Prudential PLC Sells 14,335 Shares of Iron Mountain Incorporated (NYSE:IRM)

Prudential PLC cut its holdings in Iron Mountain Incorporated (NYSE:IRM) by 18.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 63,691 shares of the financial services provider’s stock after selling 14,335 shares during the period. Prudential PLC’s holdings in Iron Mountain were worth $6,695,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in IRM. Merit Financial Group LLC increased its stake in Iron Mountain by 91.5% during the fourth quarter. Merit Financial Group LLC now owns 14,933 shares of the financial services provider’s stock worth $1,570,000 after acquiring an additional 7,137 shares during the last quarter. Tidal Investments LLC raised its holdings in Iron Mountain by 254.1% during the 3rd quarter. Tidal Investments LLC now owns 20,536 shares of the financial services provider’s stock valued at $2,440,000 after buying an additional 14,737 shares during the period. Exchange Traded Concepts LLC lifted its position in Iron Mountain by 151.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 9,147 shares of the financial services provider’s stock worth $961,000 after buying an additional 5,511 shares during the last quarter. Lord Abbett & CO. LLC purchased a new position in Iron Mountain during the third quarter worth $24,122,000. Finally, Proficio Capital Partners LLC bought a new position in Iron Mountain during the fourth quarter valued at $102,000. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

Iron Mountain Stock Performance

Shares of NYSE IRM opened at $77.31 on Friday. Iron Mountain Incorporated has a 52-week low of $73.53 and a 52-week high of $130.24. The firm has a market capitalization of $22.71 billion, a price-to-earnings ratio of 126.74, a PEG ratio of 5.15 and a beta of 0.97. The stock has a 50 day moving average price of $92.35 and a 200 day moving average price of $107.29.

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

Iron Mountain Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 4th. Shareholders of record on Monday, March 17th were given a dividend of $0.785 per share. This is an increase from Iron Mountain’s previous quarterly dividend of $0.72. The ex-dividend date was Monday, March 17th. This represents a $3.14 dividend on an annualized basis and a yield of 4.06%. Iron Mountain’s dividend payout ratio (DPR) is 514.75%.

Wall Street Analysts Forecast Growth

IRM has been the subject of several analyst reports. StockNews.com lowered shares of Iron Mountain from a “hold” rating to a “sell” rating in a report on Monday, March 31st. Wells Fargo & Company cut their target price 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. Barclays decreased their price target on Iron Mountain from $130.00 to $118.00 and set an “overweight” rating for the company in a research note on Thursday, March 20th. Finally, JPMorgan Chase & Co. cut their price objective 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. One analyst has rated the stock with a sell rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Iron Mountain currently has an average rating of “Moderate Buy” and an average price target of $125.67.

Insider Activity

In other news, CEO William L. Meaney sold 69,125 shares of the business’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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Daniel Borges sold 6,433 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $26,737.92. The trade was a 95.71 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 318,973 shares of company stock worth $29,370,872. 2.10% of the stock is currently owned by corporate insiders.

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.