Adelante Capital Management LLC Has $3.52 Million Stake in Iron Mountain Incorporated (NYSE:IRM)

Adelante Capital Management LLC boosted its holdings in shares of Iron Mountain Incorporated (NYSE:IRM) by 89.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 29,658 shares of the financial services provider’s stock after acquiring an additional 14,031 shares during the quarter. Adelante Capital Management LLC’s holdings in Iron Mountain were worth $3,524,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. lifted its stake in shares of Iron Mountain by 2.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 53,877 shares of the financial services provider’s stock valued at $6,402,000 after purchasing an additional 1,446 shares during the last quarter. Friedenthal Financial acquired a new stake in shares of Iron Mountain in the third quarter worth about $824,000. Hennion & Walsh Asset Management Inc. boosted its stake in shares of Iron Mountain by 19.8% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 75,809 shares of the financial services provider’s stock worth $6,794,000 after acquiring an additional 12,540 shares in the last quarter. Brookstone Capital Management increased its holdings in shares of Iron Mountain by 13.2% during the 2nd quarter. Brookstone Capital Management now owns 98,425 shares of the financial services provider’s stock valued at $9,766,000 after acquiring an additional 11,454 shares during the last quarter. Finally, Oppenheimer & Co. Inc. increased its holdings in shares of Iron Mountain by 36.1% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,192 shares of the financial services provider’s stock valued at $2,281,000 after acquiring an additional 5,086 shares during the last quarter. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on IRM. Stifel Nicolaus upped their target price on Iron Mountain from $117.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, September 23rd. Barclays lowered their target price on shares of Iron Mountain from $133.00 to $131.00 and set an “overweight” rating on the stock in a research note on Monday, November 18th. BNP Paribas raised shares of Iron Mountain to a “strong-buy” rating in a research report on Wednesday, November 6th. Wells Fargo & Company raised their price target on Iron Mountain from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Finally, Royal Bank of Canada increased their target price on Iron Mountain from $135.00 to $139.00 and gave the company an “outperform” rating in a research note on Wednesday. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $131.00.

Iron Mountain Stock Down 0.5 %

Shares of IRM opened at $123.67 on Friday. Iron Mountain Incorporated has a 52 week low of $62.95 and a 52 week high of $130.24. The firm has a market capitalization of $36.29 billion, a P/E ratio of 343.54, a P/E/G ratio of 7.44 and a beta of 0.99. The company has a 50-day simple moving average of $120.59 and a 200-day simple moving average of $105.84. The company has a debt-to-equity ratio of 674.63, a quick ratio of 0.75 and a current ratio of 0.75.

Iron Mountain Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Monday, December 16th will be given a $0.715 dividend. The ex-dividend date is Monday, December 16th. This represents a $2.86 dividend on an annualized basis and a dividend yield of 2.31%. Iron Mountain’s dividend payout ratio is currently 794.47%.

Insider Transactions at Iron Mountain

In other news, CEO William L. Meaney sold 15,875 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $118.97, for a total value of $1,888,648.75. Following the completion of the transaction, the chief executive officer now owns 295,650 shares in the company, valued at approximately $35,173,480.50. This represents a 5.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Wendy J. Murdock sold 8,500 shares of Iron Mountain stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $116.38, for a total transaction of $989,230.00. Following the sale, the director now owns 14,829 shares in the company, valued at approximately $1,725,799.02. This trade represents a 36.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 56,125 shares of company stock valued at $6,613,584. 2.10% of the stock is owned by corporate insiders.

Iron Mountain Company Profile

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.