Adelante Capital Management LLC Purchases 416,239 Shares of Iron Mountain Incorporated (NYSE:IRM)

Adelante Capital Management LLC raised its position in Iron Mountain Incorporated (NYSE:IRM) by 1,403.5% in the 4th quarter, Holdings Channel reports. The firm owned 445,897 shares of the financial services provider’s stock after buying an additional 416,239 shares during the quarter. Iron Mountain accounts for 3.0% of Adelante Capital Management LLC’s holdings, making the stock its 11th largest position. Adelante Capital Management LLC’s holdings in Iron Mountain were worth $46,868,000 as of its most recent SEC filing.

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

Insider Transactions at Iron Mountain

In related news, CEO William L. Meaney sold 69,125 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $86.11, for a total transaction of $5,952,353.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Daniel Borges sold 6,433 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.84, for a total value of $597,239.72. Following the transaction, the chief accounting officer now directly owns 288 shares of the company’s stock, valued at approximately $26,737.92. This trade represents a 95.71 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 318,973 shares of company stock valued at $29,370,872. Corporate insiders own 2.10% of the company’s stock.

Iron Mountain Stock Performance

NYSE IRM opened at $88.29 on Wednesday. Iron Mountain Incorporated has a fifty-two week low of $72.33 and a fifty-two week high of $130.24. The stock has a 50 day simple moving average of $85.89 and a two-hundred day simple moving average of $102.72. The stock has a market cap of $26.04 billion, a P/E ratio of 144.74, a price-to-earnings-growth ratio of 5.15 and a beta of 0.97.

Iron Mountain (NYSE:IRM) last announced 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 negative return on equity of 401.83% and a net margin of 2.95%. The firm had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.60 billion. During the same period in the prior year, the company posted $0.52 EPS. Sell-side analysts predict 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 was paid on Friday, April 4th. Stockholders of record on Monday, March 17th were given a $0.785 dividend. The ex-dividend date was Monday, March 17th. 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. Iron Mountain’s dividend payout ratio is currently 514.75%.

Analyst Ratings Changes

IRM has been the topic of a number of recent research reports. Truist Financial started coverage on Iron Mountain in a research note on Tuesday, April 8th. They set a “buy” rating and a $95.00 price objective on the stock. Wells Fargo & Company dropped their target price on Iron Mountain from $135.00 to $125.00 and set an “overweight” rating for the company in a report on Tuesday, February 4th. StockNews.com upgraded Iron Mountain from a “sell” rating to a “hold” rating in a report on Friday, April 18th. JPMorgan Chase & Co. dropped their target price on Iron Mountain from $125.00 to $112.00 and set an “overweight” rating for the company in a report on Tuesday, February 18th. Finally, Barclays dropped their target price on Iron Mountain from $130.00 to $118.00 and set an “overweight” rating for the company in a report on Thursday, March 20th. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Iron Mountain presently has an average rating of “Buy” and a consensus price target of $121.29.

Iron Mountain Company 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.