Investment Management Corp of Ontario Cuts Stake in Iron Mountain Incorporated (NYSE:IRM)

Investment Management Corp of Ontario lessened its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 1.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 36,712 shares of the financial services provider’s stock after selling 730 shares during the period. Investment Management Corp of Ontario’s holdings in Iron Mountain were worth $4,362,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in IRM. Legal & General Group Plc raised its holdings in shares of Iron Mountain by 49.2% in the 2nd quarter. Legal & General Group Plc now owns 3,899,276 shares of the financial services provider’s stock worth $349,453,000 after purchasing an additional 1,286,694 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Iron Mountain by 4.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,386,315 shares of the financial services provider’s stock valued at $402,396,000 after buying an additional 141,675 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Iron Mountain by 537.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,170,550 shares of the financial services provider’s stock valued at $376,756,000 after buying an additional 2,672,821 shares during the last quarter. AGF Management Ltd. grew its stake in shares of Iron Mountain by 76.3% during the 2nd quarter. AGF Management Ltd. now owns 2,245,393 shares of the financial services provider’s stock worth $201,232,000 after acquiring an additional 972,101 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Iron Mountain by 0.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,126,237 shares of the financial services provider’s stock worth $190,553,000 after acquiring an additional 6,562 shares during the last quarter. Institutional investors own 80.13% of the company’s stock.

Iron Mountain Price Performance

IRM opened at $120.23 on Wednesday. The firm has a market cap of $35.28 billion, a price-to-earnings ratio of 333.98, a PEG ratio of 7.27 and a beta of 0.98. Iron Mountain Incorporated has a 1 year low of $64.66 and a 1 year high of $130.24. The company has a debt-to-equity ratio of 674.63, a current ratio of 0.75 and a quick ratio of 0.75. The stock’s 50 day simple moving average is $120.65 and its 200 day simple moving average is $106.47.

Iron Mountain Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Monday, December 16th will be issued a dividend of $0.715 per share. The ex-dividend date is Monday, December 16th. This represents a $2.86 dividend on an annualized basis and a yield of 2.38%. Iron Mountain’s dividend payout ratio is currently 794.47%.

Analyst Ratings Changes

A number of analysts recently commented on IRM shares. Stifel Nicolaus upped their price target on shares of Iron Mountain from $117.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, September 23rd. Royal Bank of Canada boosted their price objective on Iron Mountain from $135.00 to $139.00 and gave the stock an “outperform” rating in a report on Wednesday, November 27th. Barclays dropped their target price on shares of Iron Mountain from $133.00 to $131.00 and set an “overweight” rating for the company in a research report on Monday, November 18th. BNP Paribas upgraded shares of Iron Mountain to a “strong-buy” rating in a research report on Wednesday, November 6th. Finally, Wells Fargo & Company increased their price objective on Iron Mountain from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $131.00.

Insiders Place Their Bets

In other Iron Mountain news, CEO William L. Meaney sold 15,875 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 295,650 shares in the company, valued at approximately $35,173,480.50. This trade represents a 5.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Wendy J. Murdock sold 8,500 shares of Iron Mountain stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $116.38, for a total transaction of $989,230.00. Following the transaction, the director now directly owns 14,829 shares in the company, valued at $1,725,799.02. This represents a 36.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,125 shares of company stock valued at $6,613,584 in the last quarter. Insiders own 2.10% of the company’s stock.

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.