Canada Pension Plan Investment Board Has $22.84 Million Stock Position in Iron Mountain Incorporated (NYSE:IRM)

Canada Pension Plan Investment Board lessened its stake in Iron Mountain Incorporated (NYSE:IRM) by 79.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 217,268 shares of the financial services provider’s stock after selling 851,842 shares during the quarter. Canada Pension Plan Investment Board owned about 0.07% of Iron Mountain worth $22,837,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of IRM. Merit Financial Group LLC lifted its holdings in shares of Iron Mountain by 91.5% during the 4th quarter. Merit Financial Group LLC now owns 14,933 shares of the financial services provider’s stock worth $1,570,000 after acquiring an additional 7,137 shares during the period. Tidal Investments LLC lifted its stake in Iron Mountain by 254.1% during the third quarter. Tidal Investments LLC now owns 20,536 shares of the financial services provider’s stock worth $2,440,000 after purchasing an additional 14,737 shares during the last quarter. Exchange Traded Concepts LLC boosted its holdings in shares of Iron Mountain by 151.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 9,147 shares of the financial services provider’s stock valued at $961,000 after purchasing an additional 5,511 shares in the last quarter. Proficio Capital Partners LLC bought a new position in shares of Iron Mountain in the 4th quarter valued at $102,000. Finally, Lord Abbett & CO. LLC acquired a new position in shares of Iron Mountain during the 3rd quarter worth $24,122,000. Institutional investors own 80.13% of the company’s stock.

Analyst Upgrades and Downgrades

IRM has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. decreased their target price on Iron Mountain from $125.00 to $112.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 18th. Truist Financial began coverage on shares of Iron Mountain in a research report on Tuesday, April 8th. They set a “buy” rating and a $95.00 price objective for the company. Wells Fargo & Company decreased their target price on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 4th. Barclays dropped their price target on Iron Mountain from $130.00 to $118.00 and set an “overweight” rating for the company in a research note on Thursday, March 20th. Finally, StockNews.com raised Iron Mountain from a “sell” rating to a “hold” rating in a report on Friday. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $121.29.

Iron Mountain Price Performance

Shares of IRM opened at $84.21 on Friday. The business has a 50-day moving average of $87.29 and a 200-day moving average of $104.34. Iron Mountain Incorporated has a 1 year low of $72.33 and a 1 year high of $130.24. The company has a market capitalization of $24.74 billion, a price-to-earnings ratio of 138.05, a price-to-earnings-growth ratio of 5.15 and a beta of 0.97.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings results on Thursday, February 13th. The financial services provider reported $0.50 earnings per share (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 firm had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same quarter last year, the firm posted $0.52 EPS. As a group, sell-side analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Monday, March 17th were given a $0.785 dividend. The ex-dividend date of this dividend was Monday, March 17th. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.72. This represents a $3.14 annualized dividend and a dividend yield of 3.73%. Iron Mountain’s dividend payout ratio (DPR) is 514.75%.

Insider Activity

In related news, CEO William L. Meaney sold 69,125 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $99.83, for a total transaction of $6,900,748.75. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Daniel Borges sold 6,433 shares of the firm’s stock in a transaction 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 completion of the sale, the chief accounting officer now owns 288 shares of the company’s stock, 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 have sold 318,973 shares of company stock valued at $29,370,872 in the last ninety days. 2.10% of the stock is owned by company 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.