Cornerstone Wealth Group LLC Invests $306,000 in Iron Mountain Incorporated (NYSE:IRM)

Cornerstone Wealth Group LLC purchased a new stake in Iron Mountain Incorporated (NYSE:IRM) in the 1st quarter, HoldingsChannel reports. The fund purchased 3,811 shares of the financial services provider’s stock, valued at approximately $306,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of IRM. Blue Trust Inc. grew its holdings in shares of Iron Mountain by 201.7% during the fourth quarter. Blue Trust Inc. now owns 362 shares of the financial services provider’s stock valued at $25,000 after buying an additional 242 shares during the last quarter. Exchange Traded Concepts LLC bought a new position in Iron Mountain in the 4th quarter valued at about $26,000. CVA Family Office LLC bought a new position in Iron Mountain in the 4th quarter valued at about $32,000. Transcendent Capital Group LLC bought a new stake in Iron Mountain during the 4th quarter worth approximately $36,000. Finally, Heritage Wealth Advisors bought a new stake in Iron Mountain during the 4th quarter worth approximately $38,000. Institutional investors own 80.13% of the company’s stock.

Insider Activity

In related news, COO John Tomovcsik sold 35,084 shares of Iron Mountain stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $88.76, for a total value of $3,114,055.84. Following the sale, the chief operating officer now owns 20,366 shares of the company’s stock, valued at approximately $1,807,686.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO William L. Meaney sold 15,875 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $76.68, for a total value of $1,217,295.00. Following the sale, the chief executive officer now owns 295,650 shares of the company’s stock, valued at $22,670,442. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO John Tomovcsik sold 35,084 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $88.76, for a total transaction of $3,114,055.84. Following the completion of the transaction, the chief operating officer now directly owns 20,366 shares of the company’s stock, valued at $1,807,686.16. The disclosure for this sale can be found here. Insiders sold 104,511 shares of company stock valued at $8,787,218 in the last three months. Company insiders own 2.10% of the company’s stock.

Iron Mountain Stock Performance

Shares of NYSE IRM traded up $0.41 during mid-day trading on Friday, reaching $89.62. 3,284,005 shares of the company’s stock were exchanged, compared to its average volume of 2,524,909. The firm has a 50-day moving average price of $82.25 and a two-hundred day moving average price of $75.99. The company has a debt-to-equity ratio of 674.63, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $26.27 billion, a price-to-earnings ratio of 135.79, a price-to-earnings-growth ratio of 5.31 and a beta of 0.95. Iron Mountain Incorporated has a 52 week low of $55.02 and a 52 week high of $90.40.

Iron Mountain Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Monday, June 17th will be paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date is Monday, June 17th. Iron Mountain’s payout ratio is 393.95%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on IRM. Wells Fargo & Company lifted their target price on Iron Mountain from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, March 15th. The Goldman Sachs Group lifted their price objective on shares of Iron Mountain from $89.00 to $101.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Barclays upped 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. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, Iron Mountain has a consensus rating of “Moderate Buy” and an average price target of $78.33.

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.