Balboa Wealth Partners Makes New Investment in Iron Mountain Incorporated (NYSE:IRM)

Balboa Wealth Partners acquired a new stake in Iron Mountain Incorporated (NYSE:IRM) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 2,100 shares of the financial services provider’s stock, valued at approximately $250,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Ashton Thomas Securities LLC bought a new position in shares of Iron Mountain in the 3rd quarter valued at about $31,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in Iron Mountain during the second quarter worth about $32,000. West Branch Capital LLC acquired a new position in Iron Mountain during the third quarter worth approximately $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Iron Mountain in the second quarter valued at approximately $36,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Iron Mountain in the first quarter valued at approximately $38,000. Institutional investors and hedge funds own 80.13% of the company’s stock.

Insider Buying and Selling at Iron Mountain

In related news, EVP Edward Baker-Greene sold 2,262 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $109.75, for a total value of $248,254.50. Following the completion of the transaction, the executive vice president now owns 9,049 shares in the company, valued at $993,127.75. This trade represents a 20.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William L. Meaney sold 15,875 shares of Iron Mountain stock in a transaction on Monday, November 11th. The stock was sold at an average price of $118.97, for a total transaction of $1,888,648.75. Following the transaction, the chief executive officer now owns 295,650 shares in the company, valued at approximately $35,173,480.50. This trade represents a 5.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 59,387 shares of company stock valued at $6,971,838 in the last ninety days. 2.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on IRM. Wells Fargo & Company boosted their target price on Iron Mountain from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. JPMorgan Chase & Co. increased their price objective on shares of Iron Mountain from $82.00 to $121.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Barclays lifted their target price on shares of Iron Mountain from $91.00 to $133.00 and gave the stock an “overweight” rating in a report on Wednesday, October 9th. The Goldman Sachs Group increased their price target on shares of Iron Mountain from $106.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, BNP Paribas upgraded Iron Mountain to a “strong-buy” rating in a report on Wednesday, November 6th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $129.80.

Iron Mountain Stock Performance

NYSE IRM opened at $114.87 on Friday. Iron Mountain Incorporated has a 12-month low of $61.59 and a 12-month high of $130.24. The firm has a 50-day moving average price of $119.57 and a two-hundred day moving average price of $102.89. The company has a market capitalization of $33.71 billion, a P/E ratio of 319.09, a P/E/G ratio of 6.95 and a beta of 0.99. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 674.63.

Iron Mountain Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Monday, December 16th will be paid a dividend of $0.715 per share. The ex-dividend date is Monday, December 16th. This represents a $2.86 dividend on an annualized basis and a yield of 2.49%. Iron Mountain’s payout ratio is 794.47%.

About Iron Mountain

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.