Cranbrook Wealth Management LLC Buys New Position in Iron Mountain Incorporated (NYSE:IRM)

Cranbrook Wealth Management LLC purchased a new stake in Iron Mountain Incorporated (NYSE:IRM) during the 1st quarter, HoldingsChannel.com reports. The fund purchased 300 shares of the financial services provider’s stock, valued at approximately $26,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Oregon Public Employees Retirement Fund lifted its stake in Iron Mountain by 0.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 25,159 shares of the financial services provider’s stock valued at $2,644,000 after buying an additional 100 shares during the period. Belpointe Asset Management LLC lifted its stake in Iron Mountain by 1.6% in the fourth quarter. Belpointe Asset Management LLC now owns 7,250 shares of the financial services provider’s stock valued at $821,000 after buying an additional 112 shares during the period. Mather Group LLC. lifted its stake in Iron Mountain by 4.6% in the fourth quarter. Mather Group LLC. now owns 2,582 shares of the financial services provider’s stock valued at $271,000 after buying an additional 113 shares during the period. DoubleLine ETF Adviser LP lifted its stake in Iron Mountain by 0.5% in the fourth quarter. DoubleLine ETF Adviser LP now owns 21,064 shares of the financial services provider’s stock valued at $2,214,000 after buying an additional 114 shares during the period. Finally, One Charles Private Wealth Services LLC lifted its stake in Iron Mountain by 1.0% in the fourth quarter. One Charles Private Wealth Services LLC now owns 11,760 shares of the financial services provider’s stock valued at $1,236,000 after buying an additional 119 shares during the period. 80.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. JPMorgan Chase & Co. dropped their price target on Iron Mountain from $125.00 to $112.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 18th. Wall Street Zen raised Iron Mountain from a “sell” rating to a “hold” rating in a research report on Friday, April 18th. Truist Financial initiated coverage on 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, Barclays upped their target price on Iron Mountain from $118.00 to $121.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 27th. One research 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’s stock. According to MarketBeat, Iron Mountain has an average rating of “Buy” and an average target price of $121.71.

Iron Mountain Trading Up 1.0%

NYSE IRM opened at $102.27 on Friday. The firm has a market capitalization of $30.17 billion, a P/E ratio of 167.66, a PEG ratio of 5.15 and a beta of 1.09. The business has a fifty day simple moving average of $91.33 and a 200 day simple moving average of $98.26. Iron Mountain Incorporated has a 12 month low of $72.33 and a 12 month high of $130.24.

Iron Mountain (NYSE:IRM) last released its quarterly 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. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.59 billion. Iron Mountain had a negative return on equity of 401.83% and a net margin of 2.95%. Iron Mountain’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.10 EPS. As a group, sell-side analysts predict that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Monday, June 16th will be given a $0.785 dividend. This represents a $3.14 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend is Monday, June 16th. Iron Mountain’s payout ratio is currently 765.85%.

Insider Activity at Iron Mountain

In other Iron Mountain news, Director Walter C. Rakowich sold 900 shares of the company’s stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $99.97, for a total value of $89,973.00. Following the completion of the transaction, the director now owns 36,515 shares in the company, valued at $3,650,404.55. This represents a 2.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William L. Meaney sold 69,125 shares of the company’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $96.09, for a total value of $6,642,221.25. The disclosure for this sale can be found here. In the last three months, insiders sold 216,673 shares of company stock valued at $20,319,408. 1.90% of the stock is owned by insiders.

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.