Adage Capital Partners GP L.L.C. Decreases Stock Holdings in Iron Mountain Incorporated (NYSE:IRM)

Adage Capital Partners GP L.L.C. lowered its position in Iron Mountain Incorporated (NYSE:IRM) by 35.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 114,152 shares of the financial services provider’s stock after selling 62,300 shares during the period. Adage Capital Partners GP L.L.C.’s holdings in Iron Mountain were worth $11,999,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Key Financial Inc increased its position in shares of Iron Mountain by 25,100.0% during the fourth quarter. Key Financial Inc now owns 252 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 251 shares in the last quarter. Halbert Hargrove Global Advisors LLC purchased a new position in Iron Mountain during the 4th quarter worth $26,000. IMG Wealth Management Inc. acquired a new position in Iron Mountain during the 4th quarter valued at about $26,000. Whittier Trust Co. of Nevada Inc. raised its stake in Iron Mountain by 46.4% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 489 shares of the financial services provider’s stock valued at $51,000 after buying an additional 155 shares during the last quarter. Finally, Parkworth Wealth Management Inc. acquired a new stake in Iron Mountain in the fourth quarter worth about $53,000. Institutional investors own 80.13% of the company’s stock.

Iron Mountain Trading Up 3.1 %

Shares of NYSE:IRM opened at $87.97 on Monday. Iron Mountain Incorporated has a 12-month low of $72.33 and a 12-month high of $130.24. The business has a 50 day moving average of $86.08 and a two-hundred day moving average of $103.04. The company has a market capitalization of $25.95 billion, a PE ratio of 144.21, a PEG ratio of 5.15 and a beta of 0.97.

Iron Mountain (NYSE:IRM) last posted its earnings results on Thursday, February 13th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same quarter in the prior year, the firm earned $0.52 earnings per share. Equities research analysts predict that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Monday, March 17th were paid a $0.785 dividend. This represents a $3.14 annualized dividend and a dividend yield of 3.57%. The ex-dividend date of this dividend was Monday, March 17th. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.72. Iron Mountain’s payout ratio is currently 514.75%.

Insiders Place Their Bets

In other news, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $99.83, for a total value of $6,900,748.75. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Mithu Bhargava sold 1,738 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.84, for a total transaction of $161,355.92. Following the transaction, the executive vice president now owns 13,054 shares of the company’s stock, valued at approximately $1,211,933.36. This trade represents a 11.75 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 318,973 shares of company stock worth $29,370,872. 2.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Barclays cut their price objective 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. StockNews.com raised shares of Iron Mountain from a “sell” rating to a “hold” rating in a report on Friday, April 18th. Wells Fargo & Company dropped their price objective on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating on the stock in a report on Tuesday, February 4th. Truist Financial began coverage on Iron Mountain in a research note on Tuesday, April 8th. They issued a “buy” rating and a $95.00 target price for the company. Finally, JPMorgan Chase & Co. dropped their price target 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. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $121.29.

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.