SVB Wealth LLC Increases Stock Position in Iron Mountain Incorporated (NYSE:IRM)

SVB Wealth LLC raised its stake in shares of Iron Mountain Incorporated (NYSE:IRM – Get Rating) by 13.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,363 shares of the financial services provider’s stock after purchasing an additional 4,262 shares during the period. SVB Wealth LLC’s holdings in Iron Mountain were worth $1,813,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Corrado Advisors LLC lifted its holdings in Iron Mountain by 2.4% during the fourth quarter. Corrado Advisors LLC now owns 25,583 shares of the financial services provider’s stock valued at $1,275,000 after purchasing an additional 603 shares in the last quarter. XML Financial LLC acquired a new stake in shares of Iron Mountain in the fourth quarter valued at about $219,000. Blair William & Co. IL raised its position in shares of Iron Mountain by 1.3% in the fourth quarter. Blair William & Co. IL now owns 361,561 shares of the financial services provider’s stock valued at $18,024,000 after buying an additional 4,716 shares during the last quarter. Tredje AP fonden raised its position in shares of Iron Mountain by 2.7% in the fourth quarter. Tredje AP fonden now owns 58,764 shares of the financial services provider’s stock valued at $2,929,000 after buying an additional 1,539 shares during the last quarter. Finally, abrdn plc raised its position in shares of Iron Mountain by 7.5% in the fourth quarter. abrdn plc now owns 147,239 shares of the financial services provider’s stock valued at $7,340,000 after buying an additional 10,258 shares during the last quarter. 77.12% of the stock is owned by hedge funds and other institutional investors.

Iron Mountain Price Performance

Shares of IRM opened at $55.04 on Tuesday. Iron Mountain Incorporated has a 1-year low of $43.33 and a 1-year high of $57.21. The stock has a market cap of $16.05 billion, a PE ratio of 27.80, a P/E/G ratio of 3.67 and a beta of 0.91. The firm has a 50-day simple moving average of $53.38 and a two-hundred day simple moving average of $52.86. The company has a debt-to-equity ratio of 19.91, a current ratio of 0.80 and a quick ratio of 0.80.

Iron Mountain (NYSE:IRM – Get Rating) last announced its quarterly earnings results on Thursday, February 23rd. The financial services provider reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.46). Iron Mountain had a net margin of 11.20% and a return on equity of 88.48%. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the prior year, the business earned $0.74 earnings per share. Iron Mountain’s revenue was up 10.3% on a year-over-year basis. As a group, analysts forecast that Iron Mountain Incorporated will post 3.77 EPS for the current year.

Iron Mountain Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 6th. Investors of record on Thursday, June 15th will be paid a $0.6185 dividend. The ex-dividend date is Wednesday, June 14th. This represents a $2.47 dividend on an annualized basis and a yield of 4.49%. Iron Mountain’s dividend payout ratio is currently 124.75%.

Insider Buying and Selling

In related news, EVP Deborah Marson sold 1,125 shares of Iron Mountain stock in a transaction that occurred on Friday, February 24th. The shares were sold at an average price of $51.77, for a total value of $58,241.25. Following the completion of the transaction, the executive vice president now owns 59,419 shares in the company, valued at $3,076,121.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Iron Mountain news, Director Walter C. Rakowich sold 1,219 shares of the firm’s stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $55.53, for a total transaction of $67,691.07. Following the sale, the director now owns 33,735 shares of the company’s stock, valued at $1,873,304.55. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Deborah Marson sold 1,125 shares of the firm’s stock in a transaction that occurred on Friday, February 24th. The stock was sold at an average price of $51.77, for a total transaction of $58,241.25. Following the sale, the executive vice president now directly owns 59,419 shares in the company, valued at approximately $3,076,121.63. The disclosure for this sale can be found here. Insiders sold 99,771 shares of company stock worth $5,281,872 over the last 90 days. 2.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on IRM shares. StockNews.com cut shares of Iron Mountain from a “hold” rating to a “sell” rating in a research report on Sunday. Royal Bank of Canada restated a “sector perform” rating and set a $58.00 price objective on shares of Iron Mountain in a research report on Monday, March 6th. Finally, Barclays raised their price objective on shares of Iron Mountain from $56.00 to $64.00 in a research report on Friday, May 5th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $62.00.

Iron Mountain Profile

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Iron Mountain, Inc engages in the provision of storage and information management solutions. It operates through the following business segments: North American Records & Information Management Business, North American Data Management Business, Western European Business, Other International Business, Global Data Center Business and Corporate & Other Business.