Resona Asset Management Co. Ltd. Makes New Investment in Iron Mountain Incorporated (NYSE:IRM)

Resona Asset Management Co. Ltd. bought a new position in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 165,505 shares of the financial services provider's stock, valued at approximately $17,350,000. Resona Asset Management Co. Ltd. owned about 0.06% of Iron Mountain at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in IRM. Key Financial Inc increased its position 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 acquiring an additional 251 shares during the last quarter. Halbert Hargrove Global Advisors LLC bought a new position in shares of Iron Mountain in the fourth quarter valued at $26,000. IMG Wealth Management Inc. acquired a new position in Iron Mountain during the fourth quarter worth $26,000. Whittier Trust Co. of Nevada Inc. lifted its stake in 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 acquiring an additional 155 shares during the last quarter. Finally, Parkworth Wealth Management Inc. acquired a new position in shares of Iron Mountain during the 4th quarter worth about $53,000. Institutional investors own 80.13% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on IRM. JPMorgan Chase & Co. dropped their price objective on shares of Iron Mountain from $125.00 to $112.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 18th. Wells Fargo & Company decreased their price objective 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. Barclays reduced their target price on Iron Mountain from $130.00 to $118.00 and set an "overweight" rating on the stock in a report on Thursday, March 20th. Truist Financial assumed coverage on shares of Iron Mountain in a research note on Tuesday. 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 report on Tuesday. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $121.29.

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Insider Activity

In other news, CAO Daniel Borges sold 6,433 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.84, for a total transaction of $597,239.72. Following the completion of the sale, the chief accounting officer now directly owns 288 shares of the company's stock, valued at $26,737.92. The trade was a 95.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction dated Monday, February 3rd. The shares were 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. Insiders sold a total of 318,973 shares of company stock worth $29,370,872 in the last three months. Company insiders own 2.10% of the company's stock.

Iron Mountain Stock Down 0.4 %

IRM traded down $0.31 during trading on Friday, reaching $81.32. 448,875 shares of the stock traded hands, compared to its average volume of 1,811,038. The stock has a market capitalization of $23.89 billion, a PE ratio of 133.27, a P/E/G ratio of 5.15 and a beta of 0.97. The stock's 50-day moving average is $89.84 and its 200 day moving average is $105.78. 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 issued its quarterly 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). The business had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.60 billion. Iron Mountain had a net margin of 2.95% and a negative return on equity of 401.83%. During the same period last year, the firm posted $0.52 earnings per share. As a group, equities research analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Stockholders 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 3.86%. The ex-dividend date was Monday, March 17th. This is a boost from Iron Mountain's previous quarterly dividend of $0.72. 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.