Cambridge Investment Research Advisors Inc. Reduces Holdings in Iron Mountain Incorporated (NYSE:IRM)

Cambridge Investment Research Advisors Inc. trimmed its stake in Iron Mountain Incorporated (NYSE:IRM) by 1.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 142,256 shares of the financial services provider’s stock after selling 1,855 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Iron Mountain were worth $12,240,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of IRM. Halbert Hargrove Global Advisors LLC purchased a new position in Iron Mountain during the 4th quarter worth $26,000. IMG Wealth Management Inc. purchased a new position in Iron Mountain during the 4th quarter worth $26,000. Cranbrook Wealth Management LLC purchased a new position in Iron Mountain during the 1st quarter worth $26,000. Franchise Capital Ltd purchased a new position in Iron Mountain during the 1st quarter worth $39,000. Finally, Whittier Trust Co. of Nevada Inc. grew its position in Iron Mountain by 46.4% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 489 shares of the financial services provider’s stock worth $51,000 after purchasing an additional 155 shares during the last quarter. 80.13% of the stock is owned by hedge funds and other institutional investors.

Iron Mountain Stock Up 2.2%

Shares of NYSE:IRM opened at $105.32 on Wednesday. The company has a market cap of $31.07 billion, a price-to-earnings ratio of 256.88 and a beta of 1.09. The firm’s 50-day simple moving average is $96.25 and its 200-day simple moving average is $96.56. Iron Mountain Incorporated has a fifty-two week low of $72.33 and a fifty-two week high of $130.24.

Iron Mountain (NYSE:IRM) last announced its quarterly earnings data on Thursday, May 1st. The financial services provider reported $1.17 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $1.59 billion. During the same quarter last year, the business earned $1.10 earnings per share. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. On average, research analysts forecast that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Monday, June 16th will be paid a $0.785 dividend. This represents a $3.14 annualized dividend and a dividend yield of 2.98%. The ex-dividend date is Monday, June 16th. Iron Mountain’s dividend payout ratio (DPR) is 765.85%.

Insider Activity at Iron Mountain

In related news, Director Walter C. Rakowich sold 900 shares of the firm’s stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $99.97, for a total value of $89,973.00. Following the completion of the sale, the director now owns 36,515 shares in the company, valued at $3,650,404.55. This trade represents a 2.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William L. Meaney sold 69,125 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $86.11, for a total transaction of $5,952,353.75. The disclosure for this sale can be found here. Insiders sold 216,673 shares of company stock worth $20,319,408 over the last 90 days. Company insiders own 1.90% of the company’s stock.

Analyst Ratings Changes

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

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.