Weiss Asset Management LP Purchases New Shares in Iron Mountain Incorporated (NYSE:IRM)

Weiss Asset Management LP purchased a new stake in Iron Mountain Incorporated (NYSE:IRM) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 56,039 shares of the financial services provider’s stock, valued at approximately $6,659,000.

A number of other institutional investors have also made changes to their positions in IRM. PNC Financial Services Group Inc. grew its position in shares of Iron Mountain by 2.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 53,877 shares of the financial services provider’s stock worth $6,402,000 after buying an additional 1,446 shares during the period. Friedenthal Financial acquired a new position in shares of Iron Mountain during the 3rd quarter worth about $824,000. Hennion & Walsh Asset Management Inc. grew its position in shares of Iron Mountain by 19.8% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 75,809 shares of the financial services provider’s stock worth $6,794,000 after buying an additional 12,540 shares during the period. Brookstone Capital Management grew its position in shares of Iron Mountain by 13.2% during the 2nd quarter. Brookstone Capital Management now owns 98,425 shares of the financial services provider’s stock worth $9,766,000 after buying an additional 11,454 shares during the period. Finally, Oppenheimer & Co. Inc. grew its position in shares of Iron Mountain by 36.1% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,192 shares of the financial services provider’s stock worth $2,281,000 after buying an additional 5,086 shares during the period. 80.13% of the stock is owned by institutional investors.

Iron Mountain Trading Up 1.5 %

NYSE IRM opened at $120.14 on Friday. The business has a 50 day simple moving average of $120.76 and a 200 day simple moving average of $107.16. Iron Mountain Incorporated has a one year low of $64.66 and a one year high of $130.24. The stock has a market capitalization of $35.26 billion, a P/E ratio of 333.73, a P/E/G ratio of 7.12 and a beta of 0.98. The company has a debt-to-equity ratio of 674.63, a current ratio of 0.75 and a quick ratio of 0.75.

Iron Mountain Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Monday, December 16th will be given a dividend of $0.715 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $2.86 annualized dividend and a dividend yield of 2.38%. Iron Mountain’s payout ratio is 794.47%.

Insider Activity at Iron Mountain

In related news, Director Wendy J. Murdock sold 8,500 shares of Iron Mountain stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $116.38, for a total transaction of $989,230.00. Following the sale, the director now directly owns 14,829 shares in the company, valued at approximately $1,725,799.02. This trade represents a 36.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William L. Meaney sold 15,875 shares of Iron Mountain stock in a transaction on 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 owns 295,650 shares in the company, valued at $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 56,125 shares of company stock valued at $6,613,584 over the last 90 days. Insiders own 2.10% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on IRM. Royal Bank of Canada boosted their price objective on Iron Mountain from $135.00 to $139.00 and gave the company an “outperform” rating in a research report on Wednesday, November 27th. Wells Fargo & Company boosted their price objective on Iron Mountain from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Stifel Nicolaus boosted their price objective on Iron Mountain from $117.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, September 23rd. BNP Paribas upgraded Iron Mountain to a “strong-buy” rating in a research report on Wednesday, November 6th. Finally, Barclays decreased 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. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Iron Mountain has an average rating of “Buy” and an average price target of $131.00.

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.