Adelante Capital Management LLC boosted its stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 1,403.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 445,897 shares of the financial services provider's stock after buying an additional 416,239 shares during the quarter. Iron Mountain makes up approximately 3.0% of Adelante Capital Management LLC's portfolio, making the stock its 11th largest holding. Adelante Capital Management LLC owned about 0.15% of Iron Mountain worth $46,868,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in IRM. Merit Financial Group LLC grew its stake in shares of Iron Mountain by 91.5% during the 4th quarter. Merit Financial Group LLC now owns 14,933 shares of the financial services provider's stock worth $1,570,000 after acquiring an additional 7,137 shares during the period. Tidal Investments LLC boosted its position in Iron Mountain by 254.1% during the third quarter. Tidal Investments LLC now owns 20,536 shares of the financial services provider's stock worth $2,440,000 after purchasing an additional 14,737 shares during the period. Exchange Traded Concepts LLC increased its stake in shares of Iron Mountain by 151.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 9,147 shares of the financial services provider's stock worth $961,000 after purchasing an additional 5,511 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Iron Mountain in the fourth quarter valued at approximately $102,000. Finally, Lord Abbett & CO. LLC purchased a new stake in shares of Iron Mountain during the 3rd quarter valued at approximately $24,122,000. Hedge funds and other institutional investors own 80.13% of the company's stock.
Wall Street Analyst Weigh In
IRM has been the topic of a number of analyst reports. JPMorgan Chase & Co. lowered their target price on shares of Iron Mountain from $125.00 to $112.00 and set an "overweight" rating on the stock in a report on Tuesday, February 18th. StockNews.com upgraded Iron Mountain from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. Truist Financial assumed coverage on shares of Iron Mountain in a report on Tuesday, April 8th. They issued a "buy" rating and a $95.00 price target on the stock. Barclays reduced their price objective on shares of Iron Mountain from $130.00 to $118.00 and set an "overweight" rating for the company in a research note on Thursday, March 20th. Finally, Wells Fargo & Company cut their price target on shares of Iron Mountain from $135.00 to $125.00 and set an "overweight" rating for the company in a report on Tuesday, February 4th. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Iron Mountain currently has a consensus rating of "Buy" and an average price target of $121.29.
Check Out Our Latest Stock Report on IRM
Insiders Place Their Bets
In other news, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $86.11, for a total transaction of $5,952,353.75. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Daniel Borges sold 6,433 shares of the firm'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 value of $597,239.72. Following the transaction, the chief accounting officer now owns 288 shares in the company, valued at approximately $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 valued at $29,370,872. 2.10% of the stock is currently owned by corporate insiders.
Iron Mountain Trading Up 4.1 %
Shares of NYSE:IRM traded up $3.78 during trading on Friday, reaching $95.63. The company had a trading volume of 2,497,499 shares, compared to its average volume of 1,840,649. The company has a fifty day moving average of $85.93 and a two-hundred day moving average of $102.25. The stock has a market capitalization of $28.21 billion, a P/E ratio of 156.76, a price-to-earnings-growth ratio of 5.15 and a beta of 0.97. Iron Mountain Incorporated has a 12 month low of $72.33 and a 12 month high of $130.24.
Iron Mountain (NYSE:IRM - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The financial services provider reported $1.17 earnings per share for the quarter, beating analysts' consensus estimates of $1.16 by $0.01. Iron Mountain had a negative return on equity of 401.83% and a net margin of 2.95%. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.59 billion. During the same quarter last year, the business posted $1.10 earnings per share. The company's revenue for the quarter was up 7.9% on a year-over-year basis. As a group, equities research analysts predict that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.
Iron Mountain Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Shareholders of record on Monday, June 16th will be given a dividend of $0.785 per share. This represents a $3.14 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date of this dividend is Monday, June 16th. Iron Mountain's payout ratio is currently 514.75%.
About Iron Mountain
(
Free Report)
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.
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