Concentric Capital Strategies LP Acquires 45,417 Shares of Iron Mountain Incorporated (NYSE:IRM)

Concentric Capital Strategies LP boosted its position in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 110.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 86,377 shares of the financial services provider's stock after purchasing an additional 45,417 shares during the period. Concentric Capital Strategies LP's holdings in Iron Mountain were worth $9,079,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of IRM. Centiva Capital LP raised its position in Iron Mountain by 16.3% in the 4th quarter. Centiva Capital LP now owns 32,711 shares of the financial services provider's stock valued at $3,438,000 after buying an additional 4,585 shares during the last quarter. Bridgefront Capital LLC acquired a new stake in shares of Iron Mountain in the fourth quarter valued at approximately $877,000. Cary Street Partners Financial LLC acquired a new stake in shares of Iron Mountain in the fourth quarter valued at approximately $1,308,000. Baird Financial Group Inc. lifted its position in shares of Iron Mountain by 1.3% in the fourth quarter. Baird Financial Group Inc. now owns 65,506 shares of the financial services provider's stock worth $6,885,000 after purchasing an additional 826 shares in the last quarter. Finally, Balyasny Asset Management L.P. boosted its holdings in Iron Mountain by 5,098.0% during the fourth quarter. Balyasny Asset Management L.P. now owns 366,668 shares of the financial services provider's stock worth $38,540,000 after purchasing an additional 359,614 shares during the last quarter. Institutional investors and hedge funds own 80.13% of the company's stock.

Insiders Place Their Bets

In other news, CEO William L. Meaney sold 172,552 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $91.33, for a total transaction 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 approximately $21,681,924.66. This represents a 42.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the business's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $86.11, for a total value of $5,952,353.75. The disclosure for this sale can be found here. Insiders have sold a total of 318,973 shares of company stock worth $29,112,345 in the last quarter. Corporate insiders own 2.10% of the company's stock.

Iron Mountain Trading Up 0.4 %

Shares of NYSE:IRM traded up $0.34 during trading on Friday, reaching $97.08. 1,049,120 shares of the stock were exchanged, compared to its average volume of 1,844,857. Iron Mountain Incorporated has a 12 month low of $72.33 and a 12 month high of $130.24. The stock has a 50-day moving average price of $86.50 and a 200-day moving average price of $101.31. The firm has a market cap of $28.64 billion, a PE ratio of 159.15, a PEG ratio of 5.15 and a beta of 1.08.

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 (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.01. The business had revenue of $1.59 billion during 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 firm's quarterly revenue was up 7.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.10 EPS. On average, sell-side analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 3rd. Shareholders of record on Monday, June 16th will be issued a $0.785 dividend. 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%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. JPMorgan Chase & Co. reduced their price target 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 raised shares of Iron Mountain from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. Barclays dropped their target price on shares of Iron Mountain from $130.00 to $118.00 and set an "overweight" rating on the stock in a report on Thursday, March 20th. Truist Financial began coverage on Iron Mountain in a report on Tuesday, April 8th. They set a "buy" rating and a $95.00 price target for the company. Finally, Wells Fargo & Company dropped their price objective on Iron Mountain from $135.00 to $125.00 and set an "overweight" rating on the stock in a research note on Tuesday, February 4th. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $121.29.

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.