Bank of Montreal Can Lowers Stock Position in Iron Mountain Incorporated $IRM

Bank of Montreal Can lessened its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 11.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 366,434 shares of the financial services provider’s stock after selling 49,602 shares during the quarter. Bank of Montreal Can owned 0.12% of Iron Mountain worth $37,585,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Iron Mountain by 0.5% in the first quarter. Vanguard Group Inc. now owns 46,825,734 shares of the financial services provider’s stock valued at $4,028,886,000 after purchasing an additional 220,564 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Iron Mountain by 0.9% in the first quarter. Dimensional Fund Advisors LP now owns 4,256,417 shares of the financial services provider’s stock valued at $366,210,000 after purchasing an additional 37,154 shares during the period. Invesco Ltd. boosted its stake in shares of Iron Mountain by 14.7% in the first quarter. Invesco Ltd. now owns 2,848,954 shares of the financial services provider’s stock valued at $245,124,000 after purchasing an additional 366,134 shares during the period. Nuveen LLC purchased a new position in shares of Iron Mountain in the first quarter valued at approximately $192,231,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Iron Mountain by 17.8% in the first quarter. JPMorgan Chase & Co. now owns 2,061,560 shares of the financial services provider’s stock valued at $177,377,000 after purchasing an additional 311,494 shares during the period. Institutional investors and hedge funds own 80.13% of the company’s stock.

Iron Mountain Price Performance

NYSE:IRM opened at $100.52 on Thursday. The firm’s fifty day moving average price is $100.77 and its 200 day moving average price is $98.15. Iron Mountain Incorporated has a 1-year low of $72.33 and a 1-year high of $125.38. The firm has a market cap of $29.69 billion, a price-to-earnings ratio of 718.05 and a beta of 1.06.

Iron Mountain (NYSE:IRM) last posted its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.75). The firm had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.75 billion. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. The business’s quarterly revenue was up 12.7% on a year-over-year basis. During the same quarter last year, the business earned $1.13 earnings per share. Iron Mountain has set its FY 2025 guidance at 5.040-5.130 EPS. As a group, analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 6th. Investors of record on Monday, December 15th will be given a $0.864 dividend. The ex-dividend date is Monday, December 15th. This represents a $3.46 annualized dividend and a dividend yield of 3.4%. This is a boost from Iron Mountain’s previous quarterly dividend of $0.79. Iron Mountain’s payout ratio is presently 2,242.86%.

Insider Transactions at Iron Mountain

In other Iron Mountain news, EVP Mark Kidd sold 6,000 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $102.51, for a total transaction of $615,060.00. Following the completion of the transaction, the executive vice president directly owned 67,081 shares in the company, valued at approximately $6,876,473.31. This trade represents a 8.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William L. Meaney sold 69,125 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $102.75, for a total transaction of $7,102,593.75. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 226,681 shares of company stock worth $22,265,632. 1.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on IRM. Jefferies Financial Group began coverage on shares of Iron Mountain in a report on Monday, September 22nd. They issued a “buy” rating and a $120.00 target price on the stock. JPMorgan Chase & Co. reduced their target price on shares of Iron Mountain from $112.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, August 7th. Barclays raised their target price on shares of Iron Mountain from $121.00 to $122.00 and gave the company an “overweight” rating in a report on Wednesday, August 20th. Weiss Ratings reissued a “hold (c)” rating on shares of Iron Mountain in a report on Wednesday, October 8th. Finally, Zacks Research raised shares of Iron Mountain from a “strong sell” rating to a “hold” rating in a report on Monday, October 20th. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Iron Mountain currently has an average rating of “Moderate Buy” and a consensus price target of $116.83.

Iron Mountain Company 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.