Arete Wealth Advisors LLC Boosts Stake in Iron Mountain Incorporated (NYSE:IRM)

Arete Wealth Advisors LLC grew its stake in Iron Mountain Incorporated (NYSE:IRM) by 28.7% during the fourth quarter, HoldingsChannel reports. The fund owned 7,390 shares of the financial services provider’s stock after acquiring an additional 1,650 shares during the quarter. Arete Wealth Advisors LLC’s holdings in Iron Mountain were worth $776,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in IRM. IMG Wealth Management Inc. purchased a new position in Iron Mountain in the fourth quarter valued at about $26,000. Halbert Hargrove Global Advisors LLC bought a new stake in shares of Iron Mountain in the 4th quarter valued at about $26,000. Key Financial Inc grew its position in shares of Iron Mountain by 25,100.0% in the 4th quarter. Key Financial Inc now owns 252 shares of the financial services provider’s stock worth $26,000 after buying an additional 251 shares during the last quarter. Dunhill Financial LLC raised its stake in shares of Iron Mountain by 50.5% during the 3rd quarter. Dunhill Financial LLC now owns 453 shares of the financial services provider’s stock worth $54,000 after acquiring an additional 152 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. lifted its position in Iron Mountain by 46.4% during 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 acquiring an additional 155 shares during the last quarter. 80.13% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CAO Daniel Borges sold 6,433 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.84, for a total transaction of $597,239.72. Following the sale, the chief accounting officer now directly owns 288 shares of the company’s stock, valued at $26,737.92. This trade represents a 95.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $99.83, for a total value of $6,900,748.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 318,973 shares of company stock valued at $29,370,872. Company insiders own 2.10% of the company’s stock.

Iron Mountain Stock Performance

Shares of IRM stock opened at $77.31 on Friday. Iron Mountain Incorporated has a fifty-two week low of $73.53 and a fifty-two week high of $130.24. The firm has a market capitalization of $22.71 billion, a PE ratio of 126.74, a P/E/G ratio of 5.15 and a beta of 0.97. The stock’s 50-day simple moving average is $92.35 and its 200-day simple moving average is $107.29.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings results on Thursday, February 13th. The financial services provider reported $0.50 earnings per share 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 business had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same quarter last year, the company posted $0.52 EPS. Sell-side analysts forecast that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 4th. Shareholders of record on Monday, March 17th were issued a $0.785 dividend. This represents a $3.14 annualized dividend and a yield of 4.06%. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.72. The ex-dividend date was Monday, March 17th. Iron Mountain’s dividend payout ratio is presently 514.75%.

Wall Street Analyst Weigh In

IRM has been the topic of several analyst reports. Barclays cut their price target on shares of Iron Mountain from $130.00 to $118.00 and set an “overweight” rating on the stock in a report on Thursday, March 20th. JPMorgan Chase & Co. reduced their target price on Iron Mountain from $125.00 to $112.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 18th. StockNews.com downgraded Iron Mountain from a “hold” rating to a “sell” rating in a report on Monday, March 31st. Finally, Wells Fargo & Company cut their price objective on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating on the stock in a report on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $125.67.

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.