Allstate Corp Buys Shares of 8,513 Iron Mountain Incorporated (NYSE:IRM)

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

Several other hedge funds also recently added to or reduced their stakes in the company. DnB Asset Management AS increased its stake in Iron Mountain by 5.9% in the fourth quarter. DnB Asset Management AS now owns 52,585 shares of the financial services provider's stock worth $5,527,000 after purchasing an additional 2,919 shares during the period. Level Four Advisory Services LLC increased its position in shares of Iron Mountain by 1.4% during the fourth quarter. Level Four Advisory Services LLC now owns 10,339 shares of the financial services provider's stock worth $1,087,000 after acquiring an additional 142 shares during the period. Orion Portfolio Solutions LLC raised its stake in shares of Iron Mountain by 12.0% during the fourth quarter. Orion Portfolio Solutions LLC now owns 8,920 shares of the financial services provider's stock valued at $938,000 after acquiring an additional 957 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its stake in Iron Mountain by 4.0% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 474,591 shares of the financial services provider's stock worth $49,884,000 after purchasing an additional 18,296 shares in the last quarter. Finally, Duff & Phelps Investment Management Co. increased its holdings in Iron Mountain by 0.5% during the 4th quarter. Duff & Phelps Investment Management Co. now owns 1,246,311 shares of the financial services provider's stock worth $131,000,000 after purchasing an additional 5,705 shares during the period. 80.13% of the stock is currently owned by institutional investors.

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Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on IRM shares. JPMorgan Chase & Co. lowered their target price on Iron Mountain from $125.00 to $112.00 and set an "overweight" rating for the company in a report on Tuesday, February 18th. Barclays lowered 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. Wells Fargo & Company cut their price objective 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. Finally, StockNews.com lowered Iron Mountain from a "hold" rating to a "sell" rating in a report on Monday. One investment analyst has rated the stock with a sell rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Iron Mountain currently has a consensus rating of "Moderate Buy" and a consensus price target of $125.67.

Insider Transactions at Iron Mountain

In other news, CEO William L. Meaney sold 172,552 shares of Iron Mountain stock in a transaction 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 transaction, the chief executive officer now owns 237,402 shares in the company, valued at $21,681,924.66. The trade was a 42.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mithu Bhargava sold 1,738 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.84, for a total transaction of $161,355.92. Following the completion of the sale, the executive vice president now directly owns 13,054 shares of the company's stock, valued at $1,211,933.36. This represents a 11.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 249,848 shares of company stock worth $23,418,519 in the last ninety days. Insiders own 2.10% of the company's stock.

Iron Mountain Stock Down 5.7 %

Shares of Iron Mountain stock traded down $5.04 during mid-day trading on Thursday, reaching $83.07. 1,967,556 shares of the stock traded hands, compared to its average volume of 1,771,439. The business has a 50-day moving average of $93.59 and a 200 day moving average of $107.75. The stock has a market capitalization of $24.40 billion, a PE ratio of 136.17, 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 - Get Free Report) last announced its quarterly earnings data 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 net margin of 2.95% and a negative return on equity of 401.83%. The firm had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.60 billion. During the same quarter in the previous year, the business posted $0.52 EPS. On average, equities research analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Monday, March 17th will be paid a $0.785 dividend. This represents a $3.14 dividend on an annualized basis and a yield of 3.78%. This is a positive change from Iron Mountain's previous quarterly dividend of $0.72. The ex-dividend date of this dividend is Monday, March 17th. Iron Mountain's dividend payout ratio (DPR) is 514.75%.

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.