Iron Mountain Incorporated (NYSE:IRM) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board decreased its position in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 79.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 217,268 shares of the financial services provider's stock after selling 851,842 shares during the quarter. Canada Pension Plan Investment Board owned 0.07% of Iron Mountain worth $22,837,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. IMG Wealth Management Inc. bought a new position in Iron Mountain during the fourth quarter valued at $26,000. Halbert Hargrove Global Advisors LLC bought a new position in shares of Iron Mountain in the 4th quarter valued at about $26,000. Key Financial Inc grew its position in Iron Mountain by 25,100.0% in the fourth quarter. Key Financial Inc now owns 252 shares of the financial services provider's stock worth $26,000 after acquiring an additional 251 shares in the last quarter. Whittier Trust Co. of Nevada Inc. increased its stake in Iron Mountain by 46.4% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 489 shares of the financial services provider's stock worth $51,000 after acquiring an additional 155 shares during the last quarter. Finally, Parkworth Wealth Management Inc. purchased a new stake in Iron Mountain during the fourth quarter valued at approximately $53,000. 80.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Iron Mountain Price Performance

Shares of IRM stock traded up $1.18 during mid-day trading on Wednesday, hitting $84.21. The stock had a trading volume of 1,007,517 shares, compared to its average volume of 1,824,776. Iron Mountain Incorporated has a 12-month low of $72.33 and a 12-month high of $130.24. The firm's 50-day moving average is $86.62 and its two-hundred day moving average is $103.84. The firm has a market capitalization of $24.74 billion, a P/E ratio of 138.06, a price-to-earnings-growth ratio of 5.15 and a beta of 0.97.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its earnings results on Thursday, February 13th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the previous year, the company earned $0.52 earnings per share. Analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 4th. Shareholders of record on Monday, March 17th were issued a dividend of $0.785 per share. The ex-dividend date was Monday, March 17th. This represents a $3.14 dividend on an annualized basis and a yield of 3.73%. This is a positive change from Iron Mountain's previous quarterly dividend of $0.72. Iron Mountain's dividend payout ratio is currently 514.75%.

Insider Buying and Selling at Iron Mountain

In related news, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $99.83, for a total transaction of $6,900,748.75. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Mithu Bhargava sold 1,738 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.84, for a total transaction of $161,355.92. Following the completion of the transaction, the executive vice president now owns 13,054 shares of the company's stock, valued at $1,211,933.36. This represents a 11.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 318,973 shares of company stock valued at $29,370,872. 2.10% of the stock is currently owned by corporate insiders.

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.