Russell Investments Group Ltd. Decreases Stake in Iron Mountain Incorporated (NYSE:IRM)

Russell Investments Group Ltd. lessened its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 11.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,855,832 shares of the financial services provider's stock after selling 228,748 shares during the period. Russell Investments Group Ltd. owned approximately 0.63% of Iron Mountain worth $194,965,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. HighTower Advisors LLC grew its stake in shares of Iron Mountain by 6.1% in the third quarter. HighTower Advisors LLC now owns 131,174 shares of the financial services provider's stock worth $15,581,000 after acquiring an additional 7,529 shares during the last quarter. IHT Wealth Management LLC lifted its stake in Iron Mountain by 25.8% during the third quarter. IHT Wealth Management LLC now owns 12,101 shares of the financial services provider's stock worth $1,437,000 after purchasing an additional 2,479 shares during the period. Point72 Asset Management L.P. acquired a new stake in Iron Mountain during the third quarter valued at approximately $26,429,000. Quarry LP grew its stake in shares of Iron Mountain by 86.5% in the 3rd quarter. Quarry LP now owns 496 shares of the financial services provider's stock valued at $59,000 after purchasing an additional 230 shares during the period. Finally, Quantinno Capital Management LP raised its holdings in shares of Iron Mountain by 32.8% in the 3rd quarter. Quantinno Capital Management LP now owns 15,579 shares of the financial services provider's stock worth $1,851,000 after buying an additional 3,849 shares in the last quarter. Institutional investors own 80.13% of the company's stock.

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Iron Mountain Price Performance

Iron Mountain stock traded down $2.61 during trading hours on Thursday, hitting $81.88. The company had a trading volume of 969,546 shares, compared to its average volume of 1,811,475. The firm has a 50-day moving average of $90.22 and a 200 day moving average of $106.04. The firm has a market cap of $24.05 billion, a PE ratio of 133.21, a PEG ratio of 5.15 and a beta of 0.97. Iron Mountain Incorporated has a one year low of $72.33 and a one year high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The financial services provider reported $0.50 earnings per share 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 negative return on equity of 401.83% and a net margin of 2.95%. During the same quarter last year, the firm earned $0.52 EPS. As a group, research analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Increases Dividend

The company also recently declared 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 is a positive change from Iron Mountain's previous quarterly dividend of $0.72. The ex-dividend date of this dividend was Monday, March 17th. This represents a $3.14 annualized dividend and a dividend yield of 3.84%. Iron Mountain's dividend payout ratio (DPR) is currently 514.75%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on IRM shares. Wells Fargo & Company reduced 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 report on Tuesday, February 4th. 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. StockNews.com raised Iron Mountain from a "sell" rating to a "hold" rating in a research note on Tuesday. Truist Financial began coverage on Iron Mountain in a report on Tuesday. They set a "buy" rating and a $95.00 price objective for the company. Finally, Barclays reduced 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, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $121.29.

Insider Activity at Iron Mountain

In other news, CAO Daniel Borges sold 6,433 shares of Iron Mountain stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.84, for a total value of $597,239.72. Following the transaction, the chief accounting officer now owns 288 shares in the company, valued at approximately $26,737.92. This trade represents a 95.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the company's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $86.11, for a total value of $5,952,353.75. The disclosure for this sale can be found here. Insiders have sold 318,973 shares of company stock valued at $29,370,872 over the last three months. 2.10% of the stock is owned by 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.