Freedom Investment Management Inc. Sells 910 Shares of Iron Mountain Incorporated (NYSE:IRM)

Freedom Investment Management Inc. cut its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 10.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,832 shares of the financial services provider’s stock after selling 910 shares during the quarter. Freedom Investment Management Inc.’s holdings in Iron Mountain were worth $931,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of IRM. Price T Rowe Associates Inc. MD lifted its position in Iron Mountain by 22.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 592,773 shares of the financial services provider’s stock valued at $47,547,000 after acquiring an additional 110,551 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of Iron Mountain by 284.1% during the first quarter. Tidal Investments LLC now owns 18,416 shares of the financial services provider’s stock valued at $1,477,000 after purchasing an additional 13,621 shares in the last quarter. Swedbank AB purchased a new stake in shares of Iron Mountain during the first quarter valued at $19,445,000. Atria Investments Inc bought a new stake in Iron Mountain in the 1st quarter worth about $1,873,000. Finally, PGGM Investments raised its position in Iron Mountain by 40.7% in the 1st quarter. PGGM Investments now owns 22,369 shares of the financial services provider’s stock worth $1,794,000 after buying an additional 6,475 shares during the last quarter. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Insider Activity at Iron Mountain

In other news, Director Wendy J. Murdock sold 8,500 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $116.38, for a total transaction of $989,230.00. Following the sale, the director now directly owns 14,829 shares in the company, valued at $1,725,799.02. This trade represents a 36.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William L. Meaney sold 15,875 shares of the company’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $117.36, for a total transaction of $1,863,090.00. Following the completion of the transaction, the chief executive officer now directly owns 295,650 shares of the company’s stock, valued at $34,697,484. This represents a 5.10 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 56,125 shares of company stock worth $6,613,584. 2.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on IRM. BNP Paribas upgraded shares of Iron Mountain to a “strong-buy” rating in a research note on Wednesday, November 6th. Royal Bank of Canada lifted their target price on shares of Iron Mountain from $135.00 to $139.00 and gave the stock an “outperform” rating in a research report on Wednesday. The Goldman Sachs Group increased their price target on Iron Mountain from $106.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Barclays cut their price objective on Iron Mountain from $133.00 to $131.00 and set an “overweight” rating for the company in a report on Monday, November 18th. Finally, Wells Fargo & Company increased their target price on Iron Mountain from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Iron Mountain presently has a consensus rating of “Buy” and an average target price of $131.00.

Iron Mountain Price Performance

NYSE IRM opened at $124.24 on Friday. The business’s fifty day moving average is $120.22 and its 200 day moving average is $105.40. Iron Mountain Incorporated has a fifty-two week low of $62.95 and a fifty-two week high of $130.24. The company has a debt-to-equity ratio of 674.63, a quick ratio of 0.75 and a current ratio of 0.75. The company has a market capitalization of $36.46 billion, a PE ratio of 345.11, a price-to-earnings-growth ratio of 7.26 and a beta of 0.99.

Iron Mountain Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Monday, December 16th will be given a dividend of $0.715 per share. The ex-dividend date is Monday, December 16th. This represents a $2.86 dividend on an annualized basis and a dividend yield of 2.30%. Iron Mountain’s payout ratio is currently 794.44%.

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.