Cubist Systematic Strategies LLC Cuts Stake in Iron Mountain Incorporated (NYSE:IRM)

Cubist Systematic Strategies LLC reduced its stake in Iron Mountain Incorporated (NYSE:IRM) by 35.0% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 13,313 shares of the financial services provider’s stock after selling 7,165 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Iron Mountain were worth $1,399,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Oregon Public Employees Retirement Fund raised its stake in Iron Mountain by 0.4% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 25,159 shares of the financial services provider’s stock valued at $2,644,000 after acquiring an additional 100 shares during the period. Premier Path Wealth Partners LLC raised its stake in Iron Mountain by 3.9% in the 4th quarter. Premier Path Wealth Partners LLC now owns 2,844 shares of the financial services provider’s stock valued at $299,000 after acquiring an additional 106 shares during the period. Belpointe Asset Management LLC raised its stake in Iron Mountain by 1.6% in the 4th quarter. Belpointe Asset Management LLC now owns 7,250 shares of the financial services provider’s stock valued at $821,000 after acquiring an additional 112 shares during the period. Mather Group LLC. raised its stake in Iron Mountain by 4.6% in the 4th quarter. Mather Group LLC. now owns 2,582 shares of the financial services provider’s stock valued at $271,000 after acquiring an additional 113 shares during the period. Finally, DoubleLine ETF Adviser LP raised its stake in Iron Mountain by 0.5% in the 4th quarter. DoubleLine ETF Adviser LP now owns 21,064 shares of the financial services provider’s stock valued at $2,214,000 after acquiring an additional 114 shares during the period. 80.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on IRM. Wells Fargo & Company lowered their price objective 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. JPMorgan Chase & Co. decreased their price target 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. Truist Financial assumed coverage on Iron Mountain in a research report on Tuesday, April 8th. They set a “buy” rating and a $95.00 price target on the stock. Barclays decreased their price target on Iron Mountain from $130.00 to $118.00 and set an “overweight” rating on the stock in a research report on Thursday, March 20th. Finally, StockNews.com upgraded Iron Mountain from a “sell” rating to a “hold” rating in a research report on Friday, April 18th. One research 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 stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $121.29.

Insiders Place Their Bets

In other news, CEO William L. Meaney sold 172,552 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now owns 237,402 shares of the company’s stock, valued at approximately $21,681,924.66. This represents a 42.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 value of $597,239.72. Following the sale, the chief accounting officer now directly owns 288 shares of the company’s stock, valued at approximately $26,737.92. This trade represents a 95.71% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 318,973 shares of company stock valued at $29,112,345 over the last quarter. 2.10% of the stock is owned by corporate insiders.

Iron Mountain Trading Down 0.5%

IRM stock opened at $97.42 on Wednesday. The company’s 50 day moving average is $86.99 and its 200 day moving average is $100.74. The stock has a market cap of $28.74 billion, a price-to-earnings ratio of 159.70, a price-to-earnings-growth ratio of 5.15 and a beta of 1.08. Iron Mountain Incorporated has a 1-year low of $72.33 and a 1-year high of $130.24.

Iron Mountain (NYSE:IRM) last issued its earnings results on Thursday, May 1st. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.01. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.59 billion. Iron Mountain had a negative return on equity of 401.83% and a net margin of 2.95%. Iron Mountain’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.10 earnings per share. As a group, sell-side analysts forecast that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Shareholders of record on Monday, June 16th will be paid a $0.785 dividend. This represents a $3.14 annualized dividend and a yield of 3.22%. The ex-dividend date of this dividend is Monday, June 16th. Iron Mountain’s dividend payout ratio is currently 765.85%.

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.