Comerica Bank Lowers Holdings in Iron Mountain Incorporated (NYSE:IRM)

Posted by Defense World Staff on Apr 15th, 2023

Comerica Bank reduced its stake in shares of Iron Mountain Incorporated (NYSE:IRM – Get Rating) by 0.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 69,244 shares of the financial services provider’s stock after selling 473 shares during the quarter. Comerica Bank’s holdings in Iron Mountain were worth $3,623,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of IRM. Strategic Blueprint LLC purchased a new position in shares of Iron Mountain during the 4th quarter valued at approximately $202,000. Strs Ohio raised its position in shares of Iron Mountain by 28.1% in the fourth quarter. Strs Ohio now owns 389,264 shares of the financial services provider’s stock worth $19,404,000 after acquiring an additional 85,301 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Iron Mountain by 3.2% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 63,476 shares of the financial services provider’s stock worth $3,164,000 after acquiring an additional 1,953 shares in the last quarter. Boenning & Scattergood Inc. grew its position in shares of Iron Mountain by 2.7% during the 4th quarter. Boenning & Scattergood Inc. now owns 22,800 shares of the financial services provider’s stock valued at $1,263,000 after acquiring an additional 600 shares during the period. Finally, Cyndeo Wealth Partners LLC purchased a new position in shares of Iron Mountain in the 4th quarter valued at about $1,757,000. 77.12% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on IRM. Barclays lowered their price target on Iron Mountain from $57.00 to $56.00 in a research report on Monday, March 20th. StockNews.com assumed coverage on shares of Iron Mountain in a research note on Thursday, March 16th. They issued a “hold” rating on the stock. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $58.00 price objective on shares of Iron Mountain in a research report on Monday, March 6th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $60.00.

Insider Activity at Iron Mountain

In other Iron Mountain news, CEO William L. Meaney sold 62,904 shares of the business’s stock in a transaction on Monday, February 27th. The stock was sold at an average price of $52.78, for a total transaction of $3,320,073.12. Following the transaction, the chief executive officer now owns 376,320 shares of the company’s stock, valued at $19,862,169.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO William L. Meaney sold 62,904 shares of Iron Mountain stock in a transaction on Monday, February 27th. The stock was sold at an average price of $52.78, for a total transaction of $3,320,073.12. Following the transaction, the chief executive officer now owns 376,320 shares in the company, valued at approximately $19,862,169.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Deborah Marson sold 1,125 shares of the company’s stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $51.77, for a total transaction of $58,241.25. Following the completion of the sale, the executive vice president now directly owns 59,419 shares of the company’s stock, valued at approximately $3,076,121.63. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 84,045 shares of company stock valued at $4,430,971. 2.20% of the stock is currently owned by insiders.

Iron Mountain Stock Down 1.9 %

NYSE IRM opened at $52.76 on Friday. The business has a fifty day moving average price of $52.46 and a 200 day moving average price of $51.34. The company has a debt-to-equity ratio of 16.46, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market cap of $15.38 billion, a P/E ratio of 27.77, a P/E/G ratio of 3.54 and a beta of 0.90. Iron Mountain Incorporated has a one year low of $43.33 and a one year high of $58.61.

Iron Mountain (NYSE:IRM – Get Rating) last issued its earnings results on Thursday, February 23rd. The financial services provider reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.46). Iron Mountain had a net margin of 10.91% and a return on equity of 79.49%. The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the company earned $0.74 earnings per share. Iron Mountain’s quarterly revenue was up 10.3% on a year-over-year basis. Research analysts anticipate that Iron Mountain Incorporated will post 3.77 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 5th. Stockholders of record on Wednesday, March 15th were given a $0.6185 dividend. The ex-dividend date of this dividend was Tuesday, March 14th. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.62. This represents a $2.47 dividend on an annualized basis and a dividend yield of 4.69%. Iron Mountain’s dividend payout ratio is 130.00%.

Iron Mountain Profile

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Iron Mountain, Inc engages in the provision of storage and information management solutions. It operates through the following business segments: North American Records & Information Management Business, North American Data Management Business, Western European Business, Other International Business, Global Data Center Business and Corporate & Other Business.

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Institutional Ownership by Quarter for Iron Mountain (NYSE:IRM)

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