Associated Banc Corp Purchases New Position in Iron Mountain Incorporated (NYSE:IRM)

Associated Banc Corp acquired a new stake in shares of Iron Mountain Incorporated (NYSE:IRM) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 8,863 shares of the financial services provider’s stock, valued at approximately $1,053,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Legal & General Group Plc raised its holdings in shares of Iron Mountain by 49.2% during the 2nd quarter. Legal & General Group Plc now owns 3,899,276 shares of the financial services provider’s stock valued at $349,453,000 after purchasing an additional 1,286,694 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Iron Mountain by 4.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,386,315 shares of the financial services provider’s stock worth $402,396,000 after buying an additional 141,675 shares during the last quarter. AGF Management Ltd. boosted its stake in shares of Iron Mountain by 76.3% during the 2nd quarter. AGF Management Ltd. now owns 2,245,393 shares of the financial services provider’s stock worth $201,232,000 after acquiring an additional 972,101 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Iron Mountain by 0.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,126,237 shares of the financial services provider’s stock valued at $190,553,000 after acquiring an additional 6,562 shares during the last quarter. Finally, Duff & Phelps Investment Management Co. raised its stake in shares of Iron Mountain by 45.0% in the 2nd quarter. Duff & Phelps Investment Management Co. now owns 1,298,330 shares of the financial services provider’s stock valued at $116,356,000 after acquiring an additional 402,625 shares in the last quarter. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Iron Mountain Stock Up 1.5 %

Shares of IRM opened at $120.84 on Tuesday. Iron Mountain Incorporated has a 52 week low of $62.58 and a 52 week high of $130.24. The firm has a market capitalization of $35.46 billion, a P/E ratio of 335.68, a P/E/G ratio of 7.16 and a beta of 0.99. The company has a 50-day simple moving average of $119.91 and a 200-day simple moving average of $104.96. The company has a debt-to-equity ratio of 674.63, a quick ratio of 0.75 and a current ratio of 0.75.

Iron Mountain Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Monday, December 16th will be issued a dividend of $0.715 per share. This represents a $2.86 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend is Monday, December 16th. Iron Mountain’s payout ratio is presently 794.47%.

Insider Activity

In other Iron Mountain news, Director Wendy J. Murdock sold 8,500 shares of Iron Mountain stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $116.38, for a total transaction of $989,230.00. Following the sale, the director now directly 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William L. Meaney sold 15,875 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $117.36, for a total value of $1,863,090.00. Following the completion of the transaction, the chief executive officer now directly owns 295,650 shares of the company’s stock, valued at approximately $34,697,484. The trade was a 5.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 56,125 shares of company stock worth $6,613,584. Company insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

IRM has been the subject of a number of recent analyst reports. BNP Paribas raised Iron Mountain to a “strong-buy” rating in a research report on Wednesday, November 6th. Stifel Nicolaus lifted their target price on shares of Iron Mountain from $117.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, September 23rd. The Goldman Sachs Group boosted their target price on shares of Iron Mountain from $106.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Wells Fargo & Company raised their price target on Iron Mountain from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Finally, Barclays cut their price objective on Iron Mountain from $133.00 to $131.00 and set an “overweight” rating for the company in a research report on Monday, November 18th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Iron Mountain presently has a consensus rating of “Buy” and an average price target of $129.40.

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.