Welch & Forbes LLC Sells 8,395 Shares of Iron Mountain Incorporated $IRM

Welch & Forbes LLC trimmed its holdings in Iron Mountain Incorporated (NYSE:IRM) by 1.3% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 630,927 shares of the financial services provider’s stock after selling 8,395 shares during the quarter. Welch & Forbes LLC owned 0.21% of Iron Mountain worth $70,001,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in IRM. BlackRock Inc. bought a new position in Iron Mountain during the 2nd quarter valued at approximately $4,240,342,000. Principal Financial Group Inc. grew its position in shares of Iron Mountain by 8.5% in the 1st quarter. Principal Financial Group Inc. now owns 4,566,093 shares of the financial services provider’s stock worth $466,382,000 after buying an additional 358,497 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Iron Mountain by 2.8% during the first quarter. Dimensional Fund Advisors LP now owns 4,552,286 shares of the financial services provider’s stock valued at $464,931,000 after acquiring an additional 122,927 shares in the last quarter. Legal & General Group Plc purchased a new stake in Iron Mountain in the second quarter worth $409,843,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Iron Mountain by 29,674.0% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,193,560 shares of the financial services provider’s stock worth $403,379,000 after acquiring an additional 3,182,834 shares during the period. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Iron Mountain Trading Up 4.1%

Shares of Iron Mountain stock opened at $110.92 on Tuesday. The firm has a market cap of $33.02 billion, a PE ratio of 72.49 and a beta of 1.18. The stock has a 50 day moving average of $113.62 and a 200 day moving average of $115.47. Iron Mountain Incorporated has a 12 month low of $77.77 and a 12 month high of $134.68.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings data on Thursday, November 5th. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.03. The business had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $1.99 billion. Iron Mountain had a negative return on equity of 85.44% and a net margin of 5.54%. The company’s revenue for the quarter was up 13.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.32 EPS. As a group, equities research analysts forecast that Iron Mountain Incorporated will post 5.42 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 6th. Investors of record on Tuesday, December 15th will be given a $0.9930 dividend. This is a boost from Iron Mountain’s previous quarterly dividend of $0.8640. This represents a $3.97 annualized dividend and a yield of 3.6%. The ex-dividend date is Tuesday, December 15th. Iron Mountain’s dividend payout ratio (DPR) is presently 226.14%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on IRM. BNP Paribas Exane upped their target price on shares of Iron Mountain from $138.00 to $145.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 5th. Truist Financial boosted their target price on shares of Iron Mountain from $140.00 to $155.00 and gave the company a “buy” rating in a research report on Thursday, August 27th. Weiss Ratings cut shares of Iron Mountain from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, August 25th. Barclays increased their price target on shares of Iron Mountain from $143.00 to $144.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 8th. Finally, The Goldman Sachs Group lifted their price target on shares of Iron Mountain from $153.00 to $155.00 and gave the stock a “buy” rating in a research note on Tuesday, October 6th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $141.33.

Insider Transactions at Iron Mountain

In other news, EVP Mark Kidd sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $115.60, for a total transaction of $693,600.00. Following the transaction, the executive vice president owned 95,507 shares of the company’s stock, valued at approximately $11,040,609.20. The trade was a 5.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Meaney sold 38,474 shares of the business’s stock in a transaction that occurred on Friday, November 6th. The shares were sold at an average price of $105.72, for a total value of $4,067,471.28. Following the transaction, the chief executive officer directly owned 38,474 shares in the company, valued at approximately $4,067,471.28. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 136,422 shares of company stock worth $15,116,038 in the last three months. Insiders own 1.70% of the company’s stock.

About Iron Mountain

Iron Mountain Incorporated is an information management and storage company that helps organizations protect, manage and access physical and digital assets. Its services include records storage and management, secure document shredding, digitization and other information-management solutions.

The company also operates data centers and provides services for businesses moving, storing and managing data. Its offerings extend to specialized storage and care for items such as artwork and other valuable collections.

Founded in 1951, Iron Mountain began as a records-storage business in a former iron ore mine in New York.