Cohen & Steers Inc. Sells 2,818,166 Shares of Iron Mountain Incorporated (NYSE:IRM)

Cohen & Steers Inc. decreased its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 15.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 14,907,846 shares of the financial services provider's stock after selling 2,818,166 shares during the quarter. Iron Mountain accounts for approximately 3.0% of Cohen & Steers Inc.'s holdings, making the stock its 11th biggest holding. Cohen & Steers Inc. owned 5.08% of Iron Mountain worth $1,566,817,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Orion Portfolio Solutions LLC grew its stake in Iron Mountain by 34.0% during the third quarter. Orion Portfolio Solutions LLC now owns 7,963 shares of the financial services provider's stock worth $946,000 after buying an additional 2,021 shares during the last quarter. Sunbelt Securities Inc. grew its position in Iron Mountain by 65.8% during the 3rd quarter. Sunbelt Securities Inc. now owns 864 shares of the financial services provider's stock worth $103,000 after acquiring an additional 343 shares during the last quarter. M&T Bank Corp increased its holdings in Iron Mountain by 0.4% during the 3rd quarter. M&T Bank Corp now owns 88,215 shares of the financial services provider's stock valued at $10,482,000 after purchasing an additional 334 shares in the last quarter. World Investment Advisors LLC bought a new position in Iron Mountain in the 3rd quarter valued at $554,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in Iron Mountain in the third quarter worth $837,000. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently weighed in on IRM. Truist Financial assumed coverage on Iron Mountain in a research note on Tuesday, April 8th. They issued a "buy" rating and a $95.00 target price for the company. Wells Fargo & Company reduced their target price on shares of Iron Mountain from $135.00 to $125.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 4th. Barclays dropped their price objective on shares of Iron Mountain from $130.00 to $118.00 and set an "overweight" rating for the company in a research report on Thursday, March 20th. StockNews.com upgraded Iron Mountain from a "sell" rating to a "hold" rating in a research report on Friday. Finally, 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 research note on Tuesday, February 18th. One research 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 company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $121.29.

Iron Mountain Trading Up 1.9 %

Shares of IRM stock traded up $1.58 on Friday, reaching $84.21. The company had a trading volume of 1,824,556 shares, compared to its average volume of 1,827,589. The stock has a market cap of $24.74 billion, a PE ratio of 138.05, a PEG ratio of 5.15 and a beta of 0.97. The company has a 50-day moving average of $87.29 and a 200-day moving average of $104.44. Iron Mountain Incorporated has a 12 month low of $72.33 and a 12 month high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its quarterly 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 the consensus estimate of $1.60 billion. During the same period in the prior year, the business earned $0.52 earnings per share. Sell-side analysts anticipate that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Increases Dividend

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

Insider Buying and Selling at Iron Mountain

In other news, EVP Mithu Bhargava sold 1,738 shares of the firm's stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 13,054 shares of the company's stock, valued at $1,211,933.36. This trade represents a 11.75 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William L. Meaney sold 69,125 shares of the business's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $99.83, for a total transaction of $6,900,748.75. The disclosure for this sale can be found here. Over the last quarter, 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.

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.