Truist Financial Corp Trims Stock Holdings in Iron Mountain Incorporated (NYSE:IRM)

Truist Financial Corp reduced its stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 32.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 44,751 shares of the financial services provider's stock after selling 21,874 shares during the period. Truist Financial Corp's holdings in Iron Mountain were worth $4,704,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in IRM. Geode Capital Management LLC lifted its holdings in Iron Mountain by 1.6% during the third quarter. Geode Capital Management LLC now owns 8,257,965 shares of the financial services provider's stock valued at $978,479,000 after purchasing an additional 128,622 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Iron Mountain by 4.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,386,315 shares of the financial services provider's stock valued at $402,396,000 after purchasing an additional 141,675 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Iron Mountain by 537.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,170,550 shares of the financial services provider's stock valued at $376,756,000 after buying an additional 2,672,821 shares in the last quarter. Captrust Financial Advisors boosted its holdings in Iron Mountain by 5.2% in the 3rd quarter. Captrust Financial Advisors now owns 951,552 shares of the financial services provider's stock worth $113,073,000 after buying an additional 47,327 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake in Iron Mountain by 1.1% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 910,723 shares of the financial services provider's stock worth $95,726,000 after buying an additional 10,160 shares in the last quarter. 80.13% of the stock is currently owned by institutional investors.

Iron Mountain Stock Performance

IRM stock opened at $91.77 on Monday. The firm has a fifty day moving average price of $103.50 and a 200 day moving average price of $112.39. Iron Mountain Incorporated has a fifty-two week low of $70.00 and a fifty-two week high of $130.24. The firm has a market cap of $26.96 billion, a PE ratio of 150.44, a price-to-earnings-growth ratio of 5.15 and a beta of 1.01.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The financial services provider reported $0.50 EPS for the quarter, missing analysts' consensus estimates of $1.20 by ($0.70). The business had revenue of $1.58 billion during the quarter, compared to analysts' expectations 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 period in the previous year, the business earned $0.52 earnings per share. On average, equities analysts predict 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 will be paid on Friday, April 4th. Shareholders of record on Monday, March 17th will be given a dividend of $0.785 per share. The ex-dividend date of this dividend is Monday, March 17th. This is an increase from Iron Mountain's previous quarterly dividend of $0.72. This represents a $3.14 dividend on an annualized basis and a yield of 3.42%. Iron Mountain's dividend payout ratio is 468.85%.

Insider Activity

In related news, CEO William L. Meaney sold 69,131 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $104.85, for a total transaction of $7,248,385.35. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Mithu Bhargava sold 8,263 shares of Iron Mountain stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $104.49, for a total transaction of $863,400.87. Following the transaction, the executive vice president now directly owns 13,054 shares of the company's stock, valued at $1,364,012.46. The trade was a 38.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 162,391 shares of company stock valued at $16,805,912 in the last ninety days. Insiders own 2.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. BNP Paribas raised Iron Mountain to a "strong-buy" rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. dropped their price target 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. Barclays cut their price objective on shares of Iron Mountain from $131.00 to $130.00 and set an "overweight" rating for the company in a report on Tuesday, January 28th. Wells Fargo & Company lowered their target price on shares of Iron Mountain from $135.00 to $125.00 and set an "overweight" rating on the stock in a report on Tuesday, February 4th. Finally, Royal Bank of Canada raised their target price on shares of Iron Mountain from $135.00 to $139.00 and gave the company an "outperform" rating in a research note on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $127.67.

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.

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