Palacios Wealth Management LLC Purchases New Shares in Iron Mountain Incorporated (NYSE:IRM)

Palacios Wealth Management LLC purchased a new stake in shares of Iron Mountain Incorporated (NYSE:IRM) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 3,525 shares of the financial services provider’s stock, valued at approximately $373,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of IRM. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Iron Mountain by 537.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,170,550 shares of the financial services provider’s stock valued at $376,756,000 after purchasing an additional 2,672,821 shares in the last quarter. Mizuho Securities USA LLC increased its holdings in Iron Mountain by 2,193.9% during the 3rd quarter. Mizuho Securities USA LLC now owns 518,501 shares of the financial services provider’s stock valued at $61,613,000 after purchasing an additional 495,898 shares in the last quarter. International Assets Investment Management LLC increased its holdings in Iron Mountain by 12,953.4% during the 3rd quarter. International Assets Investment Management LLC now owns 448,644 shares of the financial services provider’s stock valued at $53,312,000 after purchasing an additional 445,207 shares in the last quarter. abrdn plc increased its holdings in Iron Mountain by 88.2% during the 3rd quarter. abrdn plc now owns 626,280 shares of the financial services provider’s stock valued at $73,770,000 after purchasing an additional 293,425 shares in the last quarter. Finally, Strategic Financial Concepts LLC increased its stake in shares of Iron Mountain by 10,432.5% in the 4th quarter. Strategic Financial Concepts LLC now owns 242,564 shares of the financial services provider’s stock valued at $243,000 after buying an additional 240,261 shares during the period. 80.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

IRM has been the subject of a number of recent research reports. StockNews.com downgraded Iron Mountain from a “hold” rating to a “sell” rating in a research report on Tuesday, January 28th. Royal Bank of Canada boosted their target price on Iron Mountain from $135.00 to $139.00 and gave the company an “outperform” rating in a research note on Wednesday, November 27th. Barclays reduced their price objective on Iron Mountain from $131.00 to $130.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. BNP Paribas raised Iron Mountain to a “strong-buy” rating in a research report on Wednesday, November 6th. Finally, Wells Fargo & Company dropped their price objective on Iron Mountain from $135.00 to $125.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $129.17.

Insider Buying and Selling at Iron Mountain

In other news, CEO William L. Meaney sold 69,125 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $99.83, for a total value of $6,900,748.75. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Mithu Bhargava sold 8,263 shares of Iron Mountain stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $104.49, for a total transaction of $863,400.87. Following the completion of the sale, the executive vice president now directly owns 13,054 shares in the company, valued at $1,364,012.46. This trade represents a 38.76 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 162,391 shares of company stock worth $16,805,912. Insiders own 2.10% of the company’s stock.

Iron Mountain Trading Down 7.3 %

IRM stock opened at $95.20 on Friday. The stock has a 50-day moving average price of $105.94 and a 200-day moving average price of $112.73. Iron Mountain Incorporated has a 1-year low of $66.86 and a 1-year high of $130.24. The firm has a market cap of $27.94 billion, a PE ratio of 264.44, a price-to-earnings-growth ratio of 5.84 and a beta of 1.01.

Iron Mountain Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Monday, March 17th will be given a $0.785 dividend. This represents a $3.14 dividend on an annualized basis and a yield of 3.30%. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.72. Iron Mountain’s payout ratio is presently 794.47%.

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.