Envestnet Asset Management Inc. Sells 31,564 Shares of Iron Mountain Incorporated (NYSE:IRM)

Envestnet Asset Management Inc. trimmed its stake in Iron Mountain Incorporated (NYSE:IRM) by 12.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 213,899 shares of the financial services provider’s stock after selling 31,564 shares during the period. Envestnet Asset Management Inc. owned about 0.07% of Iron Mountain worth $18,404,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Signaturefd LLC lifted its holdings in shares of Iron Mountain by 3.6% during the 4th quarter. Signaturefd LLC now owns 6,241 shares of the financial services provider’s stock worth $656,000 after acquiring an additional 215 shares during the last quarter. Axxcess Wealth Management LLC grew its stake in Iron Mountain by 39.4% during the fourth quarter. Axxcess Wealth Management LLC now owns 18,413 shares of the financial services provider’s stock valued at $1,935,000 after acquiring an additional 5,208 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in Iron Mountain by 65.4% during the fourth quarter. Thrivent Financial for Lutherans now owns 113,596 shares of the financial services provider’s stock valued at $12,197,000 after purchasing an additional 44,911 shares during the last quarter. Royal London Asset Management Ltd. lifted its holdings in Iron Mountain by 5.4% during the 4th quarter. Royal London Asset Management Ltd. now owns 136,826 shares of the financial services provider’s stock valued at $14,382,000 after buying an additional 6,981 shares in the last quarter. Finally, Teacher Retirement System of Texas grew its position in shares of Iron Mountain by 1,736.4% in the 4th quarter. Teacher Retirement System of Texas now owns 36,049 shares of the financial services provider’s stock worth $3,789,000 after buying an additional 34,086 shares during the last quarter. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Iron Mountain

In related news, EVP Mark Kidd sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $102.02, for a total transaction of $612,120.00. Following the completion of the transaction, the executive vice president owned 91,081 shares in the company, valued at $9,292,083.62. The trade was a 6.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William L. Meaney sold 69,125 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $100.36, for a total transaction of $6,937,385.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 240,007 shares of company stock valued at $23,649,959. Corporate insiders own 1.90% of the company’s stock.

Iron Mountain Trading Up 0.5%

IRM stock opened at $98.70 on Friday. The firm has a market cap of $29.12 billion, a PE ratio of 240.74 and a beta of 1.08. The business’s 50-day moving average price is $99.93 and its two-hundred day moving average price is $95.71. Iron Mountain Incorporated has a 1-year low of $72.33 and a 1-year high of $130.24.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings results on Thursday, May 1st. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.01. Iron Mountain had a negative return on equity of 201.62% and a net margin of 1.97%. The business had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.59 billion. During the same period in the previous year, the company posted $1.10 earnings per share. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. On average, analysts forecast that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Monday, June 16th were issued a $0.785 dividend. The ex-dividend date was Monday, June 16th. This represents a $3.14 annualized dividend and a dividend yield of 3.18%. Iron Mountain’s payout ratio is currently 765.85%.

Analysts Set New Price Targets

Several brokerages recently commented on IRM. Wall Street Zen raised shares of Iron Mountain from a “sell” rating to a “hold” rating in a report on Friday, April 18th. Barclays lifted their price target on Iron Mountain from $118.00 to $121.00 and gave the company an “overweight” rating in a report on Tuesday, May 27th. Finally, Truist Financial initiated coverage on Iron Mountain in a research report on Tuesday, April 8th. They issued a “buy” rating and a $95.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $121.71.

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.