Associated Banc Corp Makes New $1.05 Million Investment in Iron Mountain Incorporated (NYSE:IRM)

Associated Banc Corp bought a new stake in Iron Mountain Incorporated (NYSE:IRM) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 8,863 shares of the financial services provider’s stock, valued at approximately $1,053,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Horizon Kinetics Asset Management LLC raised its position in Iron Mountain by 42.9% in the 3rd quarter. Horizon Kinetics Asset Management LLC now owns 34,450 shares of the financial services provider’s stock valued at $4,094,000 after purchasing an additional 10,350 shares during the last quarter. Loomis Sayles & Co. L P increased its stake in shares of Iron Mountain by 3,253.8% in the third quarter. Loomis Sayles & Co. L P now owns 872 shares of the financial services provider’s stock valued at $104,000 after buying an additional 846 shares in the last quarter. Harvest Fund Management Co. Ltd raised its holdings in shares of Iron Mountain by 65.5% in the third quarter. Harvest Fund Management Co. Ltd now owns 17,988 shares of the financial services provider’s stock valued at $2,137,000 after buying an additional 7,122 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Iron Mountain during the 3rd quarter worth about $271,000. Finally, Hartford Funds Management Co LLC grew its holdings in Iron Mountain by 8.8% during the 3rd quarter. Hartford Funds Management Co LLC now owns 4,398 shares of the financial services provider’s stock worth $523,000 after acquiring an additional 354 shares during the last quarter. 80.13% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Barclays dropped their target price on shares of Iron Mountain from $133.00 to $131.00 and set an “overweight” rating for the company in a research note on Monday, November 18th. Wells Fargo & Company boosted their price objective on shares of Iron Mountain from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. BNP Paribas upgraded Iron Mountain to a “strong-buy” rating in a research report on Wednesday, November 6th. The Goldman Sachs Group boosted their target price on Iron Mountain from $106.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Finally, Stifel Nicolaus raised their price target on Iron Mountain from $117.00 to $140.00 and gave the company a “buy” rating in a report on Monday, September 23rd. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $129.40.

Iron Mountain Stock Up 1.5 %

NYSE:IRM opened at $120.84 on Tuesday. The stock’s fifty day simple moving average is $119.91 and its 200-day simple moving average is $104.96. 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 quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 674.63. Iron Mountain Incorporated has a 12-month low of $62.58 and a 12-month high of $130.24.

Iron Mountain Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Monday, December 16th will be given 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 2.37%. Iron Mountain’s payout ratio is currently 794.47%.

Insider Activity

In related news, CEO William L. Meaney sold 15,875 shares of the business’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 approximately $34,874,874. The trade was a 5.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Wendy J. Murdock sold 8,500 shares of the firm’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 transaction of $989,230.00. Following the sale, the director now owns 14,829 shares in the company, valued at $1,725,799.02. This trade represents a 36.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 56,125 shares of company stock valued at $6,613,584 in the last ninety days. 2.10% of the stock is owned by insiders.

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.