Maryland State Retirement & Pension System Sells 1,125 Shares of Iron Mountain Incorporated (NYSE:IRM)

Maryland State Retirement & Pension System lessened its position in Iron Mountain Incorporated (NYSE:IRM) by 6.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,545 shares of the financial services provider’s stock after selling 1,125 shares during the period. Maryland State Retirement & Pension System’s holdings in Iron Mountain were worth $1,634,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its holdings in Iron Mountain by 2.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 53,877 shares of the financial services provider’s stock worth $6,402,000 after acquiring an additional 1,446 shares during the last quarter. Merit Financial Group LLC grew its holdings in Iron Mountain by 91.5% in the 4th quarter. Merit Financial Group LLC now owns 14,933 shares of the financial services provider’s stock worth $1,570,000 after acquiring an additional 7,137 shares during the last quarter. Tidal Investments LLC grew its holdings in Iron Mountain by 254.1% in the 3rd quarter. Tidal Investments LLC now owns 20,536 shares of the financial services provider’s stock worth $2,440,000 after acquiring an additional 14,737 shares during the last quarter. Exchange Traded Concepts LLC grew its holdings in Iron Mountain by 151.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 9,147 shares of the financial services provider’s stock worth $961,000 after acquiring an additional 5,511 shares during the last quarter. Finally, Lord Abbett & CO. LLC bought a new stake in shares of Iron Mountain during the 3rd quarter valued at about $24,122,000. Institutional investors own 80.13% of the company’s stock.

Iron Mountain Price Performance

NYSE:IRM opened at $87.64 on Friday. Iron Mountain Incorporated has a one year low of $73.53 and a one year high of $130.24. The company’s 50-day simple moving average is $96.89 and its 200 day simple moving average is $109.22. The firm has a market capitalization of $25.74 billion, a P/E ratio of 143.67, a PEG ratio of 5.15 and a beta of 1.04.

Iron Mountain (NYSE:IRM) last posted its quarterly earnings data on Thursday, February 13th. The financial services provider reported $0.50 EPS 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 the consensus estimate of $1.60 billion. During the same period in the previous year, the firm earned $0.52 EPS. On average, equities research analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Monday, March 17th will be issued a $0.785 dividend. The ex-dividend date is Monday, March 17th. This is a boost from Iron Mountain’s previous quarterly dividend of $0.72. This represents a $3.14 annualized dividend and a yield of 3.58%. Iron Mountain’s payout ratio is 514.75%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company cut their target price on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 4th. StockNews.com raised shares of Iron Mountain from a “sell” rating to a “hold” rating in a research note on Saturday. Royal Bank of Canada lifted their target price on shares of Iron Mountain from $135.00 to $139.00 and gave the company an “outperform” rating in a research note on Wednesday, November 27th. Barclays cut their target price on shares of Iron Mountain from $130.00 to $118.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, JPMorgan Chase & Co. cut their target price on shares of Iron Mountain from $125.00 to $112.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 18th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $125.67.

Insiders Place Their Bets

In other Iron Mountain news, CEO William L. Meaney sold 172,552 shares of Iron Mountain stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $91.33, for a total value of $15,759,174.16. Following the completion of the transaction, the chief executive officer now directly owns 237,402 shares of the company’s stock, valued at approximately $21,681,924.66. The trade was a 42.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mithu Bhargava sold 8,263 shares of Iron Mountain stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $104.49, for a total transaction of $863,400.87. Following the completion of the transaction, the executive vice president now directly owns 13,054 shares of the company’s stock, valued at $1,364,012.46. This trade represents a 38.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 327,242 shares of company stock valued at $31,530,305. Insiders own 2.10% of the company’s stock.

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.