Peapack Gladstone Financial Corp Reduces Position in Iron Mountain Incorporated (NYSE:IRM)

Peapack Gladstone Financial Corp trimmed its holdings in Iron Mountain Incorporated (NYSE:IRM) by 1.2% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 60,883 shares of the financial services provider’s stock after selling 752 shares during the period. Peapack Gladstone Financial Corp’s holdings in Iron Mountain were worth $7,235,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of IRM. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted 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 buying an additional 2,672,821 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Iron Mountain by 49.2% during the second quarter. Legal & General Group Plc now owns 3,899,276 shares of the financial services provider’s stock valued at $349,453,000 after acquiring an additional 1,286,694 shares in the last quarter. AGF Management Ltd. raised its stake in shares of Iron Mountain by 76.3% during the second quarter. AGF Management Ltd. now owns 2,245,393 shares of the financial services provider’s stock valued at $201,232,000 after acquiring an additional 972,101 shares in the last quarter. Mizuho Securities USA LLC boosted its holdings in shares of Iron Mountain by 2,193.9% in the third 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 during the period. Finally, International Assets Investment Management LLC grew its stake in Iron Mountain by 12,953.4% in the third quarter. International Assets Investment Management LLC now owns 448,644 shares of the financial services provider’s stock worth $53,312,000 after purchasing an additional 445,207 shares in the last quarter. 80.13% of the stock is owned by institutional investors.

Insider Activity at Iron Mountain

In related news, CEO William L. Meaney sold 15,875 shares of Iron Mountain stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $118.97, for a total value of $1,888,648.75. Following the completion of the sale, the chief executive officer now directly owns 295,650 shares in the company, valued at $35,173,480.50. This trade represents a 5.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William L. Meaney sold 15,872 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $112.99, for a total transaction of $1,793,377.28. The disclosure for this sale can be found here. Insiders sold 71,997 shares of company stock valued at $8,406,961 over the last 90 days. Insiders own 2.10% of the company’s stock.

Iron Mountain Stock Performance

Shares of Iron Mountain stock opened at $111.90 on Friday. The company has a market capitalization of $32.84 billion, a PE ratio of 310.83, a P/E/G ratio of 6.77 and a beta of 0.98. The company has a 50-day simple moving average of $120.18 and a two-hundred day simple moving average of $108.28. Iron Mountain Incorporated has a one year low of $64.68 and a one year high of $130.24. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Monday, December 16th will be paid a dividend of $0.715 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $2.86 annualized dividend and a dividend yield of 2.56%. Iron Mountain’s dividend payout ratio (DPR) is presently 794.44%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on IRM. Royal Bank of Canada lifted their target price on Iron Mountain from $135.00 to $139.00 and gave the company an “outperform” rating in a research report on Wednesday, November 27th. 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 shares of Iron Mountain from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Stifel Nicolaus boosted 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. Finally, Barclays dropped their price objective on shares of Iron Mountain from $133.00 to $131.00 and set an “overweight” rating on the stock in a research note on Monday, November 18th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Iron Mountain has a consensus rating of “Buy” and an average price target of $131.00.

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.