Envestnet Asset Management Inc. Sells 210,140 Shares of Iron Mountain Incorporated (NYSE:IRM)

Envestnet Asset Management Inc. trimmed its stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 46.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 245,463 shares of the financial services provider's stock after selling 210,140 shares during the quarter. Envestnet Asset Management Inc. owned 0.08% of Iron Mountain worth $25,801,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Wealthfront Advisers LLC grew its position in Iron Mountain by 9,843.3% in the fourth quarter. Wealthfront Advisers LLC now owns 6,864,832 shares of the financial services provider's stock valued at $721,562,000 after acquiring an additional 6,795,792 shares during the period. Norges Bank bought a new stake in shares of Iron Mountain in the 4th quarter worth about $348,249,000. TD Asset Management Inc. increased its position in shares of Iron Mountain by 125.4% during the 4th quarter. TD Asset Management Inc. now owns 1,952,432 shares of the financial services provider's stock worth $205,220,000 after purchasing an additional 1,086,308 shares in the last quarter. Raymond James Financial Inc. bought a new position in Iron Mountain during the 4th quarter valued at about $55,271,000. Finally, Cbre Investment Management Listed Real Assets LLC boosted its position in Iron Mountain by 158.3% in the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 541,028 shares of the financial services provider's stock valued at $56,867,000 after buying an additional 331,536 shares in the last quarter. 80.13% of the stock is owned by institutional investors and hedge funds.

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Insider Activity

In other news, CEO William L. Meaney sold 69,125 shares of the business's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $86.11, for a total value of $5,952,353.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Daniel Borges sold 6,433 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.84, for a total value of $597,239.72. Following the sale, the chief accounting officer now directly owns 288 shares in the company, valued at $26,737.92. The trade was a 95.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 318,973 shares of company stock valued at $29,370,872 in the last ninety days. 2.10% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. StockNews.com upgraded shares of Iron Mountain from a "sell" rating to a "hold" rating in a research note on Tuesday, April 8th. Truist Financial started coverage on Iron Mountain in a research report on Tuesday, April 8th. They issued a "buy" rating and a $95.00 price objective for the company. JPMorgan Chase & Co. lowered their target price on Iron Mountain from $125.00 to $112.00 and set an "overweight" rating for the company in a research note on Tuesday, February 18th. Wells Fargo & Company reduced their price target on shares of Iron Mountain from $135.00 to $125.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 4th. Finally, Barclays lowered their price objective on shares of Iron Mountain from $130.00 to $118.00 and set an "overweight" rating for the company in a research report on Thursday, March 20th. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $121.29.

Iron Mountain Trading Up 2.3 %

Shares of NYSE:IRM traded up $1.92 during trading on Thursday, hitting $84.55. 1,053,437 shares of the company's stock were exchanged, compared to its average volume of 2,162,637. The firm has a market cap of $24.83 billion, a P/E ratio of 138.75, a PEG ratio of 5.15 and a beta of 0.97. The firm has a 50-day moving average price of $88.16 and a two-hundred day moving average price of $104.91. Iron Mountain Incorporated has a 1-year low of $72.33 and a 1-year high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last released its earnings results on Thursday, February 13th. The financial services provider reported $0.50 EPS for the quarter, missing analysts' consensus estimates of $1.20 by ($0.70). The business had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.60 billion. Iron Mountain had a negative return on equity of 401.83% and a net margin of 2.95%. During the same period in the prior year, the firm posted $0.52 EPS. As a group, research analysts predict that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Monday, March 17th were given a dividend of $0.785 per share. This is a positive change from Iron Mountain's previous quarterly dividend of $0.72. This represents a $3.14 annualized dividend and a dividend yield of 3.71%. The ex-dividend date was Monday, March 17th. Iron Mountain's payout ratio is presently 514.75%.

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.