Korea Investment CORP Buys 90,851 Shares of Iron Mountain Incorporated (NYSE:IRM)

Korea Investment CORP raised its holdings in Iron Mountain Incorporated (NYSE:IRM) by 84.1% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 198,842 shares of the financial services provider’s stock after purchasing an additional 90,851 shares during the period. Korea Investment CORP’s holdings in Iron Mountain were worth $20,900,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Key Financial Inc increased its holdings in shares of Iron Mountain by 25,100.0% during the fourth quarter. Key Financial Inc now owns 252 shares of the financial services provider’s stock worth $26,000 after buying an additional 251 shares in the last quarter. Halbert Hargrove Global Advisors LLC acquired a new stake in Iron Mountain in the fourth quarter worth about $26,000. IMG Wealth Management Inc. bought a new stake in Iron Mountain during the 4th quarter worth about $26,000. Whittier Trust Co. of Nevada Inc. lifted its position in Iron Mountain by 46.4% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 489 shares of the financial services provider’s stock valued at $51,000 after purchasing an additional 155 shares during the period. Finally, Parkworth Wealth Management Inc. bought a new position in shares of Iron Mountain in the 4th quarter valued at about $53,000. Institutional investors own 80.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on IRM. JPMorgan Chase & Co. cut their price objective on shares of Iron Mountain from $125.00 to $112.00 and set an “overweight” rating on the stock in a report on Tuesday, February 18th. StockNews.com raised Iron Mountain from a “sell” rating to a “hold” rating in a research note on Saturday, March 22nd. Wells Fargo & Company decreased their price objective on Iron Mountain from $135.00 to $125.00 and set an “overweight” rating for the company in a research note on Tuesday, February 4th. Finally, Barclays dropped their price objective on Iron Mountain from $130.00 to $118.00 and set an “overweight” rating for the company in a report on Thursday, March 20th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $125.67.

Insider Activity

In related news, CAO Daniel Borges sold 6,433 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $92.84, for a total value of $597,239.72. Following the sale, the chief accounting officer now directly owns 288 shares of the company’s stock, valued at approximately $26,737.92. The trade was a 95.71 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Mithu Bhargava sold 1,738 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.84, for a total value of $161,355.92. Following the transaction, the executive vice president now owns 13,054 shares of the company’s stock, valued at approximately $1,211,933.36. This trade represents a 11.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 318,979 shares of company stock worth $30,666,904 over the last quarter. 2.10% of the stock is currently owned by company insiders.

Iron Mountain Stock Down 0.5 %

IRM opened at $85.07 on Friday. The stock has a market cap of $24.99 billion, a P/E ratio of 139.46, a P/E/G ratio of 5.15 and a beta of 1.04. Iron Mountain Incorporated has a 12 month low of $73.53 and a 12 month high of $130.24. The company has a fifty day simple moving average of $94.97 and a 200 day simple moving average of $108.35.

Iron Mountain (NYSE:IRM) last announced its quarterly earnings results on Thursday, February 13th. The financial services provider reported $0.50 earnings per share (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 business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter last year, the company earned $0.52 earnings per share. On average, equities research analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Monday, March 17th will be paid a $0.785 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $3.14 dividend on an annualized basis and a yield of 3.69%. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.72. Iron Mountain’s payout ratio is presently 514.75%.

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.