Cypress Capital Group Reduces Holdings in Iron Mountain Incorporated (NYSE:IRM)

Cypress Capital Group reduced its holdings in shares of Iron Mountain Incorporated (NYSE:IRM) by 12.4% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 2,835 shares of the financial services provider’s stock after selling 400 shares during the period. Cypress Capital Group’s holdings in Iron Mountain were worth $337,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Intech Investment Management LLC lifted its stake in shares of Iron Mountain by 42.3% in the 3rd quarter. Intech Investment Management LLC now owns 210,155 shares of the financial services provider’s stock worth $24,973,000 after acquiring an additional 62,441 shares during the period. Retireful LLC purchased a new stake in Iron Mountain during the third quarter valued at about $700,000. Ontario Teachers Pension Plan Board purchased a new stake in Iron Mountain during the 3rd quarter worth $936,000. Advisors Asset Management Inc. lifted its position in shares of Iron Mountain by 21.0% during the third quarter. Advisors Asset Management Inc. now owns 63,376 shares of the financial services provider’s stock worth $7,531,000 after purchasing an additional 10,984 shares in the last quarter. Finally, Strategy Asset Managers LLC purchased a new position in shares of Iron Mountain during the 3rd quarter valued at approximately $844,000. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Insiders Place Their Bets

In other Iron Mountain news, CEO William L. Meaney sold 15,875 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $117.96, for a total value of $1,872,615.00. Following the completion of the transaction, the chief executive officer now directly owns 295,650 shares in the company, valued at $34,874,874. This represents a 5.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Wendy J. Murdock sold 8,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $116.38, for a total value of $989,230.00. Following the transaction, the director now directly owns 14,829 shares in the company, valued at approximately $1,725,799.02. This represents a 36.44 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,125 shares of company stock valued at $6,613,584. 2.10% of the stock is currently owned by corporate insiders.

Iron Mountain Trading Up 2.4 %

NYSE:IRM opened at $119.14 on Friday. The company has a debt-to-equity ratio of 674.63, a current ratio of 0.75 and a quick ratio of 0.75. Iron Mountain Incorporated has a 1 year low of $62.58 and a 1 year high of $130.24. The company has a market cap of $34.96 billion, a P/E ratio of 330.94, a P/E/G ratio of 6.98 and a beta of 0.99. The stock’s fifty day moving average price is $119.82 and its two-hundred day moving average price is $104.00.

Iron Mountain Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Monday, December 16th will be issued a dividend of $0.715 per share. The ex-dividend date is Monday, December 16th. This represents a $2.86 dividend on an annualized basis and a dividend yield of 2.40%. Iron Mountain’s dividend payout ratio (DPR) is 794.47%.

Wall Street Analyst Weigh In

Several research analysts have commented on IRM shares. The Goldman Sachs Group upped 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 boosted their target price on Iron Mountain from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Stifel Nicolaus increased their price objective on Iron Mountain from $117.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, September 23rd. Barclays cut their price target on shares of Iron Mountain from $133.00 to $131.00 and set an “overweight” rating for the company in a report on Monday. Finally, JPMorgan Chase & Co. upped their target price on shares of Iron Mountain from $82.00 to $121.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Iron Mountain presently has an average rating of “Buy” and an average target price of $129.40.

About Iron Mountain

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.