Wellington Shields Capital Management LLC Buys New Stake in Iron Mountain Inc (IRM)
Wellington Shields Capital Management LLC bought a new stake in Iron Mountain Inc (NYSE:IRM) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund bought 6,900 shares of the financial services provider’s stock, valued at approximately $238,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. acquired a new position in Iron Mountain in the 2nd quarter valued at about $988,000. Marble Harbor Investment Counsel LLC grew its position in shares of Iron Mountain by 4.5% during the second quarter. Marble Harbor Investment Counsel LLC now owns 364,609 shares of the financial services provider’s stock worth $12,765,000 after buying an additional 15,643 shares in the last quarter. Truvestments Capital LLC acquired a new position in shares of Iron Mountain during the second quarter worth about $1,219,000. Woodstock Corp grew its position in shares of Iron Mountain by 10.2% during the third quarter. Woodstock Corp now owns 31,398 shares of the financial services provider’s stock worth $1,084,000 after buying an additional 2,900 shares in the last quarter. Finally, Swiss National Bank grew its position in shares of Iron Mountain by 4.3% during the second quarter. Swiss National Bank now owns 894,564 shares of the financial services provider’s stock worth $31,319,000 after buying an additional 36,800 shares in the last quarter. 86.31% of the stock is owned by institutional investors.
Shares of Iron Mountain stock opened at $32.77 on Friday. Iron Mountain Inc has a one year low of $30.22 and a one year high of $41.53. The stock has a market cap of $9.20 billion, a PE ratio of 15.09 and a beta of 0.77. The company has a debt-to-equity ratio of 4.18, a current ratio of 0.97 and a quick ratio of 0.97.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 3rd. Investors of record on Monday, December 17th will be issued a $0.611 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 7.46%. This is an increase from Iron Mountain’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Friday, December 14th. Iron Mountain’s dividend payout ratio is 110.33%.
IRM has been the subject of a number of analyst reports. Zacks Investment Research raised Iron Mountain from a “hold” rating to a “buy” rating and set a $37.00 price objective for the company in a research report on Monday, October 29th. Berenberg Bank initiated coverage on Iron Mountain in a research report on Thursday, September 20th. They set a “buy” rating and a $52.00 price objective for the company. Barclays initiated coverage on Iron Mountain in a research report on Wednesday, July 18th. They set an “equal weight” rating and a $39.00 price objective for the company. Stifel Nicolaus downgraded Iron Mountain from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $39.00 to $34.00 in a research report on Friday, October 26th. Finally, ValuEngine raised Iron Mountain from a “sell” rating to a “hold” rating in a research report on Wednesday, October 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $37.50.
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Iron Mountain Company Profile
Iron Mountain Incorporated (NYSE: IRM), founded in 1951, is the global leader for storage and information management services. Trusted by more than 225,000 organizations around the world, and with a real estate network of more than 85 million square feet across more than 1,400 facilities in over 50 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts.
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