Allstate Corp Purchases New Stake in Iron Mountain Incorporated (NYSE:IRM)

Allstate Corp acquired a new position in Iron Mountain Incorporated (NYSE:IRM) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 8,513 shares of the financial services provider’s stock, valued at approximately $895,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Wealthfront Advisers LLC grew its position 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 during the last quarter. Norges Bank bought a new position in shares of Iron Mountain during the fourth quarter valued at approximately $348,249,000. TD Asset Management Inc. grew its holdings in shares of Iron Mountain by 125.4% during the fourth quarter. TD Asset Management Inc. now owns 1,952,432 shares of the financial services provider’s stock valued at $205,220,000 after purchasing an additional 1,086,308 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Iron Mountain in the 4th quarter worth approximately $55,271,000. Finally, Cbre Investment Management Listed Real Assets LLC lifted its holdings in shares of Iron Mountain by 158.3% in the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 541,028 shares of the financial services provider’s stock worth $56,867,000 after purchasing an additional 331,536 shares during the last quarter. Institutional investors own 80.13% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. dropped their target price on Iron Mountain from $125.00 to $112.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 18th. StockNews.com downgraded shares of Iron Mountain from a “hold” rating to a “sell” rating in a research report on Monday. Barclays reduced their target price 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, Wells Fargo & Company cut their price target on Iron Mountain from $135.00 to $125.00 and set an “overweight” rating on the stock in a report on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Iron Mountain presently has a consensus rating of “Moderate Buy” and a consensus price target of $125.67.

Iron Mountain Stock Up 1.2 %

IRM stock opened at $86.14 on Tuesday. The company has a 50-day simple moving average of $94.51 and a 200 day simple moving average of $108.10. The company has a market capitalization of $25.30 billion, a P/E ratio of 141.21, a PEG ratio of 5.15 and a beta of 1.04. Iron Mountain Incorporated has a fifty-two week low of $73.53 and a fifty-two week high of $130.24.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings results on Thursday, February 13th. The financial services provider reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.70). Iron Mountain had a negative return on equity of 401.83% and a net margin of 2.95%. The company had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same period in the prior year, the company posted $0.52 earnings per share. Equities analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Monday, March 17th will be given a dividend of $0.785 per share. The ex-dividend date of this dividend is Monday, March 17th. This is a boost from Iron Mountain’s previous quarterly dividend of $0.72. This represents a $3.14 annualized dividend and a dividend yield of 3.65%. Iron Mountain’s dividend payout ratio (DPR) is 514.75%.

Insider Transactions at Iron Mountain

In related news, EVP Mithu Bhargava sold 1,738 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.84, for a total value of $161,355.92. Following the sale, the executive vice president now directly owns 13,054 shares in the company, valued at $1,211,933.36. The trade was a 11.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William L. Meaney sold 172,552 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $91.33, for a total transaction of $15,759,174.16. Following the sale, the chief executive officer now 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 318,979 shares of company stock valued at $30,666,904. Corporate insiders own 2.10% of the company’s stock.

About Iron Mountain

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.