KLP Kapitalforvaltning AS Takes $10.28 Million Position in Iron Mountain Incorporated (NYSE:IRM)

KLP Kapitalforvaltning AS acquired a new position in shares of Iron Mountain Incorporated (NYSE:IRM) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 97,216 shares of the financial services provider’s stock, valued at approximately $10,278,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Key Financial Inc grew its stake in shares of Iron Mountain by 25,100.0% during the 4th quarter. Key Financial Inc now owns 252 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 251 shares in the last quarter. Halbert Hargrove Global Advisors LLC acquired a new position in Iron Mountain during the fourth quarter worth $26,000. IMG Wealth Management Inc. bought a new position in Iron Mountain in the fourth quarter valued at $26,000. Teachers Insurance & Annuity Association of America acquired a new stake in Iron Mountain in the 3rd quarter valued at $36,000. Finally, Whittier Trust Co. of Nevada Inc. lifted its position in Iron Mountain by 46.4% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 489 shares of the financial services provider’s stock worth $51,000 after buying an additional 155 shares in the last quarter. Institutional investors and hedge funds own 80.13% of the company’s stock.

Iron Mountain Price Performance

IRM stock opened at $90.14 on Tuesday. Iron Mountain Incorporated has a fifty-two week low of $73.53 and a fifty-two week high of $130.24. The stock has a market capitalization of $26.48 billion, a price-to-earnings ratio of 147.77, a PEG ratio of 5.15 and a beta of 1.04. The business’s fifty day moving average price is $96.65 and its two-hundred day moving average price is $109.03.

Iron Mountain (NYSE:IRM) last released its quarterly earnings results on Thursday, February 13th. The financial services provider reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.70). The business had revenue of $1.58 billion for the quarter, compared to the consensus estimate 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 period in the prior year, the business posted $0.52 earnings per share. Research analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Monday, March 17th will be paid a $0.785 dividend. This is a boost from Iron Mountain’s previous quarterly dividend of $0.72. This represents a $3.14 annualized dividend and a dividend yield of 3.48%. The ex-dividend date is Monday, March 17th. Iron Mountain’s payout ratio is 514.75%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. lowered their target price 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. Wells Fargo & Company dropped their price objective 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. StockNews.com upgraded shares of Iron Mountain from a “sell” rating to a “hold” rating in a research note on Saturday. Barclays dropped their target price on shares of Iron Mountain from $130.00 to $118.00 and set an “overweight” rating on the stock in a report on Thursday, March 20th. Finally, Royal Bank of Canada boosted their price target on Iron Mountain from $135.00 to $139.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 27th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $125.67.

Insider Buying and Selling

In related news, EVP Mithu Bhargava sold 1,738 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.84, for a total transaction of $161,355.92. Following the completion of the sale, the executive vice president now owns 13,054 shares of the company’s stock, valued at $1,211,933.36. This represents a 11.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Daniel Borges sold 6,433 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.84, for a total transaction of $597,239.72. Following the sale, the chief accounting officer now owns 288 shares in the company, valued at $26,737.92. The trade was a 95.71 % 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 valued at $30,666,904 over the last 90 days. 2.10% of the stock is owned by corporate insiders.

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.