Allspring Global Investments Holdings LLC Decreases Stock Holdings in Iron Mountain Incorporated (NYSE:IRM)

Allspring Global Investments Holdings LLC trimmed its position in shares of Iron Mountain Incorporated (NYSE:IRM) by 3.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 117,262 shares of the financial services provider’s stock after selling 3,629 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Iron Mountain were worth $12,282,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. PNC Financial Services Group Inc. raised its position in shares of Iron Mountain by 2.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 53,877 shares of the financial services provider’s stock valued at $6,402,000 after purchasing an additional 1,446 shares during the last quarter. Merit Financial Group LLC raised its position in shares of Iron Mountain by 91.5% in the 4th quarter. Merit Financial Group LLC now owns 14,933 shares of the financial services provider’s stock valued at $1,570,000 after purchasing an additional 7,137 shares during the last quarter. Tidal Investments LLC raised its position in shares of Iron Mountain by 254.1% in the 3rd quarter. Tidal Investments LLC now owns 20,536 shares of the financial services provider’s stock valued at $2,440,000 after purchasing an additional 14,737 shares during the last quarter. Exchange Traded Concepts LLC raised its position in shares of Iron Mountain by 151.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 9,147 shares of the financial services provider’s stock valued at $961,000 after purchasing an additional 5,511 shares during the last quarter. Finally, Lord Abbett & CO. LLC purchased a new position in shares of Iron Mountain in the 3rd quarter valued at approximately $24,122,000. 80.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Iron Mountain news, CEO William L. Meaney sold 15,872 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $112.99, for a total value of $1,793,377.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Mithu Bhargava sold 8,263 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $104.49, for a total transaction of $863,400.87. Following the completion of the transaction, the executive vice president now directly owns 13,054 shares in the company, valued at $1,364,012.46. The trade was a 38.76 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 162,391 shares of company stock valued at $16,805,912. 2.10% of the stock is currently owned by insiders.

Iron Mountain Stock Performance

Shares of NYSE IRM opened at $95.34 on Tuesday. The firm has a market cap of $27.98 billion, a PE ratio of 264.85, a PEG ratio of 5.84 and a beta of 1.01. The firm has a fifty day moving average of $105.06 and a 200 day moving average of $112.75. Iron Mountain Incorporated has a one year low of $67.09 and a one year high of $130.24.

Iron Mountain (NYSE:IRM) last announced its earnings results on Thursday, February 13th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($0.70). Iron Mountain had a negative return on equity of 44,660.04% and a net margin of 1.77%. The business had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.60 billion. During the same period last year, the firm earned $0.52 EPS. On average, equities analysts predict that Iron Mountain Incorporated will post 4.18 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Monday, March 17th will be given a dividend of $0.785 per share. This is a boost from Iron Mountain’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend is Monday, March 17th. This represents a $3.14 annualized dividend and a dividend yield of 3.29%. Iron Mountain’s payout ratio is presently 794.47%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. BNP Paribas raised shares of Iron Mountain to a “strong-buy” rating in a research report on Wednesday, November 6th. Wells Fargo & Company cut their price target 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. Royal Bank of Canada raised their price objective on shares of Iron Mountain from $135.00 to $139.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 27th. StockNews.com cut shares of Iron Mountain from a “hold” rating to a “sell” rating in a research note on Tuesday, January 28th. Finally, Barclays dropped their price objective on shares of Iron Mountain from $131.00 to $130.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $129.17.

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.