Channel Wealth LLC Lowers Holdings in Iron Mountain Incorporated (NYSE:IRM)

Channel Wealth LLC reduced its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 8.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Ashton Thomas Securities LLC purchased a new stake in Iron Mountain in the 3rd quarter worth $31,000. West Branch Capital LLC purchased a new position in Iron Mountain during the 3rd quarter valued at approximately $33,000. Teachers Insurance & Annuity Association of America bought a new stake in Iron Mountain in the 3rd quarter worth approximately $36,000. Dunhill Financial LLC raised its holdings in shares of Iron Mountain by 50.5% during the 3rd quarter. Dunhill Financial LLC now owns 453 shares of the financial services provider’s stock worth $54,000 after acquiring an additional 152 shares in the last quarter. Finally, Quarry LP boosted its position in shares of Iron Mountain by 86.5% during the 3rd quarter. Quarry LP now owns 496 shares of the financial services provider’s stock valued at $59,000 after acquiring an additional 230 shares during the last quarter. Institutional investors own 80.13% of the company’s stock.

Insider Activity at Iron Mountain

In other news, EVP Mithu Bhargava sold 8,263 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $104.49, for a total transaction of $863,400.87. Following the completion of the sale, the executive vice president now directly owns 13,054 shares of the company’s stock, valued at approximately $1,364,012.46. The trade was a 38.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William L. Meaney sold 69,131 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $104.85, for a total transaction of $7,248,385.35. The disclosure for this sale can be found here. Insiders sold a total of 125,016 shares of company stock worth $13,666,427 in the last quarter. 2.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Barclays reduced their price target on shares of Iron Mountain from $133.00 to $131.00 and set an “overweight” rating on the stock in a research report on Monday, November 18th. BNP Paribas upgraded shares of Iron Mountain to a “strong-buy” rating in a research report on Wednesday, November 6th. Royal Bank of Canada increased their price target on shares of Iron Mountain from $135.00 to $139.00 and gave the company an “outperform” rating in a report on Wednesday, November 27th. Wells Fargo & Company boosted their price objective on Iron Mountain from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Finally, Stifel Nicolaus lifted their target price on Iron Mountain from $117.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, September 23rd. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Iron Mountain presently has an average rating of “Buy” and an average price target of $131.00.

Iron Mountain Price Performance

Shares of NYSE IRM opened at $110.17 on Friday. Iron Mountain Incorporated has a 1 year low of $64.68 and a 1 year high of $130.24. The firm has a 50-day simple moving average of $111.56 and a two-hundred day simple moving average of $111.46. The company has a market cap of $32.33 billion, a P/E ratio of 306.02, a PEG ratio of 5.56 and a beta of 1.02.

Iron Mountain Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Monday, December 16th were paid 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 of this dividend was Monday, December 16th. Iron Mountain’s dividend payout ratio is currently 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.