Avantax Advisory Services Inc. Raises Stock Position in Iron Mountain Incorporated $IRM

Avantax Advisory Services Inc. lifted its position in Iron Mountain Incorporated (NYSE:IRM) by 15.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 85,172 shares of the financial services provider’s stock after purchasing an additional 11,276 shares during the period. Avantax Advisory Services Inc.’s holdings in Iron Mountain were worth $8,736,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Kestra Private Wealth Services LLC grew its position in Iron Mountain by 14.7% during the 1st quarter. Kestra Private Wealth Services LLC now owns 14,537 shares of the financial services provider’s stock worth $1,251,000 after purchasing an additional 1,860 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake 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 during the period. Penobscot Investment Management Company Inc. acquired a new stake in shares of Iron Mountain during the second quarter worth $517,000. 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 valued at $3,272,000 after buying an additional 513 shares during the last quarter. Finally, Kingstone Capital Partners Texas LLC acquired a new position in shares of Iron Mountain in the 2nd quarter valued at $10,093,000. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

Iron Mountain Price Performance

NYSE:IRM opened at $88.85 on Tuesday. The company has a 50 day moving average price of $101.71 and a 200-day moving average price of $98.83. Iron Mountain Incorporated has a 1-year low of $72.33 and a 1-year high of $125.38. The firm has a market cap of $26.26 billion, a price-to-earnings ratio of 634.70 and a beta of 1.06.

Iron Mountain (NYSE:IRM) last announced its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.03. The firm had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.75 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 12.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.13 earnings per share. Iron Mountain has set its FY 2025 guidance at 5.040-5.130 EPS. On average, sell-side analysts anticipate that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 6th. Investors of record on Monday, December 15th will be issued a $0.864 dividend. This represents a $3.46 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Monday, December 15th. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.79. Iron Mountain’s payout ratio is currently 650.94%.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Jefferies Financial Group initiated 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. Barclays lifted their target price on Iron Mountain from $122.00 to $123.00 and gave the stock an “overweight” rating in a report on Wednesday, November 12th. JPMorgan Chase & Co. upped their target price on Iron Mountain from $100.00 to $111.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. Zacks Research raised shares of Iron Mountain from a “strong sell” rating to a “hold” rating in a research report on Monday, October 20th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Iron Mountain in a research note on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $118.83.

Insider Buying and Selling

In related news, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $102.34, for a total value of $7,074,252.50. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mark Kidd sold 7,306 shares of the business’s stock in a transaction on Friday, October 31st. The stock was sold at an average price of $100.82, for a total transaction of $736,590.92. Following the completion of the sale, the executive vice president directly owned 73,081 shares of the company’s stock, valued at approximately $7,368,026.42. The trade was a 9.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 226,681 shares of company stock worth $22,265,632 in the last quarter. 1.90% of the stock is currently owned by company insiders.

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.