Swiss National Bank Decreases Stock Holdings in Iron Mountain Incorporated $IRM

Swiss National Bank cut its stake in Iron Mountain Incorporated (NYSE:IRM) by 4.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 850,561 shares of the financial services provider’s stock after selling 38,700 shares during the period. Swiss National Bank’s holdings in Iron Mountain were worth $86,706,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of IRM. Intact Investment Management Inc. acquired a new stake in shares of Iron Mountain during the 3rd quarter worth about $3,588,000. Sei Investments Co. lifted its stake in shares of Iron Mountain by 4.2% during the second quarter. Sei Investments Co. now owns 885,080 shares of the financial services provider’s stock valued at $90,783,000 after buying an additional 35,301 shares during the period. PNC Financial Services Group Inc. boosted its position in Iron Mountain by 11.9% during the second quarter. PNC Financial Services Group Inc. now owns 65,386 shares of the financial services provider’s stock worth $6,707,000 after acquiring an additional 6,937 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its stake in Iron Mountain by 17.2% in the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 103,960 shares of the financial services provider’s stock worth $10,598,000 after acquiring an additional 15,225 shares during the period. Finally, AGF Management Ltd. raised its holdings in Iron Mountain by 178.0% in the 3rd quarter. AGF Management Ltd. now owns 22,185 shares of the financial services provider’s stock valued at $2,262,000 after acquiring an additional 14,205 shares during the last quarter. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Insider Activity at Iron Mountain

In related news, EVP Mark Kidd sold 6,000 shares of the firm’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $107.27, for a total transaction of $643,620.00. Following the sale, the executive vice president directly owned 131,507 shares in the company, valued at approximately $14,106,755.89. This trade represents a 4.36% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jennifer Allerton sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $108.88, for a total value of $762,160.00. Following the completion of the transaction, the director owned 11,541 shares of the company’s stock, valued at approximately $1,256,584.08. This represents a 37.75% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 391,931 shares of company stock worth $41,180,243. 1.90% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on IRM. Barclays raised their price objective on Iron Mountain from $126.00 to $127.00 and gave the stock an “overweight” rating in a report on Monday, February 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Iron Mountain in a research report on Thursday, January 22nd. Finally, Loop Capital set a $130.00 price target on Iron Mountain in a report on Wednesday, March 4th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Iron Mountain presently has a consensus rating of “Moderate Buy” and a consensus price target of $116.60.

Iron Mountain Price Performance

Shares of NYSE:IRM opened at $107.72 on Wednesday. The firm has a market capitalization of $31.87 billion, a PE ratio of 224.41 and a beta of 1.13. Iron Mountain Incorporated has a 12 month low of $72.33 and a 12 month high of $115.24. The business has a 50-day moving average of $97.80 and a two-hundred day moving average of $95.59.

Iron Mountain Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 3rd. Stockholders of record on Monday, March 16th will be given a $0.864 dividend. The ex-dividend date of this dividend is Monday, March 16th. This represents a $3.46 annualized dividend and a dividend yield of 3.2%. Iron Mountain’s dividend payout ratio is presently 720.83%.

About Iron Mountain

Iron Mountain Incorporated is a global information management company that helps organizations protect, store, and manage their physical and digital information. The firm provides a range of services including secure records storage, document imaging and digitization, secure shredding and destruction, and information governance solutions designed to support regulatory compliance and business continuity. Iron Mountain also offers specialized secure storage environments and logistics for sensitive assets such as art, medical records, and legal archives.

Beyond traditional records management, Iron Mountain has expanded into technology-driven services to support customers’ digital transformation.