MML Investors Services LLC Decreases Stock Position in Iron Mountain Incorporated (NYSE:IRM)

MML Investors Services LLC decreased its holdings in shares of Iron Mountain Incorporated (NYSE:IRM) by 9.1% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 82,351 shares of the financial services provider’s stock after selling 8,204 shares during the period. MML Investors Services LLC’s holdings in Iron Mountain were worth $8,656,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. MetLife Investment Management LLC grew its position in Iron Mountain by 0.9% during the 4th quarter. MetLife Investment Management LLC now owns 93,569 shares of the financial services provider’s stock worth $9,835,000 after purchasing an additional 865 shares during the last quarter. Norinchukin Bank The grew its holdings in shares of Iron Mountain by 3.2% during the fourth quarter. Norinchukin Bank The now owns 26,091 shares of the financial services provider’s stock valued at $2,742,000 after buying an additional 803 shares during the last quarter. Dimensional Fund Advisors LP increased its position 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 acquiring an additional 15,097 shares during the period. GeoWealth Management LLC raised its stake in Iron Mountain by 25.3% in the 4th quarter. GeoWealth Management LLC now owns 27,229 shares of the financial services provider’s stock worth $2,862,000 after acquiring an additional 5,490 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its position in Iron Mountain by 3.6% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 435,397 shares of the financial services provider’s stock worth $45,741,000 after acquiring an additional 15,140 shares during the period. Institutional investors and hedge funds own 80.13% of the company’s stock.

Analysts Set New Price Targets

IRM has been the subject of several research analyst reports. Truist Financial initiated coverage on Iron Mountain in a research note on Tuesday, April 8th. They issued a “buy” rating and a $95.00 price objective for the company. StockNews.com raised shares of Iron Mountain from a “sell” rating to a “hold” rating in a research report on Friday, April 18th. JPMorgan Chase & Co. dropped their price objective on shares of Iron Mountain from $125.00 to $112.00 and set an “overweight” rating on the stock in a report on Tuesday, February 18th. Wells Fargo & Company reduced their target price on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating for the company in a report on Tuesday, February 4th. Finally, Barclays lowered their price target on shares of Iron Mountain from $130.00 to $118.00 and set an “overweight” rating on the stock in a report on Thursday, March 20th. One 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $121.29.

Iron Mountain Stock Performance

IRM stock opened at $84.21 on Thursday. The firm’s fifty day moving average is $86.40 and its 200 day moving average is $103.70. The firm has a market cap of $24.74 billion, a PE ratio of 138.06, a P/E/G ratio of 5.15 and a beta of 0.97. Iron Mountain Incorporated has a one year low of $72.33 and a one year high of $130.24.

Iron Mountain (NYSE:IRM) last released its quarterly earnings results on Thursday, February 13th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.70). The company had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.60 billion. Iron Mountain had a net margin of 2.95% and a negative return on equity of 401.83%. During the same period in the prior year, the business posted $0.52 EPS. Research analysts predict that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Monday, March 17th were paid a $0.785 dividend. The ex-dividend date was Monday, March 17th. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.72. This represents a $3.14 dividend on an annualized basis and a yield of 3.73%. Iron Mountain’s dividend payout ratio (DPR) is currently 514.75%.

Insider Activity

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $99.83, for a total value of $6,900,748.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William L. Meaney sold 172,552 shares of Iron Mountain stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $91.33, for a total value of $15,759,174.16. Following the transaction, the chief executive officer now owns 237,402 shares in the company, valued at approximately $21,681,924.66. This represents a 42.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 318,973 shares of company stock worth $29,370,872 over the last ninety days. Corporate insiders own 2.10% of the company’s stock.

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.