KLP Kapitalforvaltning AS Makes New Investment in Iron Mountain Incorporated (NYSE:IRM)

KLP Kapitalforvaltning AS purchased a new stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 97,216 shares of the financial services provider's stock, valued at approximately $10,278,000.

Other large investors have also recently made changes to their positions in the company. Prospera Financial Services Inc boosted its holdings in shares of Iron Mountain by 11.3% in the third quarter. Prospera Financial Services Inc now owns 2,808 shares of the financial services provider's stock worth $334,000 after buying an additional 285 shares during the last quarter. Citigroup Inc. boosted its stake in shares of Iron Mountain by 8.4% during the 3rd quarter. Citigroup Inc. now owns 268,389 shares of the financial services provider's stock worth $31,893,000 after acquiring an additional 20,905 shares during the last quarter. Nwam LLC purchased a new position in shares of Iron Mountain during the 3rd quarter worth $289,000. Cerity Partners LLC grew its position in shares of Iron Mountain by 47.4% during the 3rd quarter. Cerity Partners LLC now owns 29,362 shares of the financial services provider's stock valued at $3,489,000 after acquiring an additional 9,442 shares during the period. Finally, Larson Financial Group LLC increased its stake in shares of Iron Mountain by 29.8% in the 3rd quarter. Larson Financial Group LLC now owns 557 shares of the financial services provider's stock worth $66,000 after purchasing an additional 128 shares in the last quarter. 80.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on IRM shares. Wells Fargo & Company decreased their price objective on Iron Mountain from $135.00 to $125.00 and set an "overweight" rating on the stock in a research note on Tuesday, February 4th. StockNews.com raised shares of Iron Mountain from a "sell" rating to a "hold" rating in a report on Saturday, March 22nd. JPMorgan Chase & Co. reduced their price objective on shares of Iron Mountain from $125.00 to $112.00 and set an "overweight" rating for the company in a research note on Tuesday, February 18th. Finally, 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. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Iron Mountain currently has an average rating of "Buy" and an average price target of $125.67.

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Insider Activity

In other news, CEO William L. Meaney sold 172,552 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $91.33, for a total transaction of $15,759,174.16. Following the sale, the chief executive officer now directly owns 237,402 shares in the company, valued at approximately $21,681,924.66. This represents a 42.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William L. Meaney sold 69,131 shares of Iron Mountain stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $104.85, for a total value of $7,248,385.35. The disclosure for this sale can be found here. In the last ninety days, insiders sold 318,979 shares of company stock worth $30,666,904. 2.10% of the stock is currently owned by insiders.

Iron Mountain Trading Down 0.5 %

Shares of NYSE:IRM traded down $0.44 during midday trading on Friday, reaching $85.07. 1,293,278 shares of the company were exchanged, compared to its average volume of 1,763,517. The stock has a market cap of $24.99 billion, a PE ratio of 139.46, a price-to-earnings-growth ratio of 5.15 and a beta of 1.04. The business's fifty day moving average is $94.97 and its two-hundred day moving average is $108.39. Iron Mountain Incorporated has a one year low of $73.53 and a one year high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last released its quarterly earnings data on Thursday, February 13th. The financial services provider reported $0.50 EPS for the quarter, missing the consensus estimate 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 company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same period last year, the company earned $0.52 EPS. As a group, sell-side analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Monday, March 17th will be issued a dividend of $0.785 per share. This represents a $3.14 annualized dividend and a dividend yield of 3.69%. This is a boost from Iron Mountain's previous quarterly dividend of $0.72. The ex-dividend date is Monday, March 17th. Iron Mountain's dividend payout ratio is 514.75%.

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.