IMG Wealth Management Inc. Acquires New Stake in Iron Mountain Incorporated (NYSE:IRM)

IMG Wealth Management Inc. acquired a new stake in shares of Iron Mountain Incorporated (NYSE:IRM) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 244 shares of the financial services provider’s stock, valued at approximately $26,000.

Other large investors also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its position in Iron Mountain by 2.8% during the third quarter. PNC Financial Services Group Inc. now owns 53,877 shares of the financial services provider’s stock valued at $6,402,000 after purchasing an additional 1,446 shares in the last quarter. Merit Financial Group LLC raised its position in Iron Mountain by 91.5% during the fourth quarter. Merit Financial Group LLC now owns 14,933 shares of the financial services provider’s stock valued at $1,570,000 after purchasing an additional 7,137 shares in the last quarter. Tidal Investments LLC raised its position 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 valued at $2,440,000 after purchasing an additional 14,737 shares in the last quarter. Exchange Traded Concepts LLC raised its position in Iron Mountain by 151.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 9,147 shares of the financial services provider’s stock valued at $961,000 after purchasing an additional 5,511 shares in the last quarter. Finally, Lord Abbett & CO. LLC purchased a new stake in Iron Mountain during the third quarter valued at about $24,122,000. Institutional investors own 80.13% of the company’s stock.

Iron Mountain Price Performance

Shares of NYSE:IRM opened at $89.13 on Tuesday. Iron Mountain Incorporated has a 1 year low of $73.53 and a 1 year high of $130.24. The company has a market cap of $26.18 billion, a PE ratio of 146.11, a P/E/G ratio of 5.15 and a beta of 1.04. The stock’s 50-day moving average is $98.00 and its 200 day moving average is $109.87.

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). Iron Mountain had a net margin of 2.95% and a negative return on equity of 401.83%. The business had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.60 billion. During the same quarter in the prior year, the firm earned $0.52 EPS. Analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Monday, March 17th will be issued a dividend of $0.785 per share. This represents a $3.14 dividend on an annualized basis and a yield of 3.52%. 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%.

Analyst Ratings Changes

IRM has been the topic of a number of research reports. Barclays lowered their price target on Iron Mountain from $131.00 to $130.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. StockNews.com downgraded Iron Mountain from a “hold” rating to a “sell” rating in a report on Friday. Wells Fargo & Company decreased their price objective on Iron Mountain from $135.00 to $125.00 and set an “overweight” rating on the stock in a report on Tuesday, February 4th. JPMorgan Chase & Co. decreased their price objective on Iron Mountain from $125.00 to $112.00 and set an “overweight” rating on the stock in a report on Tuesday, February 18th. Finally, Royal Bank of Canada lifted their price objective on Iron Mountain from $135.00 to $139.00 and gave the stock an “outperform” rating in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $127.67.

Insider Buying and Selling at Iron Mountain

In other Iron Mountain news, CAO Daniel Borges sold 6,433 shares of Iron Mountain stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $92.84, for a total transaction of $597,239.72. Following the sale, the chief accounting officer now directly owns 288 shares of the company’s stock, valued at approximately $26,737.92. The trade was a 95.71 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William L. Meaney sold 172,552 shares of Iron Mountain stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $91.33, for a total value of $15,759,174.16. Following the sale, the chief executive officer now directly owns 237,402 shares in the company, valued at approximately $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 three months, insiders have sold 327,242 shares of company stock valued at $31,530,305. 2.10% of the stock is currently owned by corporate insiders.

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.