Coastline Trust Co Sells 3,335 Shares of Iron Mountain Incorporated (NYSE:IRM)

Coastline Trust Co lessened its holdings in Iron Mountain Incorporated (NYSE:IRM) by 64.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,812 shares of the financial services provider’s stock after selling 3,335 shares during the period. Coastline Trust Co’s holdings in Iron Mountain were worth $190,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. M&T Bank Corp increased its position in Iron Mountain by 0.4% during the 3rd quarter. M&T Bank Corp now owns 88,215 shares of the financial services provider’s stock worth $10,482,000 after purchasing an additional 334 shares in the last quarter. World Investment Advisors LLC acquired a new position in shares of Iron Mountain during the third quarter worth $554,000. Wilmington Savings Fund Society FSB bought a new position in shares of Iron Mountain in the 3rd quarter valued at $837,000. Tidal Investments LLC grew its position in Iron Mountain by 254.1% during the 3rd quarter. Tidal Investments LLC now owns 20,536 shares of the financial services provider’s stock worth $2,440,000 after acquiring an additional 14,737 shares during the last quarter. Finally, Oddo BHF Asset Management Sas acquired a new position in Iron Mountain in the 3rd quarter worth about $10,206,000. Institutional investors and hedge funds own 80.13% of the company’s stock.

Insider Buying and Selling

In other news, CEO William L. Meaney sold 172,552 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $91.33, for a total value of $15,759,174.16. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the firm’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $86.11, for a total value of $5,952,353.75. The disclosure for this sale can be found here. Insiders have sold a total of 318,973 shares of company stock worth $29,370,872 in the last ninety days. Corporate insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on IRM shares. StockNews.com upgraded Iron Mountain from a “sell” rating to a “hold” rating in a report on Friday. Barclays dropped their price target on shares of Iron Mountain from $130.00 to $118.00 and set an “overweight” rating for the company in a research note on Thursday, March 20th. Wells Fargo & Company reduced their price objective 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. Truist Financial initiated coverage on Iron Mountain in a research report on Tuesday, April 8th. They set a “buy” rating and a $95.00 target price for the company. Finally, JPMorgan Chase & Co. reduced their price target 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. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $121.29.

Iron Mountain Stock Performance

Iron Mountain stock opened at $84.21 on Friday. The stock’s 50 day moving average price is $87.29 and its two-hundred day moving average price is $104.34. The stock has a market capitalization of $24.74 billion, a price-to-earnings ratio of 138.05, a PEG ratio of 5.15 and a beta of 0.97. Iron Mountain Incorporated has a 52-week low of $72.33 and a 52-week high of $130.24.

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

Iron Mountain Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Monday, March 17th were issued a dividend of $0.785 per share. This is an increase from Iron Mountain’s previous quarterly dividend of $0.72. The ex-dividend date was Monday, March 17th. This represents a $3.14 annualized dividend and a dividend yield of 3.73%. Iron Mountain’s payout ratio is currently 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.