Cibc World Markets Corp Boosts Stake in Iron Mountain Incorporated (NYSE:IRM)

Cibc World Markets Corp lifted its holdings in shares of Iron Mountain Incorporated (NYSE:IRM) by 12.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 131,714 shares of the financial services provider’s stock after buying an additional 14,380 shares during the period. Cibc World Markets Corp’s holdings in Iron Mountain were worth $13,844,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Key Financial Inc boosted its holdings in shares of Iron Mountain by 25,100.0% during the 4th quarter. Key Financial Inc now owns 252 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 251 shares during the last quarter. Halbert Hargrove Global Advisors LLC bought a new position in Iron Mountain during the fourth quarter valued at approximately $26,000. IMG Wealth Management Inc. purchased a new stake in Iron Mountain in the fourth quarter worth approximately $26,000. Teachers Insurance & Annuity Association of America bought a new stake in Iron Mountain in the 3rd quarter worth approximately $36,000. Finally, Parkworth Wealth Management Inc. purchased a new stake in Iron Mountain during the 4th quarter valued at $53,000. 80.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

IRM has been the topic of a number of research reports. JPMorgan Chase & Co. dropped their price target on Iron Mountain from $125.00 to $112.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 18th. Wells Fargo & Company dropped their target price on Iron Mountain from $135.00 to $125.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 4th. Royal Bank of Canada upped their price target on shares of Iron Mountain from $135.00 to $139.00 and gave the company an “outperform” rating in a research report on Wednesday, November 27th. StockNews.com cut shares of Iron Mountain from a “hold” rating to a “sell” rating in a research note on Friday. Finally, Barclays cut 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 report on Tuesday, January 28th. One equities research analyst has rated the stock with a sell rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Iron Mountain has a consensus rating of “Moderate Buy” and an average price target of $127.67.

Iron Mountain Price Performance

Shares of NYSE:IRM opened at $89.13 on Tuesday. The firm’s 50 day simple moving average is $98.00 and its two-hundred day simple moving average is $109.87. The company has a market capitalization of $26.18 billion, a P/E ratio of 146.11, 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.

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

Iron Mountain Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Monday, March 17th will be given a dividend of $0.785 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $3.14 annualized dividend and a dividend yield of 3.52%. This is a boost from Iron Mountain’s previous quarterly dividend of $0.72. Iron Mountain’s dividend payout ratio (DPR) is currently 514.75%.

Insider Activity at Iron Mountain

In related news, CEO William L. Meaney sold 69,131 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $104.85, for a total transaction of $7,248,385.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mithu Bhargava sold 8,263 shares of Iron Mountain stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $104.49, for a total transaction of $863,400.87. Following the completion of the sale, the executive vice president now owns 13,054 shares in the company, valued at approximately $1,364,012.46. This represents a 38.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 327,242 shares of company stock valued at $31,530,305. 2.10% of the stock is owned by company 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.