Hartford Funds Management Co LLC Buys 1,684 Shares of Iron Mountain Incorporated (NYSE:IRM)

Hartford Funds Management Co LLC lifted its stake in Iron Mountain Incorporated (NYSE:IRM) by 38.3% in the 4th quarter, HoldingsChannel reports. The fund owned 6,082 shares of the financial services provider’s stock after purchasing an additional 1,684 shares during the quarter. Hartford Funds Management Co LLC’s holdings in Iron Mountain were worth $639,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Candriam S.C.A. increased its position in Iron Mountain by 207.9% during the 4th quarter. Candriam S.C.A. now owns 77,097 shares of the financial services provider’s stock valued at $8,104,000 after buying an additional 52,061 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Iron Mountain during the 4th quarter valued at about $55,271,000. Promus Capital LLC acquired a new position in Iron Mountain during the 4th quarter valued at about $60,000. Vision Financial Markets LLC acquired a new position in Iron Mountain during the 4th quarter valued at about $142,000. Finally, Arizona State Retirement System increased its position in Iron Mountain by 1.4% during the 4th quarter. Arizona State Retirement System now owns 85,199 shares of the financial services provider’s stock valued at $8,955,000 after buying an additional 1,216 shares in the last quarter. 80.13% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Iron Mountain news, CAO Daniel Borges sold 6,433 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $92.84, for a total transaction of $597,239.72. Following the completion of the transaction, the chief accounting officer now owns 288 shares of the company’s stock, valued at $26,737.92. This represents 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 that occurred 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. Over the last 90 days, insiders have sold 343,114 shares of company stock worth $33,323,682. 2.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on IRM shares. JPMorgan Chase & Co. reduced their target price on Iron Mountain from $125.00 to $112.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 18th. StockNews.com upgraded Iron Mountain from a “sell” rating to a “hold” rating in a research note on Tuesday, February 25th. Royal Bank of Canada boosted 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. Barclays dropped their price target on Iron Mountain from $131.00 to $130.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Finally, Wells Fargo & Company dropped their price target on Iron Mountain from $135.00 to $125.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 4th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $127.67.

Iron Mountain Stock Down 6.3 %

Shares of IRM opened at $82.77 on Friday. Iron Mountain Incorporated has a 52 week low of $73.53 and a 52 week high of $130.24. The company has a market capitalization of $24.31 billion, a price-to-earnings ratio of 135.68, a PEG ratio of 5.15 and a beta of 1.04. The stock’s 50-day moving average price is $101.12 and its 200-day moving average price is $111.40.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings results on Thursday, February 13th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.70). The business had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.60 billion. Iron Mountain had a negative return on equity of 401.83% and a net margin of 2.95%. During the same quarter in the prior year, the company posted $0.52 EPS. As a group, equities analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Monday, March 17th will be given a dividend of $0.785 per share. The ex-dividend date is Monday, March 17th. This represents a $3.14 dividend on an annualized basis and a yield of 3.79%. This is an increase from Iron Mountain’s previous quarterly dividend of $0.72. Iron Mountain’s dividend payout ratio is currently 514.75%.

Iron Mountain Company 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.