Resona Asset Management Co. Ltd. Makes New Investment in Iron Mountain Incorporated (NYSE:IRM)

Resona Asset Management Co. Ltd. acquired a new position in shares of Iron Mountain Incorporated (NYSE:IRM) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 165,505 shares of the financial services provider’s stock, valued at approximately $17,350,000.

A number of other hedge funds have also bought and sold shares of IRM. IMG Wealth Management Inc. acquired a new stake in Iron Mountain during the 4th quarter worth about $26,000. Halbert Hargrove Global Advisors LLC acquired a new stake in Iron Mountain during the fourth quarter worth approximately $26,000. Key Financial Inc increased its holdings in Iron Mountain by 25,100.0% in the fourth quarter. Key Financial Inc now owns 252 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 251 shares in the last quarter. Dunhill Financial LLC lifted its stake in Iron Mountain by 50.5% in the third quarter. Dunhill Financial LLC now owns 453 shares of the financial services provider’s stock valued at $54,000 after buying an additional 152 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. boosted 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 in the last quarter. Institutional investors own 80.13% of the company’s stock.

Iron Mountain Stock Performance

Shares of IRM opened at $77.31 on Friday. The firm has a market capitalization of $22.71 billion, a P/E ratio of 126.74, a P/E/G ratio of 5.15 and a beta of 0.97. Iron Mountain Incorporated has a 52 week low of $73.53 and a 52 week high of $130.24. The stock has a 50 day moving average price of $92.35 and a two-hundred day moving average price of $107.23.

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 company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter last year, the company posted $0.52 EPS. On average, equities analysts forecast that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Monday, March 17th were given a dividend of $0.785 per share. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.72. This represents a $3.14 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date of this dividend was Monday, March 17th. Iron Mountain’s dividend payout ratio (DPR) is presently 514.75%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on IRM shares. Wells Fargo & Company dropped their target price on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 4th. StockNews.com cut shares of Iron Mountain from a “hold” rating to a “sell” rating in a research report on Monday, March 31st. JPMorgan Chase & Co. decreased their target price 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. Finally, Barclays cut their price target on Iron Mountain from $130.00 to $118.00 and set an “overweight” rating on the stock in a report on Thursday, March 20th. One equities research analyst has rated the stock with a sell rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $125.67.

Insider Buying and Selling

In other news, CEO William L. Meaney sold 69,125 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $86.11, for a total value of $5,952,353.75. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Daniel Borges sold 6,433 shares of the 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 sale, the chief accounting officer now directly owns 288 shares of the company’s stock, valued at $26,737.92. The trade was a 95.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 318,973 shares of company stock worth $29,370,872. 2.10% of the stock is owned by insiders.

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.