MAI Capital Management Trims Stake in Iron Mountain Incorporated (NYSE:IRM)

MAI Capital Management reduced its stake in Iron Mountain Incorporated (NYSE:IRM) by 6.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,867 shares of the financial services provider’s stock after selling 937 shares during the quarter. MAI Capital Management’s holdings in Iron Mountain were worth $1,529,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Ashton Thomas Securities LLC bought a new stake in shares of Iron Mountain in the 3rd quarter worth approximately $31,000. West Branch Capital LLC bought a new stake in shares of Iron Mountain in the 3rd quarter worth approximately $33,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new stake in shares of Iron Mountain in the 2nd quarter worth approximately $32,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Iron Mountain in the 2nd quarter valued at approximately $36,000. Finally, Family Firm Inc. bought a new position in Iron Mountain in the 2nd quarter valued at approximately $45,000. 80.13% of the stock is owned by institutional investors.

Iron Mountain Stock Performance

IRM stock opened at $116.30 on Thursday. The company has a market cap of $34.13 billion, a P/E ratio of 323.06, a price-to-earnings-growth ratio of 6.88 and a beta of 0.99. Iron Mountain Incorporated has a 1 year low of $62.56 and a 1 year high of $130.24. The company has a debt-to-equity ratio of 674.63, a current ratio of 0.75 and a quick ratio of 0.75. The stock’s fifty day moving average price is $119.76 and its 200-day moving average price is $103.89.

Iron Mountain Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Monday, December 16th will be issued a $0.715 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $2.86 dividend on an annualized basis and a yield of 2.46%. Iron Mountain’s dividend payout ratio is currently 794.44%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on IRM shares. Barclays lowered their price objective on Iron Mountain from $133.00 to $131.00 and set an “overweight” rating on the stock in a research report on Monday. JPMorgan Chase & Co. upped their price objective on Iron Mountain from $82.00 to $121.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Stifel Nicolaus upped their price objective on Iron Mountain from $117.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, September 23rd. Wells Fargo & Company upped their price objective on Iron Mountain from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Finally, The Goldman Sachs Group upped their price objective on Iron Mountain from $106.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $129.40.

Insider Buying and Selling

In other Iron Mountain news, CEO William L. Meaney sold 15,875 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $118.97, for a total transaction of $1,888,648.75. Following the sale, the chief executive officer now directly owns 295,650 shares of the company’s stock, valued at $35,173,480.50. This trade represents a 5.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Wendy J. Murdock sold 8,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $116.38, for a total value of $989,230.00. Following the sale, the director now directly owns 14,829 shares in the company, valued at approximately $1,725,799.02. This represents a 36.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,125 shares of company stock valued at $6,613,584. 2.10% of the stock is owned by company insiders.

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.