Welch & Forbes LLC Reduces Stake in Iron Mountain Incorporated (NYSE:IRM)

Welch & Forbes LLC lowered its stake in Iron Mountain Incorporated (NYSE:IRM) by 1.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 679,762 shares of the financial services provider’s stock after selling 7,707 shares during the period. Welch & Forbes LLC owned approximately 0.23% of Iron Mountain worth $71,450,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Key Financial Inc grew its position 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 acquiring an additional 251 shares in the last quarter. Halbert Hargrove Global Advisors LLC purchased a new position in Iron Mountain in the fourth quarter worth about $26,000. Ashton Thomas Securities LLC purchased a new position in Iron Mountain in the third quarter worth about $31,000. Teachers Insurance & Annuity Association of America purchased a new position in shares of Iron Mountain during the third quarter valued at approximately $36,000. Finally, Dunhill Financial LLC boosted its position in shares of Iron Mountain by 50.5% during 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. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. JPMorgan Chase & Co. dropped 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. StockNews.com upgraded Iron Mountain from a “sell” rating to a “hold” rating in a research report on Tuesday, February 25th. Royal Bank of Canada boosted their target price on Iron Mountain from $135.00 to $139.00 and gave the company an “outperform” rating in a research report on Wednesday, November 27th. Wells Fargo & Company dropped their target price on Iron Mountain from $135.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday, February 4th. Finally, Barclays dropped their target price on Iron Mountain from $131.00 to $130.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. One 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. Based on data from MarketBeat.com, Iron Mountain has a consensus rating of “Buy” and an average price target of $127.67.

Iron Mountain Stock Performance

Shares of NYSE IRM opened at $82.77 on Friday. The firm has a market capitalization of $24.31 billion, a price-to-earnings ratio of 135.68, a PEG ratio of 5.15 and a beta of 1.04. The stock has a 50 day moving average price of $101.12 and a 200 day moving average price of $111.40. Iron Mountain Incorporated has a 52-week low of $73.53 and a 52-week high of $130.24.

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 analysts’ consensus estimates of $1.20 by ($0.70). The firm had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.60 billion. Iron Mountain had a net margin of 2.95% and a negative return on equity of 401.83%. During the same quarter in the previous year, the firm posted $0.52 EPS. Analysts forecast that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Monday, March 17th will be paid a $0.785 dividend. This is an increase from Iron Mountain’s previous quarterly dividend of $0.72. 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 3.79%. Iron Mountain’s payout ratio is 514.75%.

Insider Buying and Selling

In related news, CEO William L. Meaney sold 15,872 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $112.99, for a total value of $1,793,377.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Daniel Borges sold 6,433 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $92.84, for a total transaction of $597,239.72. Following the completion of the transaction, the chief accounting officer now directly owns 288 shares of the company’s stock, valued at $26,737.92. This trade represents a 95.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 343,114 shares of company stock valued at $33,323,682 over the last 90 days. Corporate insiders own 2.10% of the company’s stock.

Iron Mountain 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.