OVERSEA CHINESE BANKING Corp Ltd Makes New Investment in Iron Mountain Incorporated (NYSE:IRM)

OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Iron Mountain Incorporated (NYSE:IRM) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 4,205 shares of the financial services provider’s stock, valued at approximately $239,000.

Other large investors also recently modified their holdings of the company. State Street Corp lifted its position in shares of Iron Mountain by 1.8% in the first quarter. State Street Corp now owns 14,622,009 shares of the financial services provider’s stock valued at $819,026,000 after acquiring an additional 261,765 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Iron Mountain by 12.1% in the 1st quarter. Geode Capital Management LLC now owns 7,781,928 shares of the financial services provider’s stock worth $411,015,000 after purchasing an additional 837,623 shares in the last quarter. Deutsche Bank AG boosted its stake in Iron Mountain by 10.5% in the 1st quarter. Deutsche Bank AG now owns 4,584,196 shares of the financial services provider’s stock worth $242,550,000 after purchasing an additional 436,842 shares during the period. Moneta Group Investment Advisors LLC purchased a new stake in Iron Mountain during the 4th quarter valued at approximately $224,698,000. Finally, Dimensional Fund Advisors LP raised its position in shares of Iron Mountain by 2.8% during the first quarter. Dimensional Fund Advisors LP now owns 4,219,190 shares of the financial services provider’s stock valued at $223,231,000 after buying an additional 116,057 shares during the last quarter. Hedge funds and other institutional investors own 76.94% of the company’s stock.

Iron Mountain Stock Performance

Shares of NYSE:IRM opened at $59.55 on Thursday. The firm has a fifty day simple moving average of $60.73 and a two-hundred day simple moving average of $58.71. Iron Mountain Incorporated has a 52 week low of $48.92 and a 52 week high of $64.48. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 43.97. The stock has a market capitalization of $17.39 billion, a P/E ratio of 45.81, a PEG ratio of 3.74 and a beta of 0.90.

Iron Mountain Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 4th. Investors of record on Friday, December 15th will be given a $0.65 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $2.60 annualized dividend and a yield of 4.37%. Iron Mountain’s dividend payout ratio is currently 200.00%.

Insiders Place Their Bets

In other news, EVP Deborah Marson sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 5th. The stock was sold at an average price of $57.68, for a total value of $115,360.00. Following the completion of the sale, the executive vice president now directly owns 56,026 shares of the company’s stock, valued at approximately $3,231,579.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Deborah Marson sold 2,000 shares of the stock in a transaction on Thursday, October 5th. The shares were sold at an average price of $57.68, for a total value of $115,360.00. Following the sale, the executive vice president now owns 56,026 shares of the company’s stock, valued at $3,231,579.68. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO William L. Meaney sold 10,507 shares of the firm’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $60.22, for a total transaction of $632,731.54. Following the completion of the sale, the chief executive officer now owns 295,650 shares of the company’s stock, valued at approximately $17,804,043. The disclosure for this sale can be found here. Insiders have sold 77,380 shares of company stock valued at $4,731,370 over the last ninety days. 2.20% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on IRM. UBS Group began coverage on shares of Iron Mountain in a research report on Tuesday. They set a “sell” rating and a $44.00 target price for the company. Royal Bank of Canada raised shares of Iron Mountain from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $58.00 to $68.00 in a report on Monday, August 21st. StockNews.com started coverage on Iron Mountain in a report on Thursday, October 5th. They issued a “hold” rating on the stock. Finally, Barclays increased their price target 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 analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.40.

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.