CHB Investment Group LLC Raises Stock Position in Iron Mountain Incorporated (NYSE:IRM)

CHB Investment Group LLC lifted its position in Iron Mountain Incorporated (NYSE:IRM) by 1.2% during the first quarter, Holdings Channel reports. The institutional investor owned 29,175 shares of the financial services provider’s stock after buying an additional 357 shares during the quarter. CHB Investment Group LLC’s holdings in Iron Mountain were worth $2,510,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Wealthfront Advisers LLC grew its position in shares of Iron Mountain by 9,843.3% in the 4th quarter. Wealthfront Advisers LLC now owns 6,864,832 shares of the financial services provider’s stock worth $721,562,000 after buying an additional 6,795,792 shares during the last quarter. Northern Trust Corp grew its position in shares of Iron Mountain by 56.1% in the 4th quarter. Northern Trust Corp now owns 4,326,476 shares of the financial services provider’s stock worth $454,756,000 after buying an additional 1,554,746 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Iron Mountain by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,219,263 shares of the financial services provider’s stock worth $443,476,000 after buying an additional 15,097 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Iron Mountain by 2.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,478,790 shares of the financial services provider’s stock worth $365,656,000 after buying an additional 92,475 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Iron Mountain in the 4th quarter worth approximately $348,249,000. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Iron Mountain Trading Down 1.0%

Shares of NYSE IRM opened at $101.50 on Monday. Iron Mountain Incorporated has a 12 month low of $72.33 and a 12 month high of $130.24. The company has a 50 day simple moving average of $93.42 and a two-hundred day simple moving average of $97.25. The stock has a market cap of $29.95 billion, a price-to-earnings ratio of 166.39, a PEG ratio of 5.15 and a beta of 1.09.

Iron Mountain (NYSE:IRM) last posted its earnings results on Thursday, May 1st. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.01. Iron Mountain had a net margin of 2.95% and a negative return on equity of 401.83%. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.59 billion. During the same period in the previous year, the business posted $1.10 EPS. The business’s revenue was up 7.9% compared to the same quarter last year. Analysts forecast that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Monday, June 16th will be issued a dividend of $0.785 per share. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend is Monday, June 16th. Iron Mountain’s payout ratio is 765.85%.

Wall Street Analyst Weigh In

IRM has been the subject of a number of recent analyst reports. Barclays lifted their target price on shares of Iron Mountain from $118.00 to $121.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 27th. Truist Financial initiated coverage on shares of Iron Mountain in a research note on Tuesday, April 8th. They issued a “buy” rating and a $95.00 target price for the company. Wall Street Zen upgraded shares of Iron Mountain from a “sell” rating to a “hold” rating in a research note on Friday, April 18th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Iron Mountain from $125.00 to $112.00 and set an “overweight” rating for the company in a research note on Tuesday, February 18th. One analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Iron Mountain presently has an average rating of “Buy” and an average target price of $121.71.

Insider Transactions at Iron Mountain

In other news, Director Walter C. Rakowich sold 900 shares of the company’s stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $99.97, for a total transaction of $89,973.00. Following the completion of the sale, the director now owns 36,515 shares of the company’s stock, valued at $3,650,404.55. This represents a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the company’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $96.09, for a total transaction of $6,642,221.25. The disclosure for this sale can be found here. Insiders sold 216,673 shares of company stock valued at $20,319,408 over the last 90 days. 1.90% of the stock is currently owned by corporate insiders.

Iron Mountain 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.