Nippon Life Global Investors Americas Inc. Decreases Holdings in Iron Mountain Incorporated (NYSE:IRM)

Nippon Life Global Investors Americas Inc. lessened its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 30.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 117,000 shares of the financial services provider's stock after selling 51,230 shares during the period. Nippon Life Global Investors Americas Inc.'s holdings in Iron Mountain were worth $12,373,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Wealthfront Advisers LLC boosted its holdings in shares of Iron Mountain by 9,843.3% during the 4th quarter. Wealthfront Advisers LLC now owns 6,864,832 shares of the financial services provider's stock valued at $721,562,000 after buying an additional 6,795,792 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Iron Mountain by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,219,263 shares of the financial services provider's stock worth $443,476,000 after purchasing an additional 15,097 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Iron Mountain by 2.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,478,790 shares of the financial services provider's stock worth $365,656,000 after purchasing an additional 92,475 shares in the last quarter. Norges Bank bought a new position in Iron Mountain in the 4th quarter worth about $348,249,000. Finally, Invesco Ltd. boosted its stake in Iron Mountain by 17.2% in the 4th quarter. Invesco Ltd. now owns 2,482,820 shares of the financial services provider's stock worth $260,969,000 after purchasing an additional 363,783 shares in the last quarter. Institutional investors own 80.13% of the company's stock.

Insider Buying and Selling

In related news, CEO William L. Meaney sold 69,125 shares of the company's stock in a transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Daniel Borges sold 6,433 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.84, for a total transaction of $597,239.72. Following the completion of the transaction, the chief accounting officer now directly owns 288 shares of the company's stock, valued at $26,737.92. This represents a 95.71 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 318,973 shares of company stock valued at $29,370,872. Company insiders own 2.10% of the company's stock.

Wall Street Analyst Weigh In

IRM has been the topic of a number of analyst reports. Truist Financial initiated coverage on shares of Iron Mountain in a research note on Tuesday, April 8th. They issued a "buy" rating and a $95.00 price target on the stock. JPMorgan Chase & Co. dropped their price target 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. Wells Fargo & Company lowered their target price on shares of Iron Mountain from $135.00 to $125.00 and set an "overweight" rating on the stock in a research note on Tuesday, February 4th. Barclays reduced their price target 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, StockNews.com upgraded shares of Iron Mountain from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $121.29.

Iron Mountain Stock Performance

Shares of IRM stock traded up $2.65 during mid-day trading on Friday, reaching $87.97. 2,097,977 shares of the company's stock traded hands, compared to its average volume of 1,836,523. Iron Mountain Incorporated has a 12 month low of $72.33 and a 12 month high of $130.24. The firm has a 50 day moving average price of $86.08 and a two-hundred day moving average price of $103.04. The firm has a market capitalization of $25.95 billion, a PE ratio of 144.21, a price-to-earnings-growth ratio of 5.15 and a beta of 0.97.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.20 by ($0.70). Iron Mountain had a net margin of 2.95% and a negative return on equity of 401.83%. The business had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same period in the previous year, the firm earned $0.52 EPS. As a group, equities analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Monday, March 17th were issued a $0.785 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $3.14 annualized dividend and a yield of 3.57%. This is an increase from Iron Mountain's previous quarterly dividend of $0.72. Iron Mountain's dividend payout ratio is currently 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.