Wellington Management Group LLP Reduces Stock Position in Iron Mountain Incorporated (NYSE:IRM)

Wellington Management Group LLP lowered its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 35.3% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,547,708 shares of the financial services provider’s stock after selling 845,920 shares during the quarter. Wellington Management Group LLP’s holdings in Iron Mountain were worth $162,680,000 at the end of the most recent quarter.

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

Insider Transactions at Iron Mountain

In related news, CAO Daniel Borges sold 6,433 shares of Iron Mountain stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now owns 288 shares in the company, valued at $26,737.92. The trade was a 95.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William L. Meaney sold 172,552 shares of the 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 directly owns 237,402 shares in the company, valued at approximately $21,681,924.66. This represents a 42.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 249,848 shares of company stock valued at $23,418,519. 2.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

IRM has been the subject of several analyst reports. JPMorgan Chase & Co. lowered their price objective 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. Wells Fargo & Company lowered their price target on Iron Mountain from $135.00 to $125.00 and set an “overweight” rating for the company in a report on Tuesday, February 4th. Barclays reduced their price objective on shares of Iron Mountain from $130.00 to $118.00 and set an “overweight” rating on the stock in a report on Thursday, March 20th. Finally, StockNews.com cut shares of Iron Mountain from a “hold” rating to a “sell” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Iron Mountain presently has an average rating of “Moderate Buy” and a consensus target price of $125.67.

Iron Mountain Price Performance

Shares of Iron Mountain stock opened at $88.16 on Thursday. The stock has a market capitalization of $25.90 billion, a price-to-earnings ratio of 144.52, a price-to-earnings-growth ratio of 5.15 and a beta of 1.04. The business has a 50-day moving average of $93.59 and a 200 day moving average of $107.75. Iron Mountain Incorporated has a 12 month low of $73.53 and a 12 month high of $130.24.

Iron Mountain (NYSE:IRM) last announced its earnings results on Thursday, February 13th. The financial services provider reported $0.50 earnings per share for the quarter, missing the consensus estimate of $1.20 by ($0.70). The business had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.60 billion. Iron Mountain had a negative return on equity of 401.83% and a net margin of 2.95%. During the same period in the previous year, the company earned $0.52 earnings per share. Equities research analysts anticipate that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Monday, March 17th will be paid a $0.785 dividend. This represents a $3.14 annualized dividend and a dividend yield of 3.56%. The ex-dividend date of this dividend is Monday, March 17th. This is a boost from Iron Mountain’s previous quarterly dividend of $0.72. Iron Mountain’s dividend payout ratio (DPR) is presently 514.75%.

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.