CoreFirst Bank & Trust Makes New $2.65 Million Investment in Iron Mountain Incorporated (NYSE:IRM)

CoreFirst Bank & Trust bought a new position in Iron Mountain Incorporated (NYSE:IRM) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 25,174 shares of the financial services provider’s stock, valued at approximately $2,646,000. Iron Mountain comprises about 1.6% of CoreFirst Bank & Trust’s investment portfolio, making the stock its 13th largest position.

Several other large investors also recently made changes to their positions in IRM. Corebridge Financial Inc. lifted its holdings in shares of Iron Mountain by 0.7% in the fourth quarter. Corebridge Financial Inc. now owns 76,267 shares of the financial services provider’s stock valued at $8,016,000 after buying an additional 524 shares during the period. Stevens Capital Management LP increased its stake in Iron Mountain by 102.7% in the 4th quarter. Stevens Capital Management LP now owns 3,564 shares of the financial services provider’s stock valued at $375,000 after buying an additional 1,806 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in shares of Iron Mountain during the 4th quarter worth about $10,278,000. Knights of Columbus Asset Advisors LLC increased its position in Iron Mountain by 5.5% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 191,305 shares of the financial services provider’s stock worth $20,108,000 after buying an additional 9,951 shares during the last quarter. Finally, Mizuho Securities USA LLC boosted its holdings in shares of Iron Mountain by 46.2% during the 4th quarter. Mizuho Securities USA LLC now owns 27,813 shares of the financial services provider’s stock worth $2,923,000 after buying an additional 8,792 shares during the period. Institutional investors and hedge funds own 80.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on IRM. Barclays dropped their target price on shares of Iron Mountain from $130.00 to $118.00 and set an “overweight” rating on the stock in a research report on Thursday. JPMorgan Chase & Co. dropped their price objective on Iron Mountain from $125.00 to $112.00 and set an “overweight” rating for the company in a research note on Tuesday, February 18th. StockNews.com raised shares of Iron Mountain from a “sell” rating to a “hold” rating in a report on Saturday. Wells Fargo & Company dropped their price target on Iron Mountain from $135.00 to $125.00 and set an “overweight” rating for the company in a report on Tuesday, February 4th. Finally, Royal Bank of Canada increased their price objective on shares of Iron Mountain from $135.00 to $139.00 and gave the stock an “outperform” rating in a report on Wednesday, November 27th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $125.67.

Insider Buying and Selling

In related news, CEO William L. Meaney sold 172,552 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $91.33, for a total value of $15,759,174.16. Following the completion of the transaction, the chief executive officer now owns 237,402 shares in the company, valued at $21,681,924.66. This trade represents a 42.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Daniel Borges sold 6,433 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $92.84, for a total transaction of $597,239.72. Following the sale, the chief accounting officer now directly owns 288 shares in the company, valued at $26,737.92. The trade was a 95.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 318,979 shares of company stock valued at $30,666,904 over the last quarter. 2.10% of the stock is owned by company insiders.

Iron Mountain Trading Down 0.9 %

Shares of IRM opened at $87.64 on Monday. The company’s fifty day simple moving average is $96.89 and its 200 day simple moving average is $109.17. Iron Mountain Incorporated has a 1-year low of $73.53 and a 1-year high of $130.24. The company has a market cap of $25.74 billion, a price-to-earnings ratio of 143.67, a PEG ratio of 5.15 and a beta of 1.04.

Iron Mountain (NYSE:IRM) last released its quarterly earnings data on Thursday, February 13th. The financial services provider reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.70). Iron Mountain had a negative return on equity of 401.83% and a net margin of 2.95%. The company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same period last year, the firm earned $0.52 earnings per share. As a group, research analysts forecast that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Monday, March 17th will be paid a $0.785 dividend. This represents a $3.14 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date of this dividend is Monday, March 17th. This is an increase from Iron Mountain’s previous quarterly dividend of $0.72. Iron Mountain’s payout ratio is 514.75%.

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.