Bank of Nova Scotia Purchases 10,105 Shares of Iron Mountain Incorporated (NYSE:IRM)

Bank of Nova Scotia boosted its stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 26.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 47,633 shares of the financial services provider's stock after buying an additional 10,105 shares during the quarter. Bank of Nova Scotia's holdings in Iron Mountain were worth $5,007,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Key Financial Inc raised its stake in shares of Iron Mountain by 25,100.0% in the fourth quarter. Key Financial Inc now owns 252 shares of the financial services provider's stock valued at $26,000 after buying an additional 251 shares during the period. Halbert Hargrove Global Advisors LLC purchased a new position in Iron Mountain during the 4th quarter valued at about $26,000. IMG Wealth Management Inc. bought a new stake in shares of Iron Mountain during the fourth quarter valued at about $26,000. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Iron Mountain by 46.4% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 489 shares of the financial services provider's stock worth $51,000 after buying an additional 155 shares in the last quarter. Finally, Parkworth Wealth Management Inc. bought a new position in shares of Iron Mountain in the fourth quarter valued at approximately $53,000. Hedge funds and other institutional investors own 80.13% of the company's stock.

Iron Mountain Price Performance

NYSE IRM traded up $2.52 during trading on Thursday, hitting $85.15. 723,932 shares of the company's stock traded hands, compared to its average volume of 1,817,174. The stock has a fifty day moving average of $88.16 and a two-hundred day moving average of $104.91. Iron Mountain Incorporated has a 12-month low of $72.33 and a 12-month high of $130.24. The firm has a market cap of $25.01 billion, a P/E ratio of 139.41, a PEG ratio of 5.15 and a beta of 0.97.

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Iron Mountain (NYSE:IRM - Get Free Report) last posted its 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 firm 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 company posted $0.52 earnings per share. As a group, analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Shareholders of record on Monday, March 17th were issued a $0.785 dividend. The ex-dividend date of this dividend was Monday, March 17th. This is a positive change from Iron Mountain's previous quarterly dividend of $0.72. This represents a $3.14 annualized dividend and a yield of 3.69%. Iron Mountain's dividend payout ratio is 514.75%.

Insider Transactions at Iron Mountain

In other Iron Mountain news, CAO Daniel Borges sold 6,433 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 value of $597,239.72. Following the sale, the chief accounting officer now owns 288 shares in the company, valued at approximately $26,737.92. This represents a 95.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William L. Meaney sold 69,125 shares of the business's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $86.11, for a total value of $5,952,353.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 318,973 shares of company stock valued at $29,370,872. Company insiders own 2.10% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on IRM. Barclays lowered their target price on shares of Iron Mountain from $130.00 to $118.00 and set an "overweight" rating on the stock in a research note on Thursday, March 20th. JPMorgan Chase & Co. dropped their price objective on Iron Mountain from $125.00 to $112.00 and set an "overweight" rating for the company in a research note on Tuesday, February 18th. Wells Fargo & Company reduced their target price on Iron Mountain from $135.00 to $125.00 and set an "overweight" rating for the company in a research report on Tuesday, February 4th. StockNews.com raised Iron Mountain from a "sell" rating to a "hold" rating in a report on Tuesday, April 8th. Finally, Truist Financial started coverage on Iron Mountain in a report on Tuesday, April 8th. They set a "buy" rating and a $95.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $121.29.

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.