Abbot Financial Management Inc. Lowers Stock Position in Iron Mountain Incorporated (NYSE:IRM)

Abbot Financial Management Inc. lessened its holdings in Iron Mountain Incorporated (NYSE:IRM) by 11.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,450 shares of the financial services provider’s stock after selling 1,600 shares during the quarter. Abbot Financial Management Inc.’s holdings in Iron Mountain were worth $659,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Acadian Asset Management LLC boosted its stake in shares of Iron Mountain by 15.1% during the 1st quarter. Acadian Asset Management LLC now owns 2,503 shares of the financial services provider’s stock worth $137,000 after acquiring an additional 328 shares in the last quarter. Panagora Asset Management Inc. boosted its stake in shares of Iron Mountain by 71.3% during the 1st quarter. Panagora Asset Management Inc. now owns 18,549 shares of the financial services provider’s stock worth $1,028,000 after acquiring an additional 7,719 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Iron Mountain by 6.6% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 38,743 shares of the financial services provider’s stock worth $2,147,000 after acquiring an additional 2,399 shares in the last quarter. APG Asset Management N.V. boosted its stake in shares of Iron Mountain by 13.0% during the 1st quarter. APG Asset Management N.V. now owns 18,205 shares of the financial services provider’s stock worth $907,000 after acquiring an additional 2,100 shares in the last quarter. Finally, Raymond James Trust N.A. boosted its stake in shares of Iron Mountain by 52.8% during the 1st quarter. Raymond James Trust N.A. now owns 7,552 shares of the financial services provider’s stock worth $419,000 after acquiring an additional 2,608 shares in the last quarter. Hedge funds and other institutional investors own 76.94% of the company’s stock.

Iron Mountain Trading Down 1.5 %

IRM traded down $0.97 during trading on Friday, hitting $62.68. The company’s stock had a trading volume of 1,312,591 shares, compared to its average volume of 1,045,449. The firm’s 50 day moving average price is $60.84 and its 200-day moving average price is $56.32. The company has a debt-to-equity ratio of 26.77, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market cap of $18.29 billion, a PE ratio of 48.22, a PEG ratio of 4.23 and a beta of 0.92. Iron Mountain Incorporated has a twelve month low of $43.33 and a twelve month high of $64.37.

Iron Mountain Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 5th. Shareholders of record on Friday, September 15th will be issued a $0.65 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This is an increase from Iron Mountain’s previous quarterly dividend of $0.62. This represents a $2.60 annualized dividend and a yield of 4.15%. Iron Mountain’s payout ratio is 200.00%.

Insider Transactions at Iron Mountain

In related news, CFO Barry Hytinen sold 18,500 shares of the stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $56.23, for a total value of $1,040,255.00. Following the transaction, the chief financial officer now directly owns 80,197 shares of the company’s stock, valued at approximately $4,509,477.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO William L. Meaney sold 10,507 shares of the stock in a transaction on Monday, August 14th. The stock was sold at an average price of $60.22, for a total value of $632,731.54. Following the transaction, the chief executive officer now directly owns 295,650 shares of the company’s stock, valued at approximately $17,804,043. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Barry Hytinen sold 18,500 shares of the stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $56.23, for a total value of $1,040,255.00. Following the completion of the transaction, the chief financial officer now directly owns 80,197 shares in the company, valued at $4,509,477.31. The disclosure for this sale can be found here. Insiders sold a total of 57,895 shares of company stock worth $3,408,827 in the last ninety days. Insiders own 2.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on IRM shares. StockNews.com started coverage on Iron Mountain in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Royal Bank of Canada raised Iron Mountain from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $58.00 to $68.00 in a research note on Monday, August 21st. Finally, Barclays upped their target price on Iron Mountain from $64.00 to $69.00 and gave the company an “overweight” rating in a research note on Monday, August 7th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $65.75.

About Iron Mountain

Iron Mountain Incorporated (NYSE: IRM) is a global leader in innovative storage, data center infrastructure, asset lifecycle management and information management services. Founded in 1951 and trusted by more than 225,000 customers worldwide, Iron Mountain helps customers CLIMB HIGHER to transform their businesses.