Freestone Grove Partners LP Makes New Investment in Iron Mountain Incorporated (NYSE:IRM)

Freestone Grove Partners LP purchased a new stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 4,936 shares of the financial services provider's stock, valued at approximately $519,000.

Several other institutional investors also recently bought and sold shares of the company. Key Financial Inc boosted its stake in shares of 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 during the last quarter. Halbert Hargrove Global Advisors LLC acquired a new stake in Iron Mountain during the 4th quarter worth $26,000. IMG Wealth Management Inc. purchased a new stake in shares of Iron Mountain during the fourth quarter worth $26,000. Whittier Trust Co. of Nevada Inc. raised its position in shares of Iron Mountain by 46.4% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 489 shares of the financial services provider's stock valued at $51,000 after buying an additional 155 shares during the last quarter. Finally, Parkworth Wealth Management Inc. purchased a new position in shares of Iron Mountain in the fourth quarter worth about $53,000. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CAO Daniel Borges sold 6,433 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.84, for a total value of $597,239.72. Following 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 position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO William L. Meaney sold 172,552 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $91.33, for a total value of $15,759,174.16. Following the sale, the chief executive officer now directly owns 237,402 shares of the company's stock, valued at $21,681,924.66. The trade was a 42.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 318,973 shares of company stock valued at $29,112,345. Insiders own 2.10% of the company's stock.

Iron Mountain Trading Up 0.3 %

NYSE:IRM traded up $0.26 during mid-day trading on Wednesday, hitting $97.18. The stock had a trading volume of 1,752,755 shares, compared to its average volume of 1,840,361. Iron Mountain Incorporated has a twelve month low of $72.33 and a twelve month high of $130.24. The company has a market capitalization of $28.66 billion, a PE ratio of 159.31, a PEG ratio of 5.15 and a beta of 1.08. The stock has a 50-day simple moving average of $86.12 and a two-hundred day simple moving average of $101.71.

Iron Mountain (NYSE:IRM - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The financial services provider reported $1.17 EPS for the quarter, beating analysts' consensus estimates of $1.16 by $0.01. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.59 billion. Iron Mountain had a negative return on equity of 401.83% and a net margin of 2.95%. The business's revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.10 EPS. Sell-side analysts predict that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Monday, June 16th will be paid a dividend of $0.785 per share. This represents a $3.14 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date is Monday, June 16th. Iron Mountain's dividend payout ratio is currently 765.85%.

Analyst Upgrades and Downgrades

A number of research firms have commented on IRM. StockNews.com upgraded shares of Iron Mountain from a "sell" rating to a "hold" rating in a report on Friday, April 18th. JPMorgan Chase & Co. reduced their price objective on Iron Mountain from $125.00 to $112.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 18th. 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 report on Tuesday, February 4th. Truist Financial started coverage on Iron Mountain in a report on Tuesday, April 8th. They set a "buy" rating and a $95.00 price target on the stock. Finally, Barclays dropped their price objective on shares of Iron Mountain from $130.00 to $118.00 and set an "overweight" rating for the company in a report on Thursday, March 20th. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $121.29.

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.