Prestige Wealth Management Group LLC Has $440,000 Stock Position in Iron Mountain Incorporated (NYSE:IRM)

Prestige Wealth Management Group LLC boosted its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 8.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,160 shares of the financial services provider’s stock after purchasing an additional 314 shares during the period. Prestige Wealth Management Group LLC’s holdings in Iron Mountain were worth $440,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. TD Asset Management Inc. raised its holdings in shares of Iron Mountain by 125.4% in the 4th quarter. TD Asset Management Inc. now owns 1,952,432 shares of the financial services provider’s stock valued at $205,220,000 after purchasing an additional 1,086,308 shares during the period. CoreFirst Bank & Trust bought a new stake in Iron Mountain in the fourth quarter valued at approximately $2,646,000. Corebridge Financial Inc. lifted its position in shares of Iron Mountain by 0.7% in the fourth quarter. Corebridge Financial Inc. now owns 76,267 shares of the financial services provider’s stock valued at $8,016,000 after buying an additional 524 shares during the last quarter. Stevens Capital Management LP boosted its stake in shares of Iron Mountain by 102.7% during the 4th quarter. Stevens Capital Management LP now owns 3,564 shares of the financial services provider’s stock worth $375,000 after acquiring an additional 1,806 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Iron Mountain during the 4th quarter worth approximately $10,278,000. 80.13% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on IRM. Royal Bank of Canada raised their price target on Iron Mountain from $135.00 to $139.00 and gave the company an “outperform” rating in a report on Wednesday, November 27th. Barclays decreased their price target on shares of Iron Mountain from $130.00 to $118.00 and set an “overweight” rating on the stock in a research note on Thursday, March 20th. JPMorgan Chase & Co. cut their price objective on shares of Iron Mountain from $125.00 to $112.00 and set an “overweight” rating for the company in a research report on Tuesday, February 18th. StockNews.com raised Iron Mountain from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, Wells Fargo & Company decreased their price objective on Iron Mountain from $135.00 to $125.00 and set an “overweight” rating on the stock in a report on Tuesday, February 4th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Iron Mountain presently has an average rating of “Buy” and a consensus price target of $125.67.

Iron Mountain Stock Performance

IRM opened at $90.14 on Tuesday. The firm has a market cap of $26.48 billion, a P/E ratio of 147.77, a price-to-earnings-growth ratio of 5.15 and a beta of 1.04. The business’s fifty day moving average is $96.65 and its 200-day moving average is $109.03. Iron Mountain Incorporated has a 52-week low of $73.53 and a 52-week high of $130.24.

Iron Mountain (NYSE:IRM) last released its earnings results on Thursday, February 13th. The financial services provider reported $0.50 EPS for the quarter, missing the consensus estimate of $1.20 by ($0.70). The firm had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.60 billion. Iron Mountain had a net margin of 2.95% and a negative return on equity of 401.83%. During the same period in the prior year, the business earned $0.52 earnings per share. On average, research analysts predict that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Monday, March 17th will be paid a $0.785 dividend. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.48%. This is a boost from Iron Mountain’s previous quarterly dividend of $0.72. The ex-dividend date is Monday, March 17th. Iron Mountain’s dividend payout ratio is presently 514.75%.

Insider Activity

In other Iron Mountain news, CAO Daniel Borges sold 6,433 shares of the 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. This represents a 95.71 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William L. Meaney sold 172,552 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $91.33, for a total transaction of $15,759,174.16. Following the completion of the transaction, the chief executive officer now owns 237,402 shares in the company, valued at $21,681,924.66. This trade represents a 42.09 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 318,979 shares of company stock valued at $30,666,904. 2.10% of the stock is currently owned by corporate insiders.

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.