Franklin Resources Inc. Decreases Stock Holdings in Iron Mountain Incorporated (NYSE:IRM)

Franklin Resources Inc. reduced its holdings in Iron Mountain Incorporated (NYSE:IRM) by 23.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 121,209 shares of the financial services provider’s stock after selling 36,472 shares during the period. Franklin Resources Inc.’s holdings in Iron Mountain were worth $14,691,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. 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. Wilmington Savings Fund Society FSB purchased a new stake in shares of Iron Mountain in the third quarter valued at $837,000. World Investment Advisors LLC bought a new stake in shares of Iron Mountain in the 3rd quarter worth about $554,000. Sanctuary Advisors LLC boosted its stake in shares of Iron Mountain by 284.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 129,034 shares of the financial services provider’s stock worth $15,368,000 after purchasing an additional 95,499 shares during the period. Finally, M&T Bank Corp grew its holdings in Iron Mountain by 0.4% during the 3rd quarter. M&T Bank Corp now owns 88,215 shares of the financial services provider’s stock valued at $10,482,000 after purchasing an additional 334 shares during the last quarter. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on IRM shares. Barclays dropped their target price on Iron Mountain from $133.00 to $131.00 and set an “overweight” rating for the company in a research report on Monday, November 18th. Stifel Nicolaus upped their price objective on Iron Mountain from $117.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, September 23rd. Royal Bank of Canada boosted their target price on shares of Iron Mountain from $135.00 to $139.00 and gave the company an “outperform” rating in a research note on Wednesday, November 27th. Wells Fargo & Company raised their price target on shares of Iron Mountain from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Finally, BNP Paribas raised shares of Iron Mountain to a “strong-buy” rating in a research report on Wednesday, November 6th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $131.00.

Insiders Place Their Bets

In other Iron Mountain news, CEO William L. Meaney sold 15,875 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $118.97, for a total value of $1,888,648.75. Following the completion of the transaction, the chief executive officer now directly owns 295,650 shares in the company, valued at approximately $35,173,480.50. The trade was a 5.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William L. Meaney sold 15,872 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $112.99, for a total transaction of $1,793,377.28. The disclosure for this sale can be found here. Insiders sold a total of 63,497 shares of company stock worth $7,417,731 over the last 90 days. Company insiders own 2.10% of the company’s stock.

Iron Mountain Trading Up 3.4 %

NYSE IRM opened at $105.10 on Friday. The company’s 50-day simple moving average is $119.20 and its two-hundred day simple moving average is $109.03. Iron Mountain Incorporated has a one year low of $64.68 and a one year high of $130.24. The company has a market capitalization of $30.84 billion, a price-to-earnings ratio of 291.95, a price-to-earnings-growth ratio of 6.77 and a beta of 0.98. The company has a debt-to-equity ratio of 674.63, a quick ratio of 0.75 and a current ratio of 0.75.

Iron Mountain Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Monday, December 16th will be paid a $0.715 dividend. This represents a $2.86 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date is Monday, December 16th. Iron Mountain’s dividend payout ratio (DPR) is 794.44%.

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.