Archer Investment Corp Trims Stock Position in Iron Mountain Incorporated (NYSE:IRM)

Archer Investment Corp reduced its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 22.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,800 shares of the financial services provider’s stock after selling 2,200 shares during the quarter. Archer Investment Corp’s holdings in Iron Mountain were worth $927,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System boosted its holdings in shares of Iron Mountain by 2.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 321,492 shares of the financial services provider’s stock valued at $25,787,000 after buying an additional 7,486 shares in the last quarter. Friedenthal Financial bought a new stake in shares of Iron Mountain during the 3rd quarter valued at $824,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Iron Mountain by 22.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 592,773 shares of the financial services provider’s stock valued at $47,547,000 after buying an additional 110,551 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Iron Mountain by 19.8% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 75,809 shares of the financial services provider’s stock valued at $6,794,000 after buying an additional 12,540 shares in the last quarter. Finally, Centersquare Investment Management LLC boosted its holdings in shares of Iron Mountain by 7,892.6% during the 1st quarter. Centersquare Investment Management LLC now owns 1,538,486 shares of the financial services provider’s stock valued at $119,263,000 after buying an additional 1,519,237 shares in the last quarter. 80.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

IRM has been the topic of a number of analyst reports. The Goldman Sachs Group upped their price target on shares of Iron Mountain from $106.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Barclays upped their price target on shares of Iron Mountain from $91.00 to $133.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 9th. Wells Fargo & Company upped their price target on shares of Iron Mountain from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Stifel Nicolaus upped their price target on shares of Iron Mountain from $117.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, September 23rd. Finally, BNP Paribas upgraded shares of Iron Mountain to a “strong-buy” rating in a research note on Wednesday, November 6th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $129.80.

Iron Mountain Stock Performance

IRM traded up $0.58 during midday trading on Friday, hitting $113.70. 163,297 shares of the company traded hands, compared to its average volume of 1,599,255. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 674.63. The firm has a market capitalization of $33.37 billion, a PE ratio of 314.34, a price-to-earnings-growth ratio of 6.95 and a beta of 0.99. The company’s 50-day moving average is $119.46 and its 200 day moving average is $102.63. Iron Mountain Incorporated has a 52 week low of $61.59 and a 52 week high of $130.24.

Iron Mountain Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Monday, December 16th will be paid a dividend of $0.715 per share. This represents a $2.86 annualized dividend and a yield of 2.52%. The ex-dividend date of this dividend is Monday, December 16th. Iron Mountain’s dividend payout ratio is currently 794.47%.

Insider Buying and Selling at Iron Mountain

In other news, CEO William L. Meaney sold 15,875 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $118.97, for a total transaction of $1,888,648.75. Following the completion of the sale, the chief executive officer now owns 295,650 shares of the company’s stock, valued at $35,173,480.50. The trade was a 5.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO John Tomovcsik sold 1,000 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $110.00, for a total transaction of $110,000.00. Following the sale, the chief operating officer now directly owns 14,000 shares of the company’s stock, valued at approximately $1,540,000. The trade was a 6.67 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,387 shares of company stock worth $6,971,838. Company insiders own 2.10% of the company’s stock.

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.