Corrado Advisors LLC Reduces Stock Position in Iron Mountain Incorporated (NYSE:IRM)

Corrado Advisors LLC cut its holdings in Iron Mountain Incorporated (NYSE:IRM) by 15.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 24,975 shares of the financial services provider’s stock after selling 4,604 shares during the period. Corrado Advisors LLC’s holdings in Iron Mountain were worth $1,748,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in IRM. Wellington Management Group LLP lifted its stake in Iron Mountain by 315.2% during the third quarter. Wellington Management Group LLP now owns 3,012,260 shares of the financial services provider’s stock worth $179,079,000 after purchasing an additional 2,286,711 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in shares of Iron Mountain by 60.9% in the fourth quarter. Daiwa Securities Group Inc. now owns 4,086,316 shares of the financial services provider’s stock valued at $285,960,000 after acquiring an additional 1,546,592 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in Iron Mountain by 214.7% in the third quarter. Ameriprise Financial Inc. now owns 1,727,813 shares of the financial services provider’s stock valued at $103,744,000 after buying an additional 1,178,754 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Iron Mountain by 49.7% during the third quarter. Invesco Ltd. now owns 3,243,435 shares of the financial services provider’s stock worth $192,822,000 after purchasing an additional 1,077,339 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC purchased a new position in shares of Iron Mountain during the third quarter worth about $38,430,000. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently weighed in on IRM. Barclays increased their target price on shares of Iron Mountain from $79.00 to $91.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 5th. Stifel Nicolaus increased their target price on shares of Iron Mountain from $65.00 to $76.00 and gave the stock a “buy” rating in a research note on Tuesday, January 23rd. TheStreet downgraded shares of Iron Mountain from a “b” rating to a “c” rating in a research note on Thursday, February 22nd. Finally, Wells Fargo & Company increased their target price on shares of Iron Mountain from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, March 15th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Iron Mountain currently has an average rating of “Moderate Buy” and an average target price of $73.80.

Iron Mountain Stock Performance

NYSE:IRM traded up $0.75 during mid-day trading on Tuesday, reaching $76.60. The stock had a trading volume of 774,675 shares, compared to its average volume of 1,416,293. The company has a debt-to-equity ratio of 55.78, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market capitalization of $22.39 billion, a price-to-earnings ratio of 121.59, a PEG ratio of 4.51 and a beta of 0.94. Iron Mountain Incorporated has a twelve month low of $52.81 and a twelve month high of $82.19. The business has a 50 day simple moving average of $76.89 and a 200 day simple moving average of $69.04.

Iron Mountain (NYSE:IRM) last posted its quarterly earnings results on Thursday, February 22nd. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.48). Iron Mountain had a net margin of 5.44% and a return on equity of 178.02%. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.45 billion. During the same quarter in the previous year, the business posted $0.98 earnings per share. Iron Mountain’s revenue was up 11.0% on a year-over-year basis. On average, analysts expect that Iron Mountain Incorporated will post 4.16 earnings per share for the current fiscal year.

Iron Mountain Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Friday, March 15th were given a dividend of $0.65 per share. The ex-dividend date was Thursday, March 14th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.39%. Iron Mountain’s payout ratio is 412.70%.

Insider Activity

In other news, CEO William L. Meaney sold 15,875 shares of the firm’s stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $68.24, for a total transaction of $1,083,310.00. Following the completion of the transaction, the chief executive officer now directly owns 295,650 shares of the company’s stock, valued at approximately $20,175,156. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO William L. Meaney sold 15,875 shares of the firm’s stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $68.24, for a total transaction of $1,083,310.00. Following the completion of the transaction, the chief executive officer now directly owns 295,650 shares of the company’s stock, valued at approximately $20,175,156. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William L. Meaney sold 115,979 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $78.90, for a total transaction of $9,150,743.10. Following the transaction, the chief executive officer now directly owns 432,682 shares of the company’s stock, valued at $34,138,609.80. The disclosure for this sale can be found here. In the last three months, insiders sold 164,124 shares of company stock worth $12,698,221. Company insiders own 2.20% 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.