Naviter Wealth LLC Lowers Stock Holdings in Iron Mountain Incorporated (NYSE:IRM)

Naviter Wealth LLC cut its position in Iron Mountain Incorporated (NYSE:IRM) by 8.4% in the third quarter, HoldingsChannel reports. The institutional investor owned 17,485 shares of the financial services provider’s stock after selling 1,600 shares during the period. Naviter Wealth LLC’s holdings in Iron Mountain were worth $2,090,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Daiwa Securities Group Inc. lifted its position in shares of Iron Mountain by 11.6% during the first quarter. Daiwa Securities Group Inc. now owns 4,562,165 shares of the financial services provider’s stock worth $365,931,000 after purchasing an additional 475,849 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Iron Mountain by 49.2% in the second quarter. Legal & General Group Plc now owns 3,899,276 shares of the financial services provider’s stock worth $349,453,000 after acquiring an additional 1,286,694 shares in the last quarter. AGF Management Ltd. increased its position in shares of Iron Mountain by 76.3% during the second quarter. AGF Management Ltd. now owns 2,245,393 shares of the financial services provider’s stock worth $201,232,000 after acquiring an additional 972,101 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Iron Mountain by 0.3% in the second quarter. Bank of New York Mellon Corp now owns 2,126,237 shares of the financial services provider’s stock valued at $190,553,000 after acquiring an additional 6,562 shares in the last quarter. Finally, Centersquare Investment Management LLC increased its holdings in Iron Mountain by 7,892.6% during the 1st quarter. Centersquare Investment Management LLC now owns 1,538,486 shares of the financial services provider’s stock worth $119,263,000 after purchasing an additional 1,519,237 shares during the period. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Analysts Set New Price Targets

IRM has been the subject of a number of analyst reports. Wells Fargo & Company boosted their price objective on Iron Mountain from $110.00 to $120.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. lifted their price objective on shares of Iron Mountain from $82.00 to $121.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Stifel Nicolaus upped their price objective on Iron Mountain from $117.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, September 23rd. The Goldman Sachs Group upped their target price on shares of Iron Mountain from $106.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, Barclays boosted their price target on Iron Mountain from $91.00 to $133.00 and gave the company an “overweight” rating in a research report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $113.00.

Insider Buying and Selling at Iron Mountain

In related news, COO John Tomovcsik sold 2,866 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $105.00, for a total value of $300,930.00. Following the completion of the transaction, the chief operating officer now directly owns 15,000 shares of the company’s stock, valued at $1,575,000. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Iron Mountain news, COO John Tomovcsik sold 2,866 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $105.00, for a total transaction of $300,930.00. Following the completion of the transaction, the chief operating officer now directly owns 15,000 shares in the company, valued at approximately $1,575,000. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William L. Meaney sold 15,875 shares of Iron Mountain stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $117.36, for a total transaction of $1,863,090.00. Following the transaction, the chief executive officer now owns 295,650 shares of the company’s stock, valued at approximately $34,697,484. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 30,503 shares of company stock valued at $3,511,505. Corporate insiders own 2.10% of the company’s stock.

Iron Mountain Stock Performance

NYSE:IRM traded up $0.29 during mid-day trading on Thursday, reaching $123.71. The stock had a trading volume of 31,378 shares, compared to its average volume of 1,598,488. Iron Mountain Incorporated has a twelve month low of $57.36 and a twelve month high of $124.12. The business has a 50 day simple moving average of $114.74 and a 200 day simple moving average of $96.19. The firm has a market capitalization of $36.26 billion, a price-to-earnings ratio of 187.44, a PEG ratio of 7.22 and a beta of 1.00. The company has a debt-to-equity ratio of 674.63, a quick ratio of 0.79 and a current ratio of 0.79.

Iron Mountain (NYSE:IRM) last posted its quarterly earnings results on Thursday, August 1st. The financial services provider reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.59). The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Iron Mountain had a net margin of 3.94% and a return on equity of 595.44%. The firm’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.94 earnings per share. On average, analysts expect that Iron Mountain Incorporated will post 4.17 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Investors of record on Monday, September 16th were issued a dividend of $0.715 per share. The ex-dividend date was Monday, September 16th. This represents a $2.86 dividend on an annualized basis and a yield of 2.31%. This is an increase from Iron Mountain’s previous quarterly dividend of $0.65. Iron Mountain’s payout ratio is currently 433.33%.

Iron Mountain 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.