Avidian Wealth Enterprises LLC Buys New Stake in Iron Mountain Incorporated $IRM

Avidian Wealth Enterprises LLC acquired a new stake in Iron Mountain Incorporated (NYSE:IRM) in the second quarter, Holdings Channel.com reports. The fund acquired 2,108 shares of the financial services provider’s stock, valued at approximately $216,000.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its position in Iron Mountain by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 46,825,734 shares of the financial services provider’s stock valued at $4,028,886,000 after acquiring an additional 220,564 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Iron Mountain by 0.9% in the first quarter. Dimensional Fund Advisors LP now owns 4,256,417 shares of the financial services provider’s stock valued at $366,210,000 after purchasing an additional 37,154 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Iron Mountain by 14.7% in the first quarter. Invesco Ltd. now owns 2,848,954 shares of the financial services provider’s stock valued at $245,124,000 after purchasing an additional 366,134 shares in the last quarter. Nuveen LLC acquired a new position in shares of Iron Mountain in the first quarter valued at approximately $192,231,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Iron Mountain by 17.8% in the first quarter. JPMorgan Chase & Co. now owns 2,061,560 shares of the financial services provider’s stock valued at $177,377,000 after purchasing an additional 311,494 shares in the last quarter. 80.13% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have commented on IRM shares. Zacks Research upgraded shares of Iron Mountain from a “strong sell” rating to a “hold” rating in a research note on Monday. Barclays boosted their target price on Iron Mountain from $121.00 to $122.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 20th. Weiss Ratings reissued a “hold (c)” rating on shares of Iron Mountain in a research report on Wednesday, October 8th. Jefferies Financial Group started coverage on Iron Mountain in a research report on Monday, September 22nd. They set a “buy” rating and a $120.00 price objective for the company. Finally, JPMorgan Chase & Co. lowered their price objective on Iron Mountain from $112.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $116.83.

Iron Mountain Stock Performance

NYSE:IRM opened at $103.93 on Friday. The stock has a 50-day simple moving average of $98.68 and a 200-day simple moving average of $96.64. The stock has a market cap of $30.70 billion, a P/E ratio of 742.44 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.

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, topping the consensus estimate of $1.19 by $0.05. The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.08 EPS. On average, equities research analysts predict that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Announces Dividend

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

Insider Activity

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of the company’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $94.55, for a total value of $6,535,768.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark Kidd sold 6,000 shares of the company’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $91.05, for a total transaction of $546,300.00. Following the completion of the transaction, the executive vice president owned 79,081 shares of the company’s stock, valued at $7,200,325.05. This represents a 7.05% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 213,375 shares of company stock worth $20,347,156. Corporate insiders own 1.90% of the company’s stock.

About Iron Mountain

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.