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

Park Avenue Securities LLC decreased its position in Iron Mountain Incorporated (NYSE:IRM) by 6.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,405 shares of the financial services provider’s stock after selling 973 shares during the quarter. Park Avenue Securities LLC’s holdings in Iron Mountain were worth $1,153,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Key Financial Inc raised its position in Iron Mountain by 25,100.0% during the fourth quarter. Key Financial Inc now owns 252 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 251 shares during the period. Halbert Hargrove Global Advisors LLC bought a new position in shares of Iron Mountain during the 4th quarter valued at approximately $26,000. IMG Wealth Management Inc. bought a new stake in Iron Mountain in the fourth quarter worth $26,000. Cranbrook Wealth Management LLC purchased a new position in Iron Mountain during the first quarter worth $26,000. Finally, Franchise Capital Ltd bought a new stake in shares of Iron Mountain in the 1st quarter worth about $39,000. 80.13% of the stock is owned by hedge funds and other institutional investors.

Iron Mountain Stock Down 0.2%

Shares of Iron Mountain stock opened at $100.90 on Thursday. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $130.24. The firm has a market capitalization of $29.77 billion, a P/E ratio of 165.41, a PEG ratio of 5.15 and a beta of 1.09. The company has a 50 day moving average price of $92.42 and a 200 day moving average price of $97.91.

Iron Mountain (NYSE:IRM) last released its quarterly earnings data 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. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.59 billion. Iron Mountain had a negative return on equity of 401.83% and a net margin of 2.95%. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.10 EPS. As a group, research analysts anticipate that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Dividend Announcement

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

Wall Street Analyst Weigh In

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

Insider Activity at Iron Mountain

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

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.