TD Asset Management Inc. Buys 1,086,308 Shares of Iron Mountain Incorporated (NYSE:IRM)

TD Asset Management Inc. increased its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 125.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,952,432 shares of the financial services provider’s stock after purchasing an additional 1,086,308 shares during the quarter. TD Asset Management Inc. owned 0.67% of Iron Mountain worth $205,220,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of IRM. CoreFirst Bank & Trust purchased a new stake in Iron Mountain in the 4th quarter worth about $2,646,000. Corebridge Financial Inc. grew its stake in shares of Iron Mountain by 0.7% during the fourth quarter. Corebridge Financial Inc. now owns 76,267 shares of the financial services provider’s stock valued at $8,016,000 after buying an additional 524 shares during the last quarter. Stevens Capital Management LP raised its holdings in shares of Iron Mountain by 102.7% in the fourth quarter. Stevens Capital Management LP now owns 3,564 shares of the financial services provider’s stock worth $375,000 after buying an additional 1,806 shares during the period. KLP Kapitalforvaltning AS bought a new stake in shares of Iron Mountain during the 4th quarter worth approximately $10,278,000. Finally, Knights of Columbus Asset Advisors LLC boosted its holdings in Iron Mountain by 5.5% during the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 191,305 shares of the financial services provider’s stock valued at $20,108,000 after acquiring an additional 9,951 shares during the period. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on IRM shares. Royal Bank of Canada lifted their target price on Iron Mountain from $135.00 to $139.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 27th. JPMorgan Chase & Co. decreased their price objective on shares of Iron Mountain from $125.00 to $112.00 and set an “overweight” rating for the company in a report on Tuesday, February 18th. Wells Fargo & Company dropped 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 decreased 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 raised Iron Mountain from a “sell” rating to a “hold” rating in a research note on Saturday. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Iron Mountain presently has a consensus rating of “Buy” and an average price target of $125.67.

Iron Mountain Stock Performance

NYSE IRM opened at $87.84 on Wednesday. The company has a market cap of $25.80 billion, a PE ratio of 144.00, a P/E/G ratio of 5.15 and a beta of 1.04. The firm’s 50 day moving average price is $96.32 and its 200-day moving average price is $108.88. Iron Mountain Incorporated has a 52-week low of $73.53 and a 52-week high of $130.24.

Iron Mountain (NYSE:IRM) last announced its quarterly earnings results 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). The company had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.60 billion. Iron Mountain had a net margin of 2.95% and a negative return on equity of 401.83%. During the same quarter in the prior year, the business posted $0.52 earnings per share. On average, analysts forecast that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Monday, March 17th will be given a dividend of $0.785 per share. This represents a $3.14 annualized dividend and a dividend yield of 3.57%. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.72. The ex-dividend date is Monday, March 17th. Iron Mountain’s dividend payout ratio is presently 514.75%.

Insider Activity

In other news, CEO William L. Meaney sold 69,125 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $99.83, for a total transaction of $6,900,748.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William L. Meaney sold 172,552 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now owns 237,402 shares in the company, valued at approximately $21,681,924.66. This trade represents a 42.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 318,979 shares of company stock worth $30,666,904. Corporate insiders own 2.10% of the company’s stock.

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.