Waterfront Capital Partners LLC Trims Position in Iron Mountain Incorporated (NYSE:IRM)

Waterfront Capital Partners LLC reduced its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 45.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 240,592 shares of the financial services provider’s stock after selling 197,141 shares during the quarter. Iron Mountain comprises about 3.9% of Waterfront Capital Partners LLC’s investment portfolio, making the stock its 8th biggest position. Waterfront Capital Partners LLC owned 0.08% of Iron Mountain worth $28,590,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. Ashton Thomas Securities LLC purchased a new position in shares of Iron Mountain during the third quarter valued at approximately $31,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in shares of Iron Mountain during the second quarter valued at approximately $32,000. West Branch Capital LLC purchased a new position in shares of Iron Mountain during the third quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Iron Mountain in the second quarter valued at approximately $36,000. Finally, Teachers Insurance & Annuity Association of America purchased a new stake in shares of Iron Mountain in the third quarter valued at approximately $36,000. 80.13% of the stock is owned by institutional investors.

Iron Mountain Price Performance

NYSE IRM opened at $124.24 on Friday. The company has a debt-to-equity ratio of 674.63, a current ratio of 0.75 and a quick ratio of 0.75. The stock’s fifty day moving average price is $120.22 and its 200 day moving average price is $105.40. Iron Mountain Incorporated has a 1 year low of $62.95 and a 1 year high of $130.24. The company has a market cap of $36.46 billion, a price-to-earnings ratio of 345.12, a PEG ratio of 7.47 and a beta of 0.99.

Iron Mountain Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Monday, December 16th will be given a $0.715 dividend. This represents a $2.86 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend is Monday, December 16th. Iron Mountain’s payout ratio is 794.47%.

Insider Activity at Iron Mountain

In other Iron Mountain news, CEO William L. Meaney sold 15,875 shares of the company’s stock in a transaction 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 sale, the chief executive officer now directly owns 295,650 shares of the company’s stock, valued at approximately $35,173,480.50. This represents a 5.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Wendy J. Murdock sold 8,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $116.38, for a total transaction of $989,230.00. Following the completion of the sale, the director now directly owns 14,829 shares in the company, valued at approximately $1,725,799.02. The trade was a 36.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 56,125 shares of company stock valued at $6,613,584 in the last ninety days. Company insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on IRM. BNP Paribas upgraded Iron Mountain to a “strong-buy” rating in a report on Wednesday, November 6th. Wells Fargo & Company boosted their price target on Iron Mountain from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Stifel Nicolaus boosted 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. Barclays reduced their price objective 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. Finally, Royal Bank of Canada upped their price target on Iron Mountain from $135.00 to $139.00 and gave the stock an “outperform” rating in a research report on Wednesday. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price 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.