Iron Mountain Incorporated $IRM Shares Sold by Welch & Forbes LLC

Welch & Forbes LLC decreased its holdings in Iron Mountain Incorporated (NYSE:IRM) by 0.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 668,938 shares of the financial services provider’s stock after selling 5,104 shares during the quarter. Welch & Forbes LLC owned about 0.23% of Iron Mountain worth $68,613,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Financial Network Wealth Advisors LLC acquired a new stake in Iron Mountain during the 1st quarter worth about $26,000. Golden State Wealth Management LLC acquired a new stake in Iron Mountain during the 1st quarter worth about $30,000. Ramirez Asset Management Inc. acquired a new stake in Iron Mountain during the 1st quarter worth about $34,000. Wayfinding Financial LLC acquired a new stake in Iron Mountain during the 1st quarter worth about $37,000. Finally, Richards Merrill & Peterson Inc. acquired a new stake in Iron Mountain during the 1st quarter worth about $43,000. Institutional investors and hedge funds own 80.13% of the company’s stock.

Insider Activity

In related news, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $91.05, for a total value of $546,300.00. Following the completion of the transaction, the executive vice president owned 79,081 shares in the company, valued at $7,200,325.05. The trade was a 7.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $102.34, for a total value of $7,074,252.50. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 144,250 shares of company stock valued at $13,811,388. 1.90% of the stock is owned by company insiders.

Iron Mountain Stock Up 1.8%

Shares of Iron Mountain stock opened at $103.12 on Friday. Iron Mountain Incorporated has a twelve month low of $72.33 and a twelve month high of $127.29. The business has a 50-day moving average price of $100.12 and a 200 day moving average price of $97.76. The firm has a market cap of $30.46 billion, a PE ratio of 736.60 and a beta of 1.06.

Iron Mountain (NYSE:IRM) last announced its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.05. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The firm had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the previous year, the business earned $1.08 EPS. Iron Mountain’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, sell-side analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Announces Dividend

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

Analyst Upgrades and Downgrades

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

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.