GeoWealth Management LLC Purchases 5,490 Shares of Iron Mountain Incorporated (NYSE:IRM)

GeoWealth Management LLC grew its position in Iron Mountain Incorporated (NYSE:IRM) by 25.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,229 shares of the financial services provider’s stock after purchasing an additional 5,490 shares during the period. GeoWealth Management LLC’s holdings in Iron Mountain were worth $2,862,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of IRM. IMG Wealth Management Inc. bought a new stake in Iron Mountain in the 4th quarter valued at approximately $26,000. Halbert Hargrove Global Advisors LLC bought a new stake in shares of Iron Mountain in the fourth quarter worth $26,000. Key Financial Inc boosted its holdings 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 worth $26,000 after purchasing an additional 251 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its position 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 purchasing an additional 155 shares in the last quarter. Finally, Parkworth Wealth Management Inc. acquired a new stake in Iron Mountain in the 4th quarter valued at $53,000. 80.13% of the stock is owned by institutional investors and hedge funds.

Iron Mountain Stock Performance

NYSE IRM opened at $84.21 on Friday. The stock has a market cap of $24.74 billion, a PE ratio of 138.05, a P/E/G ratio of 5.15 and a beta of 0.97. The firm has a 50-day moving average of $87.29 and a 200-day moving average of $104.44. Iron Mountain Incorporated has a 52-week low of $72.33 and a 52-week high of $130.24.

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

Iron Mountain Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Monday, March 17th were given a $0.785 dividend. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date of this dividend was Monday, March 17th. This is a boost from Iron Mountain’s previous quarterly dividend of $0.72. Iron Mountain’s payout ratio is presently 514.75%.

Insider Activity at Iron Mountain

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of the stock in a transaction that occurred 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Daniel Borges sold 6,433 shares of Iron Mountain stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.84, for a total transaction of $597,239.72. Following the completion of the sale, the chief accounting officer now owns 288 shares of the company’s stock, valued at approximately $26,737.92. The trade was a 95.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 318,973 shares of company stock worth $29,370,872. Corporate insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on IRM shares. StockNews.com upgraded Iron Mountain from a “sell” rating to a “hold” rating in a report on Friday. Barclays dropped their price objective on Iron Mountain from $130.00 to $118.00 and set an “overweight” rating on the stock in a research note on Thursday, March 20th. Truist Financial started coverage on shares of Iron Mountain in a research note on Tuesday, April 8th. They issued a “buy” rating and a $95.00 target price for the company. JPMorgan Chase & Co. dropped 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. Finally, Wells Fargo & Company decreased their price objective on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday, February 4th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $121.29.

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.