Wealth Enhancement Advisory Services LLC Cuts Stock Holdings in Iron Mountain Incorporated (NYSE:IRM)

Wealth Enhancement Advisory Services LLC reduced its position in shares of Iron Mountain Incorporated (NYSE:IRM) by 5.4% in the 1st quarter, HoldingsChannel reports. The firm owned 49,086 shares of the financial services provider’s stock after selling 2,788 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Iron Mountain were worth $4,223,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. IMG Wealth Management Inc. purchased a new position in Iron Mountain in the fourth quarter valued at about $26,000. Halbert Hargrove Global Advisors LLC purchased a new position in Iron Mountain in the fourth quarter valued at about $26,000. Cranbrook Wealth Management LLC purchased a new position in Iron Mountain in the first quarter valued at about $26,000. Franchise Capital Ltd purchased a new position in Iron Mountain in the first quarter valued at about $39,000. Finally, Whittier Trust Co. of Nevada Inc. increased its holdings in Iron Mountain by 46.4% in 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 buying an additional 155 shares in the last quarter. 80.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Walter C. Rakowich sold 900 shares of Iron Mountain stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $99.97, for a total transaction of $89,973.00. Following the sale, the director now directly owns 36,515 shares in the company, valued at $3,650,404.55. This trade represents a 2.41% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 216,673 shares of company stock valued at $20,319,408. Company insiders own 1.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Barclays raised their target price 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. Truist Financial assumed coverage on shares of Iron Mountain in a research report on Tuesday, April 8th. They set a “buy” rating and a $95.00 target price on the stock. Finally, Wall Street Zen upgraded shares of Iron Mountain from a “sell” rating to a “hold” rating in a research report on Friday, April 18th. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Iron Mountain presently has a consensus rating of “Buy” and an average price target of $121.71.

Iron Mountain Stock Down 1.6%

Shares of IRM opened at $101.05 on Friday. The firm has a market cap of $29.81 billion, a PE ratio of 246.46 and a beta of 1.09. The company’s fifty day moving average is $96.99 and its two-hundred day moving average is $96.51. 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 issued its earnings results on Thursday, May 1st. The financial services provider reported $1.17 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.59 billion. During the same quarter last year, the firm posted $1.10 EPS. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Iron Mountain Incorporated will post 4.54 earnings per share for the current 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 paid a $0.785 dividend. 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 is presently 765.85%.

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.