Naviter Wealth LLC Buys 1,572 Shares of Iron Mountain Incorporated $IRM

Naviter Wealth LLC boosted its stake in Iron Mountain Incorporated (NYSE:IRM) by 7.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,341 shares of the financial services provider’s stock after buying an additional 1,572 shares during the quarter. Naviter Wealth LLC’s holdings in Iron Mountain were worth $2,308,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Financial Network Wealth Advisors LLC acquired a new stake in shares of Iron Mountain during the 1st quarter worth about $26,000. Golden State Wealth Management LLC bought a new stake in Iron Mountain during the first quarter worth about $30,000. Ramirez Asset Management Inc. acquired a new stake in shares of Iron Mountain during the first quarter worth approximately $34,000. Wayfinding Financial LLC bought a new position in shares of Iron Mountain in the first quarter valued at approximately $37,000. Finally, Crewe Advisors LLC boosted its holdings in shares of Iron Mountain by 10,000.0% in the 1st quarter. Crewe Advisors LLC now owns 505 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 500 shares in the last quarter. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Iron Mountain Trading Up 0.5%

Shares of NYSE:IRM opened at $102.31 on Tuesday. The stock has a market capitalization of $30.22 billion, a P/E ratio of 730.84 and a beta of 1.06. Iron Mountain Incorporated has a 1-year low of $72.33 and a 1-year high of $130.24. The business has a 50-day moving average price of $96.64 and a two-hundred day moving average price of $95.63.

Iron Mountain (NYSE:IRM) last issued its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.05. The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.68 billion. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.08 EPS. As a group, equities analysts predict that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 3rd. Shareholders of record on Monday, September 15th were issued a dividend of $0.785 per share. This represents a $3.14 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Monday, September 15th. Iron Mountain’s payout ratio is currently 2,242.86%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on IRM shares. Barclays raised their price target on Iron Mountain from $121.00 to $122.00 and gave the company an “overweight” rating in a report on Wednesday, August 20th. Weiss Ratings restated a “hold (c)” rating on shares of Iron Mountain in a research note on Wednesday, October 8th. JPMorgan Chase & Co. cut their price target on Iron Mountain from $112.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, August 7th. Finally, Jefferies Financial Group started coverage on shares of Iron Mountain in a report on Monday, September 22nd. They set a “buy” rating and a $120.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $116.83.

Insider Activity

In related news, CEO William L. Meaney sold 69,125 shares of the company’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $102.34, for a total value of $7,074,252.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Kidd sold 6,000 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $91.05, for a total value of $546,300.00. Following the completion of the transaction, the executive vice president directly owned 79,081 shares in the company, valued at $7,200,325.05. The trade was a 7.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 213,375 shares of company stock valued at $20,347,156 in the last 90 days. 1.90% of the stock is owned by company insiders.

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.