Citigroup Inc. Boosts Stock Position in Iron Mountain Incorporated (NYSE:IRM)

Citigroup Inc. lifted its stake in Iron Mountain Incorporated (NYSE:IRM) by 8.4% in the third quarter, Holdings Channel.com reports. The fund owned 268,389 shares of the financial services provider’s stock after purchasing an additional 20,905 shares during the period. Citigroup Inc.’s holdings in Iron Mountain were worth $31,893,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its stake in Iron Mountain by 4.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,386,315 shares of the financial services provider’s stock valued at $402,396,000 after acquiring an additional 141,675 shares in the last quarter. Intech Investment Management LLC raised its position in shares of Iron Mountain by 42.3% in the third quarter. Intech Investment Management LLC now owns 210,155 shares of the financial services provider’s stock worth $24,973,000 after buying an additional 62,441 shares in the last quarter. Retireful LLC bought a new stake in Iron Mountain during the third quarter valued at $700,000. Ontario Teachers Pension Plan Board purchased a new position in Iron Mountain during the third quarter worth about $936,000. Finally, Advisors Asset Management Inc. increased its stake in Iron Mountain by 21.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 63,376 shares of the financial services provider’s stock worth $7,531,000 after acquiring an additional 10,984 shares during the last quarter. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on IRM. BNP Paribas raised Iron Mountain to a “strong-buy” rating in a report on Wednesday, November 6th. The Goldman Sachs Group increased their price target on shares of Iron Mountain from $106.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. upped their target price on shares of Iron Mountain from $82.00 to $121.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Stifel Nicolaus raised their price target on Iron Mountain from $117.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, September 23rd. Finally, Barclays cut their price objective on Iron Mountain from $133.00 to $131.00 and set an “overweight” rating for the company in a report on Monday, November 18th. Five analysts have rated the stock with 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 $129.40.

Insider Transactions at Iron Mountain

In other Iron Mountain news, CEO William L. Meaney sold 15,875 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 295,650 shares of the company’s stock, valued at $35,173,480.50. This represents a 5.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Wendy J. Murdock sold 8,500 shares of Iron Mountain stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $116.38, for a total value of $989,230.00. Following the completion of the sale, the director now 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. Over the last 90 days, insiders have sold 56,125 shares of company stock worth $6,613,584. Insiders own 2.10% of the company’s stock.

Iron Mountain Stock Performance

NYSE IRM opened at $120.84 on Tuesday. The firm has a market cap of $35.46 billion, a price-to-earnings ratio of 335.68, a PEG ratio of 7.16 and a beta of 0.99. The company has a 50-day simple moving average of $119.91 and a two-hundred day simple moving average of $104.96. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 674.63. Iron Mountain Incorporated has a 12-month low of $62.58 and a 12-month high of $130.24.

Iron Mountain Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Monday, December 16th will be given a $0.715 dividend. The ex-dividend date is Monday, December 16th. This represents a $2.86 annualized dividend and a yield of 2.37%. Iron Mountain’s payout ratio is currently 794.47%.

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.