Iron Mountain Incorporated (NYSE:IRM) Position Boosted by Teacher Retirement System of Texas

Teacher Retirement System of Texas lifted its stake in Iron Mountain Incorporated (NYSE:IRM) by 1,736.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 36,049 shares of the financial services provider’s stock after acquiring an additional 34,086 shares during the quarter. Teacher Retirement System of Texas’ holdings in Iron Mountain were worth $3,789,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Key Financial Inc increased its position in Iron Mountain by 25,100.0% in the 4th quarter. Key Financial Inc now owns 252 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 251 shares during the last quarter. Halbert Hargrove Global Advisors LLC bought a new stake in shares of Iron Mountain in the 4th quarter valued at approximately $26,000. IMG Wealth Management Inc. acquired a new position in Iron Mountain in the fourth quarter worth approximately $26,000. Teachers Insurance & Annuity Association of America bought a new position in Iron Mountain during the third quarter valued at approximately $36,000. Finally, Parkworth Wealth Management Inc. acquired a new stake in Iron Mountain in the fourth quarter valued at approximately $53,000. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO William L. Meaney sold 172,552 shares of Iron Mountain stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 237,402 shares of the company’s stock, valued at $21,681,924.66. The trade was a 42.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William L. Meaney sold 69,131 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $104.85, for a total transaction of $7,248,385.35. The disclosure for this sale can be found here. Insiders sold 318,979 shares of company stock worth $30,666,904 in the last quarter. 2.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

IRM has been the topic of a number of recent research reports. Royal Bank of Canada raised their price target on shares of Iron Mountain from $135.00 to $139.00 and gave the company an “outperform” rating in a report on Wednesday, November 27th. StockNews.com raised Iron Mountain from a “sell” rating to a “hold” rating in a research report on Saturday. 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 report on Tuesday, February 4th. Barclays cut their price objective on Iron Mountain from $130.00 to $118.00 and set an “overweight” rating for the company in a research report on Thursday, March 20th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Iron Mountain from $125.00 to $112.00 and set an “overweight” rating for the company in a research note on Tuesday, February 18th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $125.67.

Iron Mountain Stock Up 3.0 %

NYSE:IRM opened at $90.14 on Tuesday. The firm has a market capitalization of $26.48 billion, a PE ratio of 147.77, a price-to-earnings-growth ratio of 5.15 and a beta of 1.04. Iron Mountain Incorporated has a 12-month low of $73.53 and a 12-month high of $130.24. The firm has a 50-day moving average price of $96.65 and a 200 day moving average price of $109.03.

Iron Mountain (NYSE:IRM) last issued its 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 analyst estimates of $1.60 billion. Iron Mountain had a negative return on equity of 401.83% and a net margin of 2.95%. During the same period in the previous year, the company posted $0.52 earnings per share. On average, research analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Monday, March 17th will be paid a $0.785 dividend. This represents a $3.14 annualized dividend and a dividend yield of 3.48%. The ex-dividend date of this dividend is Monday, March 17th. This is an increase from Iron Mountain’s previous quarterly dividend of $0.72. Iron Mountain’s 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.