Morse Asset Management Inc Has $2.34 Million Stake in Iron Mountain Incorporated (NYSE:IRM)

Morse Asset Management Inc reduced its position in Iron Mountain Incorporated (NYSE:IRM) by 19.5% during the first quarter, HoldingsChannel reports. The firm owned 29,115 shares of the financial services provider’s stock after selling 7,075 shares during the period. Morse Asset Management Inc’s holdings in Iron Mountain were worth $2,335,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Blue Trust Inc. grew its holdings in Iron Mountain by 201.7% during the 4th quarter. Blue Trust Inc. now owns 362 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 242 shares during the period. CVA Family Office LLC bought a new position in shares of Iron Mountain in the fourth quarter valued at approximately $32,000. Transcendent Capital Group LLC purchased a new position in shares of Iron Mountain during the fourth quarter valued at approximately $36,000. Heritage Wealth Advisors bought a new stake in Iron Mountain during the fourth quarter worth $38,000. Finally, Headlands Technologies LLC purchased a new stake in Iron Mountain in the 1st quarter valued at $38,000. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Iron Mountain

In related news, Director Walter C. Rakowich sold 954 shares of the business’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $81.33, for a total transaction of $77,588.82. Following the sale, the director now directly owns 35,166 shares in the company, valued at approximately $2,860,050.78. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Walter C. Rakowich sold 954 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $81.33, for a total transaction of $77,588.82. Following the completion of the transaction, the director now owns 35,166 shares of the company’s stock, valued at $2,860,050.78. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO John Tomovcsik sold 2,500 shares of the firm’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the transaction, the chief operating officer now directly owns 17,866 shares of the company’s stock, valued at $1,786,600. The disclosure for this sale can be found here. In the last three months, insiders have sold 100,553 shares of company stock worth $8,759,378. Company insiders own 2.10% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on IRM shares. The Goldman Sachs Group boosted their price target on shares of Iron Mountain from $89.00 to $101.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Stifel Nicolaus boosted their target price on Iron Mountain from $86.00 to $103.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Finally, Wells Fargo & Company upped their target price on Iron Mountain from $90.00 to $110.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $86.17.

Iron Mountain Stock Performance

IRM traded up $1.60 during midday trading on Friday, reaching $98.50. The company had a trading volume of 1,193,311 shares, compared to its average volume of 1,642,411. Iron Mountain Incorporated has a 12-month low of $56.51 and a 12-month high of $101.38. The business has a 50-day moving average price of $89.17 and a two-hundred day moving average price of $79.87. The stock has a market cap of $28.87 billion, a PE ratio of 149.24, a P/E/G ratio of 5.83 and a beta of 0.98. The company has a debt-to-equity ratio of 674.63, a quick ratio of 0.86 and a current ratio of 0.86.

Iron Mountain Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 5th. Shareholders of record on Monday, June 17th were given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date was Monday, June 17th. Iron Mountain’s dividend payout ratio is currently 393.95%.

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.