Geode Capital Management LLC Sells 345,856 Shares of Iron Mountain Incorporated (NYSE:IRM)

Geode Capital Management LLC lowered its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 4.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,912,109 shares of the financial services provider’s stock after selling 345,856 shares during the quarter. Geode Capital Management LLC owned about 2.70% of Iron Mountain worth $832,881,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wealthfront Advisers LLC grew 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 buying an additional 6,795,792 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Iron Mountain by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,478,790 shares of the financial services provider’s stock valued at $365,656,000 after acquiring an additional 92,475 shares in the last quarter. Norges Bank purchased a new position in Iron Mountain in the fourth quarter worth $348,249,000. TD Asset Management Inc. increased its position in shares of Iron Mountain by 125.4% during the fourth quarter. TD Asset Management Inc. now owns 1,952,432 shares of the financial services provider’s stock worth $205,220,000 after purchasing an additional 1,086,308 shares in the last quarter. Finally, Duff & Phelps Investment Management Co. lifted its holdings in shares of Iron Mountain by 0.5% during the 4th quarter. Duff & Phelps Investment Management Co. now owns 1,246,311 shares of the financial services provider’s stock valued at $131,000,000 after purchasing an additional 5,705 shares during the last quarter. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Insider Activity at Iron Mountain

In other Iron Mountain news, CAO Daniel Borges sold 6,433 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $92.84, for a total transaction of $597,239.72. Following the transaction, the chief accounting officer now owns 288 shares in the company, valued at approximately $26,737.92. This represents a 95.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $99.83, for a total value of $6,900,748.75. The disclosure for this sale can be found here. Insiders sold a total of 249,848 shares of company stock worth $23,418,519 in the last three months. Company insiders own 2.10% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. dropped their target price on Iron Mountain from $125.00 to $112.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 18th. StockNews.com downgraded shares of Iron Mountain from a “hold” rating to a “sell” rating in a report on Monday. Barclays lowered their target price on shares of Iron Mountain from $130.00 to $118.00 and set an “overweight” rating for the company in a research note on Thursday, March 20th. Finally, Wells Fargo & Company decreased their price target on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating for the company in a report on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Iron Mountain currently has a consensus rating of “Moderate Buy” and an average price target of $125.67.

Iron Mountain Price Performance

IRM stock opened at $88.16 on Thursday. The firm’s fifty day simple moving average is $93.59 and its 200-day simple moving average is $107.75. Iron Mountain Incorporated has a 12 month low of $73.53 and a 12 month high of $130.24. The company has a market capitalization of $25.90 billion, a P/E ratio of 144.52, a price-to-earnings-growth ratio of 5.15 and a beta of 1.04.

Iron Mountain (NYSE:IRM) last released 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 company had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.60 billion. During the same quarter in the previous year, the business posted $0.52 EPS. As a group, sell-side analysts forecast that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Monday, March 17th will be issued a dividend of $0.785 per share. This represents a $3.14 annualized dividend and a dividend yield of 3.56%. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend is Monday, March 17th. Iron Mountain’s 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.