Employees Retirement System of Texas Purchases 29,000 Shares of Iron Mountain Incorporated (NYSE:IRM)

Employees Retirement System of Texas increased its stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 28.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 130,500 shares of the financial services provider's stock after purchasing an additional 29,000 shares during the period. Employees Retirement System of Texas' holdings in Iron Mountain were worth $13,717,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Polar Asset Management Partners Inc. lifted its holdings in shares of Iron Mountain by 227.5% during the 4th quarter. Polar Asset Management Partners Inc. now owns 141,500 shares of the financial services provider's stock valued at $14,873,000 after buying an additional 98,300 shares during the period. Putney Financial Group LLC purchased a new stake in Iron Mountain during the fourth quarter valued at $518,000. Toronto Dominion Bank lifted its holdings in Iron Mountain by 8.8% in the fourth quarter. Toronto Dominion Bank now owns 158,877 shares of the financial services provider's stock valued at $16,700,000 after acquiring an additional 12,801 shares during the period. Warm Springs Advisors Inc. purchased a new position in Iron Mountain in the fourth quarter worth about $271,000. Finally, GF Fund Management CO. LTD. bought a new stake in shares of Iron Mountain during the 4th quarter valued at about $560,000. Institutional investors own 80.13% of the company's stock.

Insider Activity at Iron Mountain

In other Iron Mountain news, EVP Greg W. Mcintosh sold 8,398 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $96.14, for a total transaction of $807,383.72. Following the sale, the executive vice president now directly owns 70,114 shares of the company's stock, valued at $6,740,759.96. The trade was a 10.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction that occurred on 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 327,371 shares of company stock valued at $29,919,729 over the last 90 days. 2.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on IRM shares. JPMorgan Chase & Co. lowered their price objective on shares of Iron Mountain from $125.00 to $112.00 and set an "overweight" rating on the stock in a research note on Tuesday, February 18th. Truist Financial started coverage on shares of Iron Mountain in a report on Tuesday, April 8th. They set a "buy" rating and a $95.00 target price for the company. Wall Street Zen upgraded shares of Iron Mountain from a "sell" rating to a "hold" rating in a research note on Friday, April 18th. Wells Fargo & Company reduced their price objective on Iron Mountain from $135.00 to $125.00 and set an "overweight" rating for the company in a research note on Tuesday, February 4th. Finally, Barclays lifted their price objective on Iron Mountain from $118.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $121.71.

Iron Mountain Stock Up 0.8%

IRM stock traded up $0.83 during mid-day trading on Friday, hitting $98.63. The company had a trading volume of 4,731,334 shares, compared to its average volume of 1,867,659. The company has a 50-day moving average price of $89.88 and a 200 day moving average price of $98.76. Iron Mountain Incorporated has a 12-month low of $72.33 and a 12-month high of $130.24. The company has a market capitalization of $29.10 billion, a price-to-earnings ratio of 161.69, a P/E/G ratio of 5.15 and a beta of 1.08.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $1.59 billion during the quarter, compared to analyst estimates 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 revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.10 earnings per share. As a group, analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current 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 3.18%. The ex-dividend date of this dividend is Monday, June 16th. Iron Mountain's payout ratio is 765.85%.

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.