Ameriprise Financial Inc. Lowers Holdings in Iron Mountain Incorporated (NYSE:IRM)

Ameriprise Financial Inc. reduced its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 6.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,590,370 shares of the financial services provider’s stock after selling 105,528 shares during the period. Ameriprise Financial Inc. owned 0.54% of Iron Mountain worth $167,263,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of IRM. IMG Wealth Management Inc. acquired a new position in shares of Iron Mountain in the 4th quarter valued at $26,000. Halbert Hargrove Global Advisors LLC purchased a new position in shares of Iron Mountain in the 4th quarter worth $26,000. Key Financial Inc boosted its holdings in Iron Mountain by 25,100.0% in the fourth quarter. Key Financial Inc now owns 252 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 251 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its position in Iron Mountain by 46.4% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 489 shares of the financial services provider’s stock valued at $51,000 after acquiring an additional 155 shares during the period. Finally, Parkworth Wealth Management Inc. purchased a new position in shares of Iron Mountain in the 4th quarter worth about $53,000. 80.13% of the stock is owned by institutional investors and hedge funds.

Iron Mountain Price Performance

NYSE:IRM opened at $96.97 on Wednesday. The firm has a 50-day moving average of $86.12 and a two-hundred day moving average of $101.71. The stock has a market cap of $28.60 billion, a P/E ratio of 158.97, a PEG ratio of 5.15 and a beta of 1.08. Iron Mountain Incorporated has a 1-year low of $72.33 and a 1-year high of $130.24.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings data on Thursday, May 1st. The financial services provider reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.01. Iron Mountain had a negative return on equity of 401.83% and a net margin of 2.95%. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.59 billion. During the same quarter last year, the firm earned $1.10 EPS. Iron Mountain’s quarterly revenue was up 7.9% on a year-over-year basis. As a group, equities analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 3rd. Shareholders of record on Monday, June 16th will be issued a dividend of $0.785 per share. This represents a $3.14 annualized dividend and a yield of 3.24%. The ex-dividend date of this dividend is Monday, June 16th. Iron Mountain’s dividend payout ratio is currently 765.85%.

Insider Transactions at Iron Mountain

In other news, EVP Mithu Bhargava sold 1,738 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $92.84, for a total value of $161,355.92. Following the completion of the sale, the executive vice president now directly owns 13,054 shares in the company, valued at approximately $1,211,933.36. The trade was a 11.75 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $96.09, for a total value of $6,642,221.25. The disclosure for this sale can be found here. In the last 90 days, insiders sold 318,973 shares of company stock valued at $29,112,345. Insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on IRM. Wells Fargo & Company dropped their target price on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday, February 4th. Truist Financial began coverage on shares of Iron Mountain in a research report on Tuesday, April 8th. They issued a “buy” rating and a $95.00 price objective for the company. JPMorgan Chase & Co. reduced their target price on shares of Iron Mountain from $125.00 to $112.00 and set an “overweight” rating on the stock in a report on Tuesday, February 18th. StockNews.com raised Iron Mountain from a “sell” rating to a “hold” rating in a research report on Friday, April 18th. Finally, Barclays decreased their target price on Iron Mountain from $130.00 to $118.00 and set an “overweight” rating for the company in a research report on Thursday, March 20th. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $121.29.

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.