IMS Capital Management Buys New Position in Iron Mountain Incorporated (NYSE:IRM)

IMS Capital Management purchased a new position in shares of Iron Mountain Incorporated (NYSE:IRM) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 1,798 shares of the financial services provider’s stock, valued at approximately $214,000.

Several other hedge funds also recently modified their holdings of IRM. Lord Abbett & CO. LLC bought a new position in Iron Mountain in the third quarter worth approximately $24,122,000. Oddo BHF Asset Management Sas bought a new stake in Iron Mountain during the 3rd quarter valued at $10,206,000. Tidal Investments LLC raised its holdings in Iron Mountain by 254.1% during the third quarter. Tidal Investments LLC now owns 20,536 shares of the financial services provider’s stock worth $2,440,000 after buying an additional 14,737 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Iron Mountain in the third quarter valued at $837,000. Finally, World Investment Advisors LLC acquired a new position in shares of Iron Mountain during the third quarter valued at about $554,000. Institutional investors own 80.13% of the company’s stock.

Iron Mountain Price Performance

NYSE IRM opened at $110.13 on Wednesday. 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 company has a market cap of $32.32 billion, a PE ratio of 305.92, a price-to-earnings-growth ratio of 6.77 and a beta of 0.98. Iron Mountain Incorporated has a 52 week low of $64.68 and a 52 week high of $130.24. The firm’s 50-day simple moving average is $119.90 and its two-hundred day simple moving average is $109.12.

Iron Mountain Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Monday, December 16th will be issued a $0.715 dividend. This represents a $2.86 annualized dividend and a yield of 2.60%. The ex-dividend date of this dividend is Monday, December 16th. Iron Mountain’s payout ratio is 794.44%.

Insider Activity at Iron Mountain

In other news, CEO William L. Meaney sold 15,875 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $118.97, for a total value of $1,888,648.75. Following the completion of the transaction, the chief executive officer now directly owns 295,650 shares in the company, valued at approximately $35,173,480.50. This represents a 5.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William L. Meaney sold 15,872 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $112.99, for a total transaction of $1,793,377.28. The disclosure for this sale can be found here. Over the last quarter, insiders sold 63,497 shares of company stock valued at $7,417,731. Company insiders own 2.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on IRM. Royal Bank of Canada raised their target price on Iron Mountain from $135.00 to $139.00 and gave the company an “outperform” rating in a report on Wednesday, November 27th. Stifel Nicolaus raised their price objective on Iron Mountain from $117.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, September 23rd. Wells Fargo & Company boosted their price target on shares of Iron Mountain from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Barclays cut their target price on Iron Mountain from $133.00 to $131.00 and set an “overweight” rating on the stock in a research note on Monday, November 18th. Finally, BNP Paribas raised Iron Mountain to a “strong-buy” rating in a research report on Wednesday, November 6th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Iron Mountain presently has a consensus rating of “Buy” and a consensus target price of $131.00.

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.