Advisory Services Network LLC Has $2.97 Million Stock Holdings in Iron Mountain Incorporated (NYSE:IRM)

Advisory Services Network LLC increased its holdings in shares of Iron Mountain Incorporated (NYSE:IRM) by 5.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 28,296 shares of the financial services provider’s stock after purchasing an additional 1,575 shares during the period. Advisory Services Network LLC’s holdings in Iron Mountain were worth $2,974,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Wealthfront Advisers LLC raised its holdings in shares of Iron Mountain by 9,843.3% during the fourth quarter. Wealthfront Advisers LLC now owns 6,864,832 shares of the financial services provider’s stock valued at $721,562,000 after purchasing an additional 6,795,792 shares during the period. Norges Bank bought a new position in Iron Mountain in the fourth quarter worth approximately $348,249,000. TD Asset Management Inc. grew its stake in Iron Mountain by 125.4% in the fourth quarter. TD Asset Management Inc. now owns 1,952,432 shares of the financial services provider’s stock valued at $205,220,000 after acquiring an additional 1,086,308 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Iron Mountain during the fourth quarter valued at approximately $55,271,000. Finally, Invesco Ltd. raised its position in shares of Iron Mountain by 17.2% during the fourth quarter. Invesco Ltd. now owns 2,482,820 shares of the financial services provider’s stock worth $260,969,000 after purchasing an additional 363,783 shares during the period. Institutional investors and hedge funds own 80.13% of the company’s stock.

Iron Mountain Trading Down 3.5 %

Shares of IRM opened at $81.52 on Friday. The stock has a 50 day moving average of $89.84 and a 200 day moving average of $105.78. The company has a market capitalization of $23.95 billion, a price-to-earnings ratio of 133.64, a PEG ratio of 5.15 and a beta of 0.97. Iron Mountain Incorporated has a 12 month low of $72.33 and a 12 month high of $130.24.

Iron Mountain (NYSE:IRM) last announced its quarterly earnings data on Thursday, February 13th. The financial services provider reported $0.50 earnings per share for the quarter, missing the consensus estimate of $1.20 by ($0.70). The firm had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.60 billion. Iron Mountain had a net margin of 2.95% and a negative return on equity of 401.83%. During the same period last year, the company posted $0.52 earnings per share. As a group, equities research analysts predict that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Shareholders of record on Monday, March 17th were issued a dividend of $0.785 per share. The ex-dividend date was Monday, March 17th. This is an increase from Iron Mountain’s previous quarterly dividend of $0.72. This represents a $3.14 annualized dividend and a yield of 3.85%. Iron Mountain’s dividend payout ratio is 514.75%.

Wall Street Analyst Weigh In

A number of brokerages have commented on IRM. StockNews.com upgraded shares of Iron Mountain from a “sell” rating to a “hold” rating in a research note on Tuesday. JPMorgan Chase & Co. decreased their target price on shares of Iron Mountain from $125.00 to $112.00 and set an “overweight” rating for the company in a research report on Tuesday, February 18th. Wells Fargo & Company dropped their price target on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 4th. Truist Financial started coverage on Iron Mountain in a report on Tuesday. They set a “buy” rating and a $95.00 price objective for the company. Finally, Barclays dropped their target price on Iron Mountain from $130.00 to $118.00 and set an “overweight” rating on the stock in a report on Thursday, March 20th. One investment 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. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $121.29.

Insiders Place Their Bets

In related news, EVP Mithu Bhargava sold 1,738 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.84, for a total value of $161,355.92. Following the transaction, the executive vice president now directly owns 13,054 shares in the company, valued at approximately $1,211,933.36. This represents a 11.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William L. Meaney sold 69,125 shares of the firm’s stock in a transaction that occurred on 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 318,973 shares of company stock worth $29,370,872 over the last quarter. 2.10% 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.