Summit Securities Group LLC Takes $210,000 Position in Iron Mountain Incorporated (NYSE:IRM)

Summit Securities Group LLC bought a new position in shares of Iron Mountain Incorporated (NYSE:IRM) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,000 shares of the financial services provider’s stock, valued at approximately $210,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allstate Corp acquired a new position in shares of Iron Mountain in the 4th quarter valued at $895,000. DnB Asset Management AS lifted its position in Iron Mountain by 5.9% in the fourth quarter. DnB Asset Management AS now owns 52,585 shares of the financial services provider’s stock valued at $5,527,000 after acquiring an additional 2,919 shares during the last quarter. Level Four Advisory Services LLC boosted its stake in Iron Mountain by 1.4% in the fourth quarter. Level Four Advisory Services LLC now owns 10,339 shares of the financial services provider’s stock valued at $1,087,000 after acquiring an additional 142 shares in the last quarter. Orion Portfolio Solutions LLC grew its holdings in shares of Iron Mountain by 12.0% during the fourth quarter. Orion Portfolio Solutions LLC now owns 8,920 shares of the financial services provider’s stock worth $938,000 after purchasing an additional 957 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. increased its position in shares of Iron Mountain by 4.0% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 474,591 shares of the financial services provider’s stock worth $49,884,000 after purchasing an additional 18,296 shares in the last quarter. 80.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Insider Activity at Iron Mountain

In other Iron Mountain 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 transaction of $597,239.72. Following the completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Mithu Bhargava sold 1,738 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.84, for a total transaction of $161,355.92. Following the sale, the executive vice president now directly owns 13,054 shares of the company’s stock, valued at approximately $1,211,933.36. This represents a 11.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 318,979 shares of company stock valued at $30,666,904 over the last three months. 2.10% of the stock is owned by insiders.

Iron Mountain Stock Performance

NYSE:IRM opened at $85.07 on Friday. Iron Mountain Incorporated has a one year low of $73.53 and a one year high of $130.24. The business’s 50-day simple moving average is $94.97 and its 200 day simple moving average is $108.35. The stock has a market cap of $24.99 billion, a price-to-earnings ratio of 139.46, a price-to-earnings-growth ratio of 5.15 and a beta of 1.04.

Iron Mountain (NYSE:IRM) last released its quarterly earnings results on Thursday, February 13th. The financial services provider reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.70). The company had revenue of $1.58 billion for the quarter, compared to analyst estimates 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 business posted $0.52 EPS. On average, equities research analysts predict that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Increases Dividend

The company also recently declared 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 represents a $3.14 dividend on an annualized basis and a yield of 3.69%. This is an increase from Iron Mountain’s previous quarterly dividend of $0.72. The ex-dividend date is Monday, March 17th. Iron Mountain’s dividend payout ratio (DPR) is 514.75%.

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.