Bay Harbor Wealth Management LLC Has $73,000 Position in Iron Mountain Incorporated $IRM

Bay Harbor Wealth Management LLC reduced its position in shares of Iron Mountain Incorporated (NYSE:IRM) by 18.4% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 703 shares of the financial services provider’s stock after selling 158 shares during the quarter. Bay Harbor Wealth Management LLC’s holdings in Iron Mountain were worth $73,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Penobscot Investment Management Company Inc. acquired a new position in shares of Iron Mountain during the second quarter worth about $517,000. QRG Capital Management Inc. raised its holdings in Iron Mountain by 2.6% during the second quarter. QRG Capital Management Inc. now owns 138,972 shares of the financial services provider’s stock worth $14,254,000 after acquiring an additional 3,514 shares in the last quarter. Ascent Group LLC bought a new stake in Iron Mountain during the second quarter worth about $697,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in Iron Mountain during the second quarter worth about $349,000. Finally, TPG Advisors LLC bought a new stake in Iron Mountain during the second quarter worth about $200,000. 80.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

IRM has been the topic of several analyst reports. Jefferies Financial Group initiated coverage on Iron Mountain in a report on Monday, September 22nd. They set a “buy” rating and a $120.00 target price on the stock. Barclays upped their target price on Iron Mountain from $121.00 to $122.00 and gave the stock an “overweight” rating in a report on Wednesday, August 20th. JPMorgan Chase & Co. dropped their target price on Iron Mountain from $112.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, August 7th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Iron Mountain in a report on Saturday, September 27th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Iron Mountain presently has an average rating of “Buy” and a consensus price target of $116.83.

Iron Mountain Stock Up 1.7%

NYSE:IRM opened at $105.08 on Friday. The stock’s 50 day moving average price is $95.72 and its two-hundred day moving average price is $94.86. The firm has a market capitalization of $31.03 billion, a price-to-earnings ratio of 750.60 and a beta of 1.06. 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 data 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 firm had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.68 billion. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.08 earnings per share. Equities research analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 3rd. Stockholders of record on Monday, September 15th were paid a dividend of $0.785 per share. The ex-dividend date was Monday, September 15th. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.0%. Iron Mountain’s dividend payout ratio (DPR) is 2,242.86%.

Insider Transactions at Iron Mountain

In other news, CEO William L. Meaney sold 69,125 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $94.55, for a total transaction of $6,535,768.75. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO William L. Meaney sold 69,125 shares of the stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $102.34, for a total value of $7,074,252.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 213,375 shares of company stock worth $20,347,156. Company insiders own 1.90% of the company’s stock.

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.