Moran Wealth Management LLC Reduces Holdings in Iron Mountain Incorporated $IRM

Moran Wealth Management LLC reduced its holdings in shares of Iron Mountain Incorporated (NYSE:IRM) by 0.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 204,196 shares of the financial services provider’s stock after selling 1,794 shares during the period. Moran Wealth Management LLC’s holdings in Iron Mountain were worth $20,944,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Kestra Private Wealth Services LLC grew its holdings in shares of Iron Mountain by 14.7% during the first quarter. Kestra Private Wealth Services LLC now owns 14,537 shares of the financial services provider’s stock worth $1,251,000 after buying an additional 1,860 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Iron Mountain by 86.1% during the first quarter. Goldman Sachs Group Inc. now owns 1,974,922 shares of the financial services provider’s stock worth $169,922,000 after buying an additional 913,715 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Iron Mountain during the first quarter worth about $30,000. Steward Partners Investment Advisory LLC grew its holdings in shares of Iron Mountain by 1.4% during the first quarter. Steward Partners Investment Advisory LLC now owns 38,032 shares of the financial services provider’s stock worth $3,272,000 after buying an additional 513 shares in the last quarter. Finally, Inspire Trust Co. N.A. grew its holdings in shares of Iron Mountain by 21.4% during the first quarter. Inspire Trust Co. N.A. now owns 17,000 shares of the financial services provider’s stock worth $1,463,000 after buying an additional 3,000 shares in the last quarter. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on IRM. Barclays lifted their price target on shares of Iron Mountain from $121.00 to $122.00 and gave the stock an “overweight” rating in a report on Wednesday, August 20th. Weiss Ratings reiterated a “hold (c)” rating on shares of Iron Mountain in a report on Wednesday, October 8th. JPMorgan Chase & Co. lowered their price target 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. Finally, Jefferies Financial Group started coverage on shares of Iron Mountain in a report on Monday, September 22nd. They set a “buy” rating and a $120.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Iron Mountain presently has a consensus rating of “Buy” and a consensus price target of $116.83.

Iron Mountain Stock Performance

Iron Mountain stock opened at $102.31 on Tuesday. Iron Mountain Incorporated has a 1 year low of $72.33 and a 1 year high of $130.24. The firm has a 50 day moving average price of $96.64 and a 200 day moving average price of $95.63. The company has a market cap of $30.22 billion, a price-to-earnings ratio of 730.84 and a beta of 1.06.

Iron Mountain (NYSE:IRM) last released 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. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the previous year, the firm earned $1.08 earnings per share. Iron Mountain’s revenue was up 11.6% compared to the same quarter last year. Sell-side analysts predict 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. Shareholders of record on Monday, September 15th were given a dividend of $0.785 per share. This represents a $3.14 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Monday, September 15th. Iron Mountain’s payout ratio is 2,242.86%.

Insider Buying and Selling at Iron Mountain

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $94.55, for a total transaction of $6,535,768.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $102.34, for a total transaction of $7,074,252.50. The disclosure for this sale can be found here. Insiders have sold a total of 213,375 shares of company stock valued at $20,347,156 over the last ninety days. Corporate insiders own 1.90% of the company’s stock.

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.