Bamco Inc. NY Buys Shares of 159,114 Iron Mountain Incorporated (NYSE:IRM)

Bamco Inc. NY purchased a new stake in Iron Mountain Incorporated (NYSE:IRM) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 159,114 shares of the financial services provider’s stock, valued at approximately $18,908,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. PNC Financial Services Group Inc. boosted its holdings in Iron Mountain by 2.8% during the third quarter. PNC Financial Services Group Inc. now owns 53,877 shares of the financial services provider’s stock worth $6,402,000 after buying an additional 1,446 shares during the last quarter. Friedenthal Financial bought a new position in Iron Mountain during the 3rd quarter worth approximately $824,000. Hennion & Walsh Asset Management Inc. grew its holdings in Iron Mountain by 19.8% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 75,809 shares of the financial services provider’s stock valued at $6,794,000 after purchasing an additional 12,540 shares during the period. Brookstone Capital Management increased its stake in Iron Mountain by 13.2% in the second quarter. Brookstone Capital Management now owns 98,425 shares of the financial services provider’s stock valued at $9,766,000 after purchasing an additional 11,454 shares in the last quarter. Finally, Oppenheimer & Co. Inc. raised its holdings in Iron Mountain by 36.1% in the third quarter. Oppenheimer & Co. Inc. now owns 19,192 shares of the financial services provider’s stock worth $2,281,000 after purchasing an additional 5,086 shares during the period. 80.13% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Wendy J. Murdock sold 8,500 shares of Iron Mountain stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $116.38, for a total value of $989,230.00. Following the sale, the director now owns 14,829 shares of the company’s stock, valued at approximately $1,725,799.02. The trade was a 36.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William L. Meaney sold 15,875 shares of the stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $117.36, for a total value of $1,863,090.00. Following the transaction, the chief executive officer now directly owns 295,650 shares of the company’s stock, valued at $34,697,484. This trade represents a 5.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,125 shares of company stock valued at $6,613,584 in the last three months. 2.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

IRM has been the subject of several research analyst reports. Royal Bank of Canada boosted their price target on shares of Iron Mountain from $135.00 to $139.00 and gave the company an “outperform” rating in a report on Wednesday, November 27th. Barclays lowered their price target on Iron Mountain from $133.00 to $131.00 and set an “overweight” rating for the company in a report on Monday, November 18th. BNP Paribas upgraded Iron Mountain to a “strong-buy” rating in a report on Wednesday, November 6th. Wells Fargo & Company increased their target price on Iron Mountain from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Finally, Stifel Nicolaus upped their price target on shares of Iron Mountain from $117.00 to $140.00 and gave the company a “buy” rating in a report on Monday, September 23rd. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $131.00.

Iron Mountain Price Performance

Shares of IRM opened at $121.59 on Tuesday. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 674.63. Iron Mountain Incorporated has a twelve month low of $64.66 and a twelve month high of $130.24. The stock has a market capitalization of $35.68 billion, a P/E ratio of 337.75, a P/E/G ratio of 7.44 and a beta of 0.99. The company has a 50 day moving average of $120.59 and a 200-day moving average of $106.19.

Iron Mountain Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Monday, December 16th will be paid a $0.715 dividend. The ex-dividend date is Monday, December 16th. This represents a $2.86 annualized dividend and a yield of 2.35%. Iron Mountain’s payout ratio is currently 794.44%.

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.