Park Avenue Securities LLC Cuts Stake in Iron Mountain Incorporated (NYSE:IRM)

Park Avenue Securities LLC reduced its position in shares of Iron Mountain Incorporated (NYSE:IRM) by 6.8% in the 1st quarter, HoldingsChannel reports. The firm owned 13,405 shares of the financial services provider’s stock after selling 973 shares during the period. Park Avenue Securities LLC’s holdings in Iron Mountain were worth $1,153,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund boosted its holdings in Iron Mountain by 0.4% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 25,159 shares of the financial services provider’s stock worth $2,644,000 after buying an additional 100 shares in the last quarter. Belpointe Asset Management LLC boosted its position in Iron Mountain by 1.6% during the fourth quarter. Belpointe Asset Management LLC now owns 7,250 shares of the financial services provider’s stock worth $821,000 after purchasing an additional 112 shares in the last quarter. DoubleLine ETF Adviser LP grew its holdings in Iron Mountain by 0.5% in the fourth quarter. DoubleLine ETF Adviser LP now owns 21,064 shares of the financial services provider’s stock valued at $2,214,000 after purchasing an additional 114 shares during the last quarter. One Charles Private Wealth Services LLC raised its stake in shares of Iron Mountain by 1.0% during the 4th quarter. One Charles Private Wealth Services LLC now owns 11,760 shares of the financial services provider’s stock worth $1,236,000 after buying an additional 119 shares during the last quarter. Finally, Secured Retirement Advisors LLC boosted its position in shares of Iron Mountain by 6.5% in the 4th quarter. Secured Retirement Advisors LLC now owns 1,967 shares of the financial services provider’s stock worth $207,000 after buying an additional 120 shares in the last quarter. Institutional investors and hedge funds own 80.13% of the company’s stock.

Iron Mountain Stock Down 0.2%

Shares of Iron Mountain stock opened at $100.90 on Thursday. Iron Mountain Incorporated has a 12-month low of $72.33 and a 12-month high of $130.24. The firm has a market capitalization of $29.77 billion, a PE ratio of 165.41, a price-to-earnings-growth ratio of 5.15 and a beta of 1.09. The stock’s fifty day moving average is $92.42 and its 200-day moving average is $97.91.

Iron Mountain (NYSE:IRM) last announced its earnings results on Thursday, May 1st. The financial services provider reported $1.17 EPS for the quarter, topping the consensus estimate of $1.16 by $0.01. Iron Mountain had a net margin of 2.95% and a negative return on equity of 401.83%. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.59 billion. During the same period last year, the company posted $1.10 earnings per share. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. Analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Shareholders of record on Monday, June 16th will be paid a $0.785 dividend. The ex-dividend date is Monday, June 16th. This represents a $3.14 dividend on an annualized basis and a yield of 3.11%. Iron Mountain’s dividend payout ratio (DPR) is currently 765.85%.

Insider Buying and Selling

In related news, Director Walter C. Rakowich sold 900 shares of the business’s stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $99.97, for a total transaction of $89,973.00. Following the completion of the transaction, the director now owns 36,515 shares of the company’s stock, valued at approximately $3,650,404.55. The trade was a 2.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Greg W. Mcintosh sold 8,398 shares of the business’s stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $96.14, for a total transaction of $807,383.72. Following the transaction, the executive vice president now owns 70,114 shares in the company, valued at approximately $6,740,759.96. The trade was a 10.70% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 216,673 shares of company stock worth $20,319,408. Insiders own 1.90% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on IRM. Barclays boosted their price target on Iron Mountain from $118.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, May 27th. Truist Financial assumed coverage on shares of Iron Mountain in a report on Tuesday, April 8th. They set a “buy” rating and a $95.00 price target for the company. Wall Street Zen raised shares of Iron Mountain from a “sell” rating to a “hold” rating in a research report on Friday, April 18th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Iron Mountain from $125.00 to $112.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 18th. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $121.71.

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.