Public Sector Pension Investment Board Increases Stake in Iron Mountain Incorporated (NYSE:IRM)

Public Sector Pension Investment Board raised its holdings in shares of Iron Mountain Incorporated (NYSE:IRM) by 25.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 51,128 shares of the financial services provider’s stock after acquiring an additional 10,410 shares during the quarter. Public Sector Pension Investment Board’s holdings in Iron Mountain were worth $6,076,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Ashton Thomas Securities LLC purchased a new position in Iron Mountain during the third quarter valued at $31,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in shares of Iron Mountain during the 2nd quarter valued at about $32,000. West Branch Capital LLC bought a new position in shares of Iron Mountain during the 3rd quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Iron Mountain in the 2nd quarter worth approximately $36,000. Finally, Family Firm Inc. bought a new stake in Iron Mountain during the 2nd quarter worth approximately $45,000. Institutional investors own 80.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on IRM. BNP Paribas upgraded shares of Iron Mountain to a “strong-buy” rating in a research report on Wednesday, November 6th. Royal Bank of Canada upped their target price on shares of Iron Mountain from $135.00 to $139.00 and gave the stock an “outperform” rating in a report on Wednesday. Stifel Nicolaus raised their price target on Iron Mountain from $117.00 to $140.00 and gave the company a “buy” rating in a report on Monday, September 23rd. Wells Fargo & Company upped 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, Barclays decreased their target price on Iron Mountain from $133.00 to $131.00 and set an “overweight” rating on the stock in a research note on Monday, November 18th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Iron Mountain presently has an average rating of “Buy” and an average target price of $131.00.

Insider Activity

In other news, Director Wendy J. Murdock sold 8,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were 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 represents a 36.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William L. Meaney sold 15,875 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $118.97, for a total transaction of $1,888,648.75. Following the completion of the transaction, the chief executive officer now directly owns 295,650 shares of the company’s stock, valued at approximately $35,173,480.50. The trade was a 5.10 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 56,125 shares of company stock worth $6,613,584. 2.10% of the stock is currently owned by insiders.

Iron Mountain Trading Down 0.5 %

Shares of IRM stock opened at $123.67 on Friday. The stock’s 50-day moving average price is $120.59 and its 200-day moving average price is $105.84. Iron Mountain Incorporated has a 12-month low of $62.95 and a 12-month high of $130.24. The stock has a market capitalization of $36.29 billion, a price-to-earnings ratio of 343.54, a price-to-earnings-growth ratio of 7.47 and a beta of 0.99. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 674.63.

Iron Mountain Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Monday, December 16th will be issued a dividend of $0.715 per share. The ex-dividend date is Monday, December 16th. This represents a $2.86 annualized dividend and a dividend yield of 2.31%. Iron Mountain’s dividend payout ratio (DPR) is 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.