Iron Mountain Incorporated (NYSE:IRM) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System reduced its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 0.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 79,646 shares of the financial services provider’s stock after selling 200 shares during the period. State of Michigan Retirement System’s holdings in Iron Mountain were worth $8,372,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Key Financial Inc boosted its stake in Iron Mountain by 25,100.0% during the fourth quarter. Key Financial Inc now owns 252 shares of the financial services provider’s stock worth $26,000 after buying an additional 251 shares during the last quarter. Halbert Hargrove Global Advisors LLC purchased a new position in shares of Iron Mountain during the 4th quarter worth $26,000. Ashton Thomas Securities LLC acquired a new position in shares of Iron Mountain during the 3rd quarter valued at about $31,000. Teachers Insurance & Annuity Association of America purchased a new stake in shares of Iron Mountain in the third quarter valued at about $36,000. Finally, Dunhill Financial LLC raised its stake in Iron Mountain by 50.5% during the third quarter. Dunhill Financial LLC now owns 453 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 152 shares during the period. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

Iron Mountain Price Performance

NYSE IRM opened at $88.38 on Thursday. The company has a market cap of $25.96 billion, a P/E ratio of 144.88, a P/E/G ratio of 5.15 and a beta of 1.04. Iron Mountain Incorporated has a 1-year low of $73.53 and a 1-year high of $130.24. The stock has a 50-day moving average of $101.46 and a two-hundred day moving average of $111.56.

Iron Mountain (NYSE:IRM) last announced its earnings results 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). Iron Mountain had a negative return on equity of 401.83% and a net margin of 2.95%. The business had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.60 billion. During the same period in the previous year, the company earned $0.52 earnings per share. On average, analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Monday, March 17th will be paid a dividend of $0.785 per share. This represents a $3.14 annualized dividend and a yield of 3.55%. This is a boost from Iron Mountain’s previous quarterly dividend of $0.72. The ex-dividend date is Monday, March 17th. Iron Mountain’s payout ratio is presently 514.75%.

Insiders Place Their Bets

In related news, CAO Daniel Borges sold 6,433 shares of Iron Mountain stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.84, for a total value of $597,239.72. Following the completion of the transaction, the chief accounting officer now owns 288 shares in the company, valued at $26,737.92. The trade was a 95.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William L. Meaney sold 15,872 shares of the stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $112.99, for a total value of $1,793,377.28. The disclosure for this sale can be found here. Insiders have sold a total of 343,114 shares of company stock worth $33,323,682 in the last quarter. 2.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on IRM. Wells Fargo & Company dropped their price target on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating for the company in a research note on Tuesday, February 4th. Royal Bank of Canada upped their price target on Iron Mountain from $135.00 to $139.00 and gave the company an “outperform” rating in a research note on Wednesday, November 27th. StockNews.com raised Iron Mountain from a “sell” rating to a “hold” rating in a research report on Tuesday, February 25th. BNP Paribas raised shares of Iron Mountain to a “strong-buy” rating in a research report on Wednesday, November 6th. Finally, Barclays lowered their target price on shares of Iron Mountain from $131.00 to $130.00 and set an “overweight” rating for the company in a research note on Tuesday, January 28th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $127.67.

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.