Spire Wealth Management Acquires 2,305 Shares of Iron Mountain Incorporated (NYSE:IRM)

Spire Wealth Management grew its position in shares of Iron Mountain Incorporated (NYSE:IRM) by 17.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,374 shares of the financial services provider’s stock after buying an additional 2,305 shares during the period. Spire Wealth Management’s holdings in Iron Mountain were worth $1,616,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in IRM. PNC Financial Services Group Inc. increased 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 valued at $6,402,000 after purchasing an additional 1,446 shares during the last quarter. Friedenthal Financial bought a new stake in shares of Iron Mountain in the 3rd quarter worth approximately $824,000. Merit Financial Group LLC lifted its stake in shares of Iron Mountain by 91.5% in the 4th quarter. Merit Financial Group LLC now owns 14,933 shares of the financial services provider’s stock valued at $1,570,000 after purchasing an additional 7,137 shares during the period. Tidal Investments LLC lifted its stake in shares of Iron Mountain by 254.1% in the 3rd quarter. Tidal Investments LLC now owns 20,536 shares of the financial services provider’s stock valued at $2,440,000 after purchasing an additional 14,737 shares during the period. Finally, Exchange Traded Concepts LLC raised its stake in Iron Mountain by 151.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 9,147 shares of the financial services provider’s stock valued at $961,000 after buying an additional 5,511 shares during the last quarter. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Iron Mountain Stock Down 0.9 %

Iron Mountain stock opened at $100.64 on Tuesday. The firm has a 50-day moving average price of $108.88 and a two-hundred day moving average price of $112.65. The firm has a market capitalization of $29.53 billion, a price-to-earnings ratio of 279.57, a PEG ratio of 5.58 and a beta of 1.02. Iron Mountain Incorporated has a 52-week low of $66.20 and a 52-week high of $130.24.

Iron Mountain Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Monday, December 16th were issued a dividend of $0.715 per share. The ex-dividend date was Monday, December 16th. This represents a $2.86 dividend on an annualized basis and a dividend yield of 2.84%. Iron Mountain’s dividend payout ratio is currently 794.44%.

Insider Activity

In related news, CEO William L. Meaney sold 15,872 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $112.99, for a total transaction of $1,793,377.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William L. Meaney sold 15,875 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $117.96, for a total transaction of $1,872,615.00. Following the completion of the sale, the chief executive officer now directly owns 295,650 shares of the company’s stock, valued at approximately $34,874,874. 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 125,016 shares of company stock worth $13,666,427 over the last 90 days. 2.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

IRM has been the subject of several research analyst reports. Wells Fargo & Company lifted their price objective on Iron Mountain from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. BNP Paribas raised Iron Mountain to a “strong-buy” rating in a research report on Wednesday, November 6th. StockNews.com downgraded Iron Mountain from a “hold” rating to a “sell” rating in a research report on Tuesday, January 28th. Barclays dropped their target price on Iron Mountain from $131.00 to $130.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. Finally, Royal Bank of Canada raised their target price on shares of Iron Mountain from $135.00 to $139.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Iron Mountain currently has a consensus rating of “Moderate Buy” and a consensus price target of $130.83.

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.