Pinebridge Investments L.P. Trims Stock Position in Iron Mountain Incorporated (NYSE:IRM)

Pinebridge Investments L.P. lowered its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 24.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 119,255 shares of the financial services provider’s stock after selling 39,400 shares during the period. Pinebridge Investments L.P.’s holdings in Iron Mountain were worth $12,535,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in IRM. World Investment Advisors LLC acquired a new position in shares of Iron Mountain in the third quarter valued at approximately $554,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Iron Mountain during the 3rd quarter worth $837,000. Tidal Investments LLC boosted its holdings in shares of 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. Oddo BHF Asset Management Sas purchased a new stake in shares of Iron Mountain in the third quarter valued at $10,206,000. Finally, Lord Abbett & CO. LLC purchased a new position in Iron Mountain during the third quarter worth about $24,122,000. Institutional investors and hedge funds own 80.13% of the company’s stock.

Iron Mountain Price Performance

NYSE:IRM opened at $84.21 on Thursday. Iron Mountain Incorporated has a 12 month low of $72.33 and a 12 month high of $130.24. The business’s 50-day moving average is $86.40 and its two-hundred day moving average is $103.70. The firm has a market capitalization of $24.74 billion, a PE ratio of 138.06, a price-to-earnings-growth ratio of 5.15 and a beta of 0.97.

Iron Mountain (NYSE:IRM) last released its quarterly earnings results on Thursday, February 13th. The financial services provider reported $0.50 EPS for the quarter, missing the consensus estimate 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 analyst estimates of $1.60 billion. During the same period last year, the firm posted $0.52 earnings per share. Equities 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. Shareholders of record on Monday, March 17th were paid a dividend of $0.785 per share. This represents a $3.14 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date was Monday, March 17th. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.72. Iron Mountain’s dividend payout ratio (DPR) is 514.75%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. StockNews.com upgraded shares of Iron Mountain from a “sell” rating to a “hold” rating in a report on Friday, April 18th. Wells Fargo & Company lowered their price objective on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating for the company in a research note on Tuesday, February 4th. Barclays cut their target price on Iron Mountain from $130.00 to $118.00 and set an “overweight” rating on the stock in a research report on Thursday, March 20th. JPMorgan Chase & Co. lowered their price target on Iron Mountain from $125.00 to $112.00 and set an “overweight” rating for the company in a research report on Tuesday, February 18th. Finally, Truist Financial initiated coverage on Iron Mountain in a report on Tuesday, April 8th. They issued a “buy” rating and a $95.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $121.29.

Insiders Place Their Bets

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 shares were sold at an average price of $91.33, for a total transaction of $15,759,174.16. Following the completion of the sale, the chief executive officer now owns 237,402 shares of the company’s stock, valued at approximately $21,681,924.66. This trade represents a 42.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the company’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 disclosure for this sale can be found here. Insiders have sold 318,973 shares of company stock worth $29,370,872 in the last three months. 2.10% of the stock is owned by 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.