Channel Wealth LLC Cuts Stake in Iron Mountain Incorporated (NYSE:IRM)

Channel Wealth LLC cut its holdings in Iron Mountain Incorporated (NYSE:IRM) by 8.8% in the fourth quarter, Holdings Channel reports. The fund owned 2,569 shares of the financial services provider’s stock after selling 249 shares during the quarter. Channel Wealth LLC’s holdings in Iron Mountain were worth $270,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Contravisory Investment Management Inc. boosted its position in Iron Mountain by 1.5% during the 4th quarter. Contravisory Investment Management Inc. now owns 10,803 shares of the financial services provider’s stock valued at $1,136,000 after acquiring an additional 158 shares in the last quarter. CHURCHILL MANAGEMENT Corp lifted its stake in shares of Iron Mountain by 0.3% during the 4th quarter. CHURCHILL MANAGEMENT Corp now owns 173,539 shares of the financial services provider’s stock worth $18,241,000 after purchasing an additional 517 shares during the last quarter. Burney Co. boosted its position in Iron Mountain by 0.3% during the fourth quarter. Burney Co. now owns 154,275 shares of the financial services provider’s stock valued at $16,216,000 after purchasing an additional 406 shares in the last quarter. Oak Thistle LLC grew its stake in Iron Mountain by 111.1% in the fourth quarter. Oak Thistle LLC now owns 7,221 shares of the financial services provider’s stock valued at $759,000 after purchasing an additional 3,800 shares during the last quarter. Finally, Cardinal Point Capital Management ULC bought a new position in Iron Mountain in the fourth quarter worth about $1,079,000. 80.13% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Insider Activity at Iron Mountain

In other news, CEO William L. Meaney sold 15,872 shares of the business’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $112.99, for a total value of $1,793,377.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William L. Meaney sold 15,875 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $118.97, for a total value of $1,888,648.75. Following the sale, 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 disclosure for this sale can be found here. Insiders have sold a total of 125,016 shares of company stock worth $13,666,427 over the last quarter. Insiders own 2.10% of the company’s stock.

Iron Mountain Price Performance

Shares of IRM stock opened at $110.17 on Friday. The business has a fifty day moving average of $111.56 and a 200 day moving average of $111.46. The firm has a market capitalization of $32.33 billion, a price-to-earnings ratio of 306.02, a price-to-earnings-growth ratio of 5.56 and a beta of 1.02. Iron Mountain Incorporated has a 1 year low of $64.68 and a 1 year high of $130.24.

Iron Mountain Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Monday, December 16th were issued a dividend of $0.715 per share. This represents a $2.86 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date was Monday, December 16th. Iron Mountain’s dividend payout ratio (DPR) is 794.47%.

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.