MetLife Investment Management LLC Grows Stock Holdings in Iron Mountain Incorporated (NYSE:IRM)

MetLife Investment Management LLC increased its holdings in shares of Iron Mountain Incorporated (NYSE:IRM) by 0.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 93,569 shares of the financial services provider’s stock after purchasing an additional 865 shares during the period. MetLife Investment Management LLC’s holdings in Iron Mountain were worth $9,835,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Wealthfront Advisers LLC raised its position in Iron Mountain by 9,843.3% during the fourth quarter. Wealthfront Advisers LLC now owns 6,864,832 shares of the financial services provider’s stock valued at $721,562,000 after acquiring an additional 6,795,792 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake 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 valued at $443,476,000 after purchasing an additional 15,097 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Iron Mountain by 2.7% during the fourth 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 in the last quarter. Norges Bank acquired a new position in shares of Iron Mountain in the fourth quarter worth about $348,249,000. Finally, Invesco Ltd. increased its stake in shares of Iron Mountain by 17.2% in the 4th quarter. Invesco Ltd. now owns 2,482,820 shares of the financial services provider’s stock valued at $260,969,000 after purchasing an additional 363,783 shares in the last quarter. 80.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Iron Mountain

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 shares were sold at an average price of $92.84, for a total transaction of $597,239.72. Following the sale, the chief accounting officer now directly owns 288 shares in the company, valued at $26,737.92. This represents a 95.71 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William L. Meaney sold 172,552 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $91.33, for a total transaction of $15,759,174.16. Following the completion of the transaction, the chief executive officer now owns 237,402 shares of the company’s stock, valued at approximately $21,681,924.66. This trade represents a 42.09 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 318,973 shares of company stock worth $29,370,872. 2.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Barclays cut their price objective on Iron Mountain from $130.00 to $118.00 and set an “overweight” rating for the company in a research report on Thursday, March 20th. Truist Financial began coverage on shares of Iron Mountain in a research report on Tuesday, April 8th. They set a “buy” rating and a $95.00 price target for the company. JPMorgan Chase & Co. reduced their target price on Iron Mountain from $125.00 to $112.00 and set an “overweight” rating for the company in a report on Tuesday, February 18th. Wells Fargo & Company decreased their price objective on Iron Mountain from $135.00 to $125.00 and set an “overweight” rating on the stock in a report on Tuesday, February 4th. Finally, StockNews.com upgraded shares of Iron Mountain from a “sell” rating to a “hold” rating in a research report on Friday. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Iron Mountain currently has a consensus rating of “Buy” and a consensus price target of $121.29.

Iron Mountain Stock Performance

Shares of Iron Mountain stock opened at $81.78 on Tuesday. Iron Mountain Incorporated has a fifty-two week low of $72.33 and a fifty-two week high of $130.24. The firm has a market capitalization of $24.02 billion, a price-to-earnings ratio of 134.07, a PEG ratio of 5.15 and a beta of 0.97. The stock has a 50 day moving average of $86.86 and a 200 day moving average of $103.98.

Iron Mountain (NYSE:IRM) last announced its quarterly 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 company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.60 billion. During the same quarter in the prior year, the business earned $0.52 earnings per share. Analysts forecast that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Monday, March 17th were given a dividend of $0.785 per share. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.72. This represents a $3.14 annualized dividend and a dividend yield of 3.84%. The ex-dividend date of this dividend was Monday, March 17th. Iron Mountain’s dividend payout ratio (DPR) is currently 514.75%.

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.