Norges Bank Buys Shares of 3,313,186 Iron Mountain Incorporated (NYSE:IRM)

Norges Bank purchased a new position in Iron Mountain Incorporated (NYSE:IRM) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 3,313,186 shares of the financial services provider’s stock, valued at approximately $348,249,000.

A number of other large investors also recently modified their holdings of the business. Geller Advisors LLC grew its position in Iron Mountain by 2.9% in the 3rd quarter. Geller Advisors LLC now owns 3,373 shares of the financial services provider’s stock valued at $403,000 after buying an additional 96 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in shares of Iron Mountain by 0.4% in the fourth 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 in the last quarter. Premier Path Wealth Partners LLC increased its stake in shares of Iron Mountain by 3.9% during the fourth 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. Mather Group LLC. raised its holdings in Iron Mountain by 4.6% during the fourth quarter. Mather Group LLC. now owns 2,582 shares of the financial services provider’s stock worth $271,000 after purchasing an additional 113 shares in the last quarter. Finally, One Charles Private Wealth Services LLC lifted its position in Iron Mountain by 1.0% in the fourth quarter. One Charles Private Wealth Services LLC now owns 11,760 shares of the financial services provider’s stock worth $1,236,000 after purchasing an additional 119 shares during the period. 80.13% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Iron Mountain news, EVP Mithu Bhargava sold 1,738 shares of Iron Mountain stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $92.84, for a total transaction of $161,355.92. Following the completion of the sale, the executive vice president now owns 13,054 shares of the company’s stock, valued at $1,211,933.36. This trade represents a 11.75 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO William L. Meaney sold 69,131 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $104.85, for a total transaction of $7,248,385.35. The disclosure for this sale can be found here. In the last ninety days, insiders sold 318,979 shares of company stock worth $30,666,904. 2.10% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on IRM. JPMorgan Chase & Co. lowered 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. Barclays dropped their price target on shares of Iron Mountain from $130.00 to $118.00 and set an “overweight” rating on the stock in a research report on Thursday, March 20th. StockNews.com upgraded shares of Iron Mountain from a “sell” rating to a “hold” rating in a research report on Saturday, March 22nd. Finally, Wells Fargo & Company dropped their target price on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating on the stock in a report on Tuesday, February 4th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $125.67.

Iron Mountain Trading Down 0.5 %

IRM stock opened at $85.07 on Friday. The firm has a 50-day moving average of $94.97 and a two-hundred day moving average of $108.35. The firm has a market capitalization of $24.99 billion, a PE ratio of 139.46, a P/E/G ratio of 5.15 and a beta of 1.04. Iron Mountain Incorporated has a one year low of $73.53 and a one year high of $130.24.

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

Iron Mountain Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Monday, March 17th will be paid a $0.785 dividend. This is an increase from Iron Mountain’s previous quarterly dividend of $0.72. This represents a $3.14 annualized dividend and a yield of 3.69%. The ex-dividend date of this dividend is Monday, March 17th. Iron Mountain’s dividend payout ratio 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.