position in shares of Iron Mountain by 9,843.3% in the fourth quarter. Wealthfront Advisers LLC now owns 6,864,832 shares of the financial services provider's stock valued at $721,562,000 after purchasing an additional 6,795,792 shares during the last quarter. Norges Bank bought a new stake in Iron Mountain during the 4th quarter valued at approximately $348,249,000. Northern Trust Corp grew its holdings in Iron Mountain by 56.1% in the 4th quarter. Northern Trust Corp now owns 4,326,476 shares of the financial services provider's stock valued at $454,756,000 after buying an additional 1,554,746 shares during the last quarter. TD Asset Management Inc. increased its position in Iron Mountain by 125.4% in the 4th quarter. TD Asset Management Inc. now owns 1,952,432 shares of the financial services provider's stock worth $205,220,000 after buying an additional 1,086,308 shares during the period. Finally, Nuveen Asset Management LLC lifted its holdings in shares of Iron Mountain by 39.0% during the fourth quarter. Nuveen Asset Management LLC now owns 2,548,970 shares of the financial services provider's stock worth $267,922,000 after buying an additional 715,024 shares during the last quarter. 80.13% of the stock is owned by institutional investors and hedge funds.

Iron Mountain Price Performance

NYSE IRM traded down $0.54 on Tuesday, reaching $100.52. The stock had a trading volume of 312,431 shares, compared to its average volume of 2,019,597. The company has a market cap of $29.66 billion, a P/E ratio of 164.64, a price-to-earnings-growth ratio of 5.15 and a beta of 1.08. The firm has a fifty day moving average of $88.18 and a two-hundred day moving average of $99.83. Iron Mountain Incorporated has a 1-year low of $72.33 and a 1-year high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The financial services provider reported $1.17 EPS for the quarter, topping analysts' consensus estimates of $1.16 by $0.01. Iron Mountain had a negative return on equity of 401.83% and a net margin of 2.95%. The company had revenue of $1.59 billion for the quarter, compared to analysts' expectations of $1.59 billion. During the same quarter last year, the business earned $1.10 earnings per share. Iron Mountain's revenue was up 7.9% on a year-over-year basis. Research analysts predict that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Shareholders of record on Monday, June 16th will be issued a $0.785 dividend. The ex-dividend date is Monday, June 16th. This represents a $3.14 dividend on an annualized basis and a yield of 3.12%. Iron Mountain's payout ratio is currently 765.85%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Wells Fargo & Company cut their target price on Iron Mountain from $135.00 to $125.00 and set an "overweight" rating for the company in a research note on Tuesday, February 4th. Truist Financial initiated coverage on shares of Iron Mountain in a research report on Tuesday, April 8th. They set a "buy" rating and a $95.00 target price on the stock. JPMorgan Chase & Co. dropped their price target on shares of Iron Mountain from $125.00 to $112.00 and set an "overweight" rating for the company in a research report on Tuesday, February 18th. Barclays cut their price target on shares of Iron Mountain from $130.00 to $118.00 and set an "overweight" rating for the company in a research note on Thursday, March 20th. Finally, StockNews.com upgraded Iron Mountain from a "sell" rating to a "hold" rating in a research note on Friday, April 18th. One 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. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $121.29.

Insider Buying and Selling at Iron Mountain

In related news, EVP Mithu Bhargava sold 1,738 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.84, for a total transaction of $161,355.92. Following the transaction, the executive vice president now directly owns 13,054 shares in the company, valued at approximately $1,211,933.36. The trade was a 11.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William L. Meaney sold 172,552 shares of the business's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $91.33, for a total value of $15,759,174.16. Following the completion of the transaction, the chief executive officer now directly owns 237,402 shares in the company, valued at approximately $21,681,924.66. This represents a 42.09% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 318,973 shares of company stock valued at $29,112,345. 2.10% of the stock is currently owned by company 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.