Corient Private Wealth LLC Sells 6,087 Shares of Iron Mountain Incorporated (NYSE:IRM)

Corient Private Wealth LLC reduced its stake in Iron Mountain Incorporated (NYSE:IRM) by 2.7% during the 4th quarter, HoldingsChannel reports. The fund owned 216,142 shares of the financial services provider’s stock after selling 6,087 shares during the quarter. Corient Private Wealth LLC’s holdings in Iron Mountain were worth $22,719,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in IRM. Wealthfront Advisers LLC lifted its position in Iron Mountain by 9,843.3% in the 4th quarter. Wealthfront Advisers LLC now owns 6,864,832 shares of the financial services provider’s stock valued at $721,562,000 after acquiring an additional 6,795,792 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Iron Mountain by 537.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,170,550 shares of the financial services provider’s stock worth $376,756,000 after buying an additional 2,672,821 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Iron Mountain during the 4th quarter worth about $55,271,000. Cbre Investment Management Listed Real Assets LLC lifted its position in Iron Mountain by 158.3% during the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 541,028 shares of the financial services provider’s stock worth $56,867,000 after buying an additional 331,536 shares in the last quarter. Finally, Aew Capital Management L P lifted its position in Iron Mountain by 55.6% during the 4th quarter. Aew Capital Management L P now owns 678,887 shares of the financial services provider’s stock worth $71,358,000 after buying an additional 242,490 shares in the last quarter. 80.13% of the stock is owned by institutional investors.

Insider Activity at Iron Mountain

In related news, EVP Mithu Bhargava sold 8,263 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $104.49, for a total value of $863,400.87. Following the transaction, the executive vice president now owns 13,054 shares in the company, valued at approximately $1,364,012.46. This represents a 38.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William L. Meaney sold 69,131 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $104.85, for a total transaction of $7,248,385.35. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 327,242 shares of company stock worth $31,530,305. Insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on IRM shares. Royal Bank of Canada boosted their price target on shares of Iron Mountain from $135.00 to $139.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 27th. StockNews.com cut shares of Iron Mountain from a “hold” rating to a “sell” rating in a research report on Friday, March 14th. JPMorgan Chase & Co. cut their price target on shares of Iron Mountain from $125.00 to $112.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 18th. Wells Fargo & Company cut 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. Finally, Barclays dropped their target price on shares of Iron Mountain from $131.00 to $130.00 and set an “overweight” rating on the stock in a report on Tuesday, January 28th. One equities research analyst has rated the stock with a sell rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Iron Mountain presently has an average rating of “Moderate Buy” and a consensus target price of $127.67.

Iron Mountain Stock Performance

Shares of IRM stock opened at $87.56 on Wednesday. The firm’s 50-day moving average is $97.73 and its 200-day moving average is $109.69. The stock has a market cap of $25.72 billion, a price-to-earnings ratio of 143.54, a PEG ratio of 5.15 and a beta of 1.04. Iron Mountain Incorporated has a 52-week low of $73.53 and a 52-week high of $130.24.

Iron Mountain (NYSE:IRM) last announced its quarterly earnings results on Thursday, February 13th. The financial services provider reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.70). Iron Mountain had a net margin of 2.95% and a negative return on equity of 401.83%. The company had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same quarter last year, the company posted $0.52 EPS. Sell-side analysts predict that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Monday, March 17th will be paid a $0.785 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $3.14 dividend on an annualized basis and a yield of 3.59%. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.72. Iron Mountain’s dividend payout ratio is 514.75%.

About Iron Mountain

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.