J.W. Cole Advisors Inc. Raises Stock Holdings in Iron Mountain Incorporated (NYSE:IRM)

J.W. Cole Advisors Inc. increased its position in Iron Mountain Incorporated (NYSE:IRM) by 65.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,363 shares of the financial services provider’s stock after acquiring an additional 5,684 shares during the period. J.W. Cole Advisors Inc.’s holdings in Iron Mountain were worth $1,236,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Iron Mountain during the 4th quarter worth about $348,249,000. Northern Trust Corp grew its position in Iron Mountain by 56.1% during the 4th quarter. Northern Trust Corp now owns 4,326,476 shares of the financial services provider’s stock worth $454,756,000 after purchasing an additional 1,554,746 shares during the period. TD Asset Management Inc. grew its position in Iron Mountain by 125.4% during 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 purchasing an additional 1,086,308 shares during the period. Point72 Asset Management L.P. grew its position in Iron Mountain by 439.8% during the 4th quarter. Point72 Asset Management L.P. now owns 1,200,660 shares of the financial services provider’s stock worth $126,201,000 after purchasing an additional 978,251 shares during the period. Finally, Nuveen Asset Management LLC grew its position in shares of Iron Mountain by 39.0% during the 4th quarter. Nuveen Asset Management LLC now owns 2,548,970 shares of the financial services provider’s stock valued at $267,922,000 after acquiring an additional 715,024 shares during the period. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Wall Street Analyst Weigh In

IRM has been the topic of a number of analyst reports. Wall Street Zen upgraded Iron Mountain from a “sell” rating to a “hold” rating in a research report on Friday, April 18th. Truist Financial started coverage on Iron Mountain in a report on Tuesday, April 8th. They issued a “buy” rating and a $95.00 price objective on the stock. Finally, Barclays lifted their price objective on Iron Mountain from $118.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, May 27th. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $121.71.

Iron Mountain Stock Up 0.0%

IRM opened at $99.33 on Thursday. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $130.24. The business has a fifty day simple moving average of $100.03 and a 200-day simple moving average of $95.52. The firm has a market cap of $29.31 billion, a P/E ratio of 242.26 and a beta of 1.08.

Iron Mountain (NYSE:IRM) last issued its 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 net margin of 1.97% and a negative return on equity of 201.62%. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.59 billion. During the same quarter in the previous year, the firm posted $1.10 earnings per share. The company’s revenue was up 7.9% compared to the same quarter last year. Sell-side analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Monday, June 16th were paid a dividend of $0.785 per share. The ex-dividend date was Monday, June 16th. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.16%. Iron Mountain’s dividend payout ratio (DPR) is 765.85%.

Insider Activity

In other Iron Mountain news, EVP Greg W. Mcintosh sold 17,334 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $100.00, for a total transaction of $1,733,400.00. Following the transaction, the executive vice president owned 35,446 shares of the company’s stock, valued at $3,544,600. This trade represents a 32.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the firm’s stock in a transaction on 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 three months, insiders have sold 240,007 shares of company stock valued at $23,649,959. 1.90% of the stock is owned by insiders.

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.