Lord Abbett & CO. LLC Invests $24.12 Million in Iron Mountain Incorporated (NYSE:IRM)

Lord Abbett & CO. LLC purchased a new stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 203,000 shares of the financial services provider's stock, valued at approximately $24,122,000. Lord Abbett & CO. LLC owned about 0.07% of Iron Mountain at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Iron Mountain by 537.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,170,550 shares of the financial services provider's stock worth $376,756,000 after buying an additional 2,672,821 shares during the period. Legal & General Group Plc raised its stake in Iron Mountain by 49.2% during the 2nd quarter. Legal & General Group Plc now owns 3,899,276 shares of the financial services provider's stock valued at $349,453,000 after acquiring an additional 1,286,694 shares during the last quarter. AGF Management Ltd. lifted its position in Iron Mountain by 76.3% during the 2nd quarter. AGF Management Ltd. now owns 2,245,393 shares of the financial services provider's stock worth $201,232,000 after acquiring an additional 972,101 shares during the period. Mizuho Securities USA LLC grew its stake in shares of Iron Mountain by 2,193.9% in the 3rd quarter. Mizuho Securities USA LLC now owns 518,501 shares of the financial services provider's stock valued at $61,613,000 after purchasing an additional 495,898 shares during the last quarter. Finally, International Assets Investment Management LLC raised its stake in shares of Iron Mountain by 12,953.4% during the third quarter. International Assets Investment Management LLC now owns 448,644 shares of the financial services provider's stock worth $53,312,000 after purchasing an additional 445,207 shares during the last quarter. Institutional investors and hedge funds own 80.13% of the company's stock.

Insider Activity

In other news, Director Wendy J. Murdock sold 8,500 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $116.38, for a total value of $989,230.00. Following the sale, the director now directly owns 14,829 shares in the company, valued at $1,725,799.02. This represents a 36.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William L. Meaney sold 15,875 shares of the company's stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $118.97, for a total value of $1,888,648.75. Following the completion of the sale, the chief executive officer now directly owns 295,650 shares in the company, valued at approximately $35,173,480.50. The trade was a 5.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 71,997 shares of company stock worth $8,406,961 over the last 90 days. 2.10% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

IRM has been the topic of a number of analyst reports. Royal Bank of Canada lifted their price objective on shares of Iron Mountain from $135.00 to $139.00 and gave the company an "outperform" rating in a research report on Wednesday, November 27th. Wells Fargo & Company raised their price objective on shares of Iron Mountain from $120.00 to $135.00 and gave the company an "overweight" rating in a research report on Thursday, October 17th. Stifel Nicolaus boosted their target price on Iron Mountain from $117.00 to $140.00 and gave the stock a "buy" rating in a research report on Monday, September 23rd. BNP Paribas raised Iron Mountain to a "strong-buy" rating in a research note on Wednesday, November 6th. Finally, Barclays decreased their price target 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. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $131.00.

Iron Mountain Price Performance

Shares of IRM traded up $0.17 on Monday, reaching $111.36. The stock had a trading volume of 1,316,393 shares, compared to its average volume of 1,588,098. Iron Mountain Incorporated has a twelve month low of $64.68 and a twelve month high of $130.24. The firm has a market capitalization of $32.68 billion, a PE ratio of 309.33, a PEG ratio of 6.77 and a beta of 0.98. The firm has a 50-day moving average of $120.07 and a 200 day moving average of $108.92. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 674.63.

Iron Mountain Announces Dividend

The company also recently announced 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 2.57%. The ex-dividend date is Monday, December 16th. Iron Mountain's dividend payout ratio (DPR) is 794.44%.

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.