Legal & General Group Plc Cuts Stake in Iron Mountain Incorporated (NYSE:IRM)

Legal & General Group Plc cut its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 19.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,182,440 shares of the financial services provider's stock after selling 776,578 shares during the period. Legal & General Group Plc owned approximately 1.08% of Iron Mountain worth $334,506,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Key Financial Inc raised its stake in shares of Iron Mountain by 25,100.0% during the 4th quarter. Key Financial Inc now owns 252 shares of the financial services provider's stock worth $26,000 after buying an additional 251 shares during the period. Halbert Hargrove Global Advisors LLC acquired a new position in Iron Mountain during the fourth quarter worth $26,000. IMG Wealth Management Inc. purchased a new position in Iron Mountain during the fourth quarter valued at $26,000. Whittier Trust Co. of Nevada Inc. grew its position 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 valued at $51,000 after purchasing an additional 155 shares during the period. Finally, Parkworth Wealth Management Inc. purchased a new stake in shares of Iron Mountain during the fourth quarter worth about $53,000. Hedge funds and other institutional investors own 80.13% of the company's stock.

Insider Activity at Iron Mountain

In other news, EVP Mithu Bhargava sold 1,738 shares of the business'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 value of $161,355.92. Following the sale, the executive vice president now directly owns 13,054 shares of the company's stock, valued at approximately $1,211,933.36. The trade was a 11.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the stock in a transaction that occurred 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. In the last ninety days, insiders have sold 318,973 shares of company stock worth $29,370,872. Company insiders own 2.10% of the company's stock.

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Iron Mountain Price Performance

Shares of IRM traded up $1.55 during mid-day trading on Monday, reaching $84.99. The stock had a trading volume of 251,869 shares, compared to its average volume of 1,816,236. The business's fifty day moving average is $89.48 and its 200 day moving average is $105.45. Iron Mountain Incorporated has a 52-week low of $72.33 and a 52-week high of $130.24. The firm has a market cap of $24.97 billion, a price-to-earnings ratio of 139.33, a P/E/G ratio of 5.15 and a beta of 0.97.

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 (EPS) 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 analyst estimates of $1.60 billion. During the same quarter in the prior year, the business earned $0.52 EPS. As a group, sell-side analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Monday, March 17th were given a dividend of $0.785 per share. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.69%. This is an increase from Iron Mountain's previous quarterly dividend of $0.72. The ex-dividend date was Monday, March 17th. Iron Mountain's dividend payout ratio (DPR) is presently 514.75%.

Wall Street Analysts Forecast Growth

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

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.