8,395 Iron Mountain Incorporated $IRM Shares Sold by Welch & Forbes LLC

Welch & Forbes LLC trimmed its holdings in shares of Iron Mountain Incorporated (NYSE:IRM) by 1.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 630,927 shares of the financial services provider’s stock after selling 8,395 shares during the quarter. Welch & Forbes LLC’s holdings in Iron Mountain were worth $70,001,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in IRM. Brown Financial Advisors increased its stake in shares of Iron Mountain by 3.6% during the second quarter. Brown Financial Advisors now owns 2,580 shares of the financial services provider’s stock valued at $326,000 after buying an additional 90 shares during the period. Crown Wealth Group LLC lifted its stake in Iron Mountain by 3.0% in the third quarter. Crown Wealth Group LLC now owns 3,086 shares of the financial services provider’s stock worth $342,000 after acquiring an additional 91 shares during the period. Compass Financial Management LLC lifted its stake in Iron Mountain by 18.6% in the third quarter. Compass Financial Management LLC now owns 625 shares of the financial services provider’s stock worth $69,000 after acquiring an additional 98 shares during the period. Yousif Capital Management LLC lifted its stake in Iron Mountain by 0.3% in the third quarter. Yousif Capital Management LLC now owns 38,379 shares of the financial services provider’s stock worth $4,258,000 after acquiring an additional 102 shares during the period. Finally, Eastern Bank grew its holdings in Iron Mountain by 14.4% during the 3rd quarter. Eastern Bank now owns 841 shares of the financial services provider’s stock worth $93,000 after acquiring an additional 106 shares in the last quarter. 80.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on IRM. Wells Fargo & Company upped their price target on shares of Iron Mountain from $135.00 to $140.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Rothschild & Co Redburn began coverage on shares of Iron Mountain in a report on Monday, September 21st. They set a “buy” rating and a $132.00 price objective on the stock. The Goldman Sachs Group boosted their price objective on shares of Iron Mountain from $153.00 to $155.00 and gave the stock a “buy” rating in a research note on Tuesday, October 6th. BNP Paribas Exane upped their target price on Iron Mountain from $138.00 to $145.00 and gave the stock an “outperform” rating in a report on Wednesday, August 5th. Finally, Weiss Ratings cut Iron Mountain from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, August 25th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $141.33.

Iron Mountain Stock Performance

NYSE:IRM opened at $110.92 on Tuesday. The company’s 50-day simple moving average is $113.62 and its 200-day simple moving average is $115.47. Iron Mountain Incorporated has a fifty-two week low of $77.77 and a fifty-two week high of $134.68. The stock has a market capitalization of $33.02 billion, a P/E ratio of 72.49 and a beta of 1.18.

Iron Mountain (NYSE:IRM) last posted its quarterly earnings data on Thursday, November 5th. The financial services provider reported $0.64 EPS for the quarter, topping the consensus estimate of $0.61 by $0.03. The firm had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.99 billion. Iron Mountain had a net margin of 5.54% and a negative return on equity of 85.44%. Iron Mountain’s revenue was up 13.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.32 EPS. On average, research analysts forecast that Iron Mountain Incorporated will post 5.42 EPS for the current year.

Iron Mountain Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 6th. Stockholders of record on Tuesday, December 15th will be issued a dividend of $0.9930 per share. The ex-dividend date is Tuesday, December 15th. This represents a $3.97 annualized dividend and a dividend yield of 3.6%. This is a boost from Iron Mountain’s previous quarterly dividend of $0.8640. Iron Mountain’s dividend payout ratio (DPR) is currently 226.14%.

Insider Transactions at Iron Mountain

In related news, CEO William L. Meaney sold 38,474 shares of the company’s stock in a transaction dated Friday, November 6th. The stock was sold at an average price of $105.72, for a total transaction of $4,067,471.28. Following the transaction, the chief executive officer directly owned 38,474 shares of the company’s stock, valued at $4,067,471.28. This represents a 50.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Greg W. Mcintosh sold 5,000 shares of the stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $116.96, for a total value of $584,800.00. Following the completion of the sale, the executive vice president owned 65,634 shares of the company’s stock, valued at approximately $7,676,552.64. This trade represents a 7.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 136,422 shares of company stock valued at $15,116,038 in the last quarter. 1.70% of the stock is currently owned by corporate insiders.

Iron Mountain Profile

Iron Mountain Incorporated is an information management and storage company that helps organizations protect, manage and access physical and digital assets. Its services include records storage and management, secure document shredding, digitization and other information-management solutions.

The company also operates data centers and provides services for businesses moving, storing and managing data. Its offerings extend to specialized storage and care for items such as artwork and other valuable collections.

Founded in 1951, Iron Mountain began as a records-storage business in a former iron ore mine in New York.