Toronto Dominion Bank Increases Holdings in Iron Mountain Incorporated (NYSE:IRM)

Toronto Dominion Bank raised its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 39.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 166,908 shares of the financial services provider’s stock after buying an additional 47,271 shares during the period. Toronto Dominion Bank’s holdings in Iron Mountain were worth $13,388,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Advisors Asset Management Inc. increased its stake in shares of Iron Mountain by 2.3% in the 1st quarter. Advisors Asset Management Inc. now owns 53,850 shares of the financial services provider’s stock worth $4,319,000 after purchasing an additional 1,203 shares in the last quarter. Shell Asset Management Co. increased its stake in shares of Iron Mountain by 23.1% in the 1st quarter. Shell Asset Management Co. now owns 46,450 shares of the financial services provider’s stock worth $3,726,000 after purchasing an additional 8,716 shares in the last quarter. InterOcean Capital Group LLC increased its stake in shares of Iron Mountain by 4.8% in the 1st quarter. InterOcean Capital Group LLC now owns 18,360 shares of the financial services provider’s stock worth $1,473,000 after purchasing an additional 834 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Iron Mountain in the 1st quarter worth $5,133,000. Finally, CANADA LIFE ASSURANCE Co increased its stake in shares of Iron Mountain by 0.5% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 362,134 shares of the financial services provider’s stock worth $29,060,000 after purchasing an additional 1,716 shares in the last quarter. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Iron Mountain

In related news, EVP Deborah Marson sold 2,000 shares of Iron Mountain stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $77.80, for a total value of $155,600.00. Following the completion of the transaction, the executive vice president now owns 63,286 shares in the company, valued at $4,923,650.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Wendy J. Murdock sold 1,500 shares of Iron Mountain stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $75.35, for a total value of $113,025.00. Following the completion of the transaction, the director now owns 24,491 shares in the company, valued at $1,845,396.85. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Deborah Marson sold 2,000 shares of Iron Mountain stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $77.80, for a total value of $155,600.00. Following the completion of the transaction, the executive vice president now owns 63,286 shares of the company’s stock, valued at approximately $4,923,650.80. The disclosure for this sale can be found here. Insiders sold 100,553 shares of company stock valued at $8,759,378 in the last 90 days. Insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on IRM. Stifel Nicolaus upped their target price on shares of Iron Mountain from $86.00 to $103.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. The Goldman Sachs Group upped their target price on shares of Iron Mountain from $89.00 to $101.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Finally, Wells Fargo & Company upped their target price on shares of Iron Mountain from $90.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Iron Mountain has an average rating of “Moderate Buy” and an average target price of $86.17.

Iron Mountain Price Performance

Shares of IRM traded up $1.60 during midday trading on Friday, hitting $98.50. 1,124,996 shares of the company traded hands, compared to its average volume of 1,596,198. The firm has a 50 day moving average of $89.17 and a 200-day moving average of $79.70. Iron Mountain Incorporated has a 52 week low of $56.51 and a 52 week high of $101.38. The stock has a market cap of $28.87 billion, a price-to-earnings ratio of 149.24, a PEG ratio of 5.74 and a beta of 0.98. The company has a debt-to-equity ratio of 674.63, a quick ratio of 0.86 and a current ratio of 0.86.

Iron Mountain Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 5th. Shareholders of record on Monday, June 17th were issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 2.64%. The ex-dividend date of this dividend was Monday, June 17th. Iron Mountain’s dividend payout ratio (DPR) is presently 393.95%.

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.