Ethic Inc. Cuts Stock Position in Iron Mountain Incorporated $IRM

Ethic Inc. lessened its holdings in Iron Mountain Incorporated (NYSE:IRM) by 7.9% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 53,664 shares of the financial services provider’s stock after selling 4,614 shares during the period. Ethic Inc.’s holdings in Iron Mountain were worth $5,490,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Financial Network Wealth Advisors LLC bought a new position in shares of Iron Mountain during the 1st quarter valued at about $26,000. Golden State Wealth Management LLC bought a new position in shares of Iron Mountain during the 1st quarter valued at about $30,000. Ramirez Asset Management Inc. bought a new position in shares of Iron Mountain during the 1st quarter valued at about $34,000. Wayfinding Financial LLC bought a new position in shares of Iron Mountain during the 1st quarter valued at about $37,000. Finally, Richards Merrill & Peterson Inc. bought a new position in shares of Iron Mountain during the 1st quarter valued at about $43,000. Institutional investors own 80.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on IRM. JPMorgan Chase & Co. dropped their price objective on shares of Iron Mountain from $112.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, August 7th. Zacks Research raised shares of Iron Mountain from a “strong sell” rating to a “hold” rating in a report on Monday. Jefferies Financial Group started coverage on shares of Iron Mountain in a research report on Monday, September 22nd. They issued a “buy” rating and a $120.00 price objective on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Iron Mountain in a research report on Wednesday, October 8th. Finally, Barclays raised their target price on shares of Iron Mountain from $121.00 to $122.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 20th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $116.83.

Iron Mountain Price Performance

NYSE IRM opened at $103.90 on Thursday. The company has a market capitalization of $30.69 billion, a PE ratio of 742.18 and a beta of 1.06. The company has a fifty day moving average of $98.43 and a 200 day moving average of $96.46. Iron Mountain Incorporated has a 1 year low of $72.33 and a 1 year high of $130.24.

Iron Mountain (NYSE:IRM) last posted its earnings results 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. The company had revenue of $1.68 billion during 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 quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.08 earnings per share. Research analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 3rd. Investors of record on Monday, September 15th were given a dividend of $0.785 per share. The ex-dividend date was Monday, September 15th. This represents a $3.14 dividend on an annualized basis and a yield of 3.0%. Iron Mountain’s payout ratio is currently 2,242.86%.

Insider Activity at Iron Mountain

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction on Friday, August 1st. The shares were sold at an average price of $94.55, for a total value of $6,535,768.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $91.05, for a total transaction of $546,300.00. Following the completion of the transaction, the executive vice president directly 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 sold 213,375 shares of company stock worth $20,347,156 over the last three months. Company insiders own 1.90% of the company’s stock.

Iron Mountain 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.