CIBC Private Wealth Group LLC Trims Stake in Iron Mountain Incorporated (NYSE:IRM)

CIBC Private Wealth Group LLC trimmed its position in Iron Mountain Incorporated (NYSE:IRM) by 0.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,016,176 shares of the financial services provider’s stock after selling 8,767 shares during the quarter. CIBC Private Wealth Group LLC owned 0.35% of Iron Mountain worth $104,514,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in IRM. Geode Capital Management LLC raised its stake in Iron Mountain by 1.6% in the third quarter. Geode Capital Management LLC now owns 8,257,965 shares of the financial services provider’s stock worth $978,479,000 after buying an additional 128,622 shares in the last quarter. Wealthfront Advisers LLC raised its position in shares of Iron Mountain by 9,843.3% in the 4th quarter. Wealthfront Advisers LLC now owns 6,864,832 shares of the financial services provider’s stock worth $721,562,000 after acquiring an additional 6,795,792 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Iron Mountain by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,478,790 shares of the financial services provider’s stock worth $365,656,000 after purchasing an additional 92,475 shares during the last quarter. Norges Bank bought a new stake in Iron Mountain during the fourth quarter valued at about $348,249,000. Finally, TD Asset Management Inc. grew its stake in Iron Mountain by 125.4% in the fourth quarter. TD Asset Management Inc. now owns 1,952,432 shares of the financial services provider’s stock valued at $205,220,000 after purchasing an additional 1,086,308 shares during the last quarter. Institutional investors own 80.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on IRM. StockNews.com raised shares of Iron Mountain from a “sell” rating to a “hold” rating in a research report on Saturday, March 22nd. Wells Fargo & Company lowered their target price on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating for the company in a research note on Tuesday, February 4th. Barclays reduced 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, JPMorgan Chase & Co. lowered their price objective on Iron Mountain from $125.00 to $112.00 and set an “overweight” rating for the company in a research report on Tuesday, February 18th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $125.67.

Insider Transactions at Iron Mountain

In other news, CEO William L. Meaney sold 69,131 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $104.85, for a total value of $7,248,385.35. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO William L. Meaney sold 172,552 shares of Iron Mountain stock in a transaction that occurred on Monday, March 3rd. The shares were 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 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 disclosure for this sale can be found here. Insiders have sold 318,979 shares of company stock worth $30,666,904 over the last 90 days. 2.10% of the stock is currently owned by company insiders.

Iron Mountain Price Performance

Shares of IRM opened at $85.07 on Monday. The firm has a market capitalization of $24.99 billion, a PE ratio of 139.46, a price-to-earnings-growth ratio of 5.15 and a beta of 1.04. The company’s fifty day moving average price is $94.97 and its 200-day moving average price is $108.31. Iron Mountain Incorporated has a 1-year low of $73.53 and a 1-year high of $130.24.

Iron Mountain (NYSE:IRM) last announced its quarterly earnings data on Thursday, February 13th. The financial services provider reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.70). Iron Mountain had a net margin of 2.95% and a negative return on equity of 401.83%. 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 company posted $0.52 earnings per share. As a group, research analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Monday, March 17th will be issued 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 dividend yield of 3.69%. The ex-dividend date of this dividend is Monday, March 17th. Iron Mountain’s dividend payout ratio is 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.