Lord Abbett & CO. LLC Takes $24.12 Million Position in Iron Mountain Incorporated (NYSE:IRM)

Lord Abbett & CO. LLC bought a new position in shares of Iron Mountain Incorporated (NYSE:IRM) during the 3rd quarter, HoldingsChannel reports. The firm bought 203,000 shares of the financial services provider’s stock, valued at approximately $24,122,000.

Several other hedge funds also recently added to or reduced their stakes in IRM. Ashton Thomas Securities LLC purchased a new stake in shares of Iron Mountain during the third quarter worth about $31,000. West Branch Capital LLC acquired a new stake in Iron Mountain in the 3rd quarter worth approximately $33,000. Teachers Insurance & Annuity Association of America purchased a new stake in Iron Mountain during the 3rd quarter worth approximately $36,000. Family Firm Inc. acquired a new position in Iron Mountain during the 2nd quarter valued at approximately $45,000. Finally, Dunhill Financial LLC raised its holdings in shares of Iron Mountain by 50.5% in the third quarter. Dunhill Financial LLC now owns 453 shares of the financial services provider’s stock worth $54,000 after buying an additional 152 shares during the last quarter. 80.13% of the stock is owned by institutional investors and hedge funds.

Iron Mountain Stock Down 0.9 %

Shares of IRM stock opened at $111.90 on Monday. Iron Mountain Incorporated has a twelve month low of $64.68 and a twelve month high of $130.24. The stock has a market cap of $32.84 billion, a P/E ratio of 310.83, a P/E/G ratio of 6.77 and a beta of 0.98. The stock has a 50 day moving average of $120.18 and a 200 day moving average of $108.69. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 674.63.

Iron Mountain Announces Dividend

The company also recently announced 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 2.56%. The ex-dividend date is Monday, December 16th. Iron Mountain’s dividend payout ratio (DPR) is 794.44%.

Analyst Ratings Changes

IRM has been the topic of a number of research analyst reports. 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 report on Monday, November 18th. BNP Paribas raised Iron Mountain to a “strong-buy” rating in a report on Wednesday, November 6th. Stifel Nicolaus raised their price objective on Iron Mountain from $117.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, September 23rd. Wells Fargo & Company upped their target price 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, Royal Bank of Canada lifted their price objective on shares of Iron Mountain from $135.00 to $139.00 and gave the company an “outperform” rating in a research note on Wednesday, November 27th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $131.00.

Insider Activity at Iron Mountain

In other news, Director Wendy J. Murdock sold 8,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $116.38, for a total value of $989,230.00. Following the completion of the sale, the director now directly owns 14,829 shares in the company, valued at $1,725,799.02. The trade was a 36.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William L. Meaney sold 15,875 shares of the 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 transaction, the chief executive officer now owns 295,650 shares in the company, valued at $35,173,480.50. This trade represents a 5.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 71,997 shares of company stock worth $8,406,961 in the last three months. Company insiders own 2.10% of the company’s stock.

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.