Connor Clark & Lunn Investment Management Ltd. Buys 7,087 Shares of Iron Mountain Incorporated $IRM

Connor Clark & Lunn Investment Management Ltd. boosted its stake in Iron Mountain Incorporated (NYSE:IRM) by 30.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,350 shares of the financial services provider’s stock after buying an additional 7,087 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Iron Mountain were worth $3,113,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Whittier Trust Co. grew its holdings in shares of Iron Mountain by 3.4% in the 1st quarter. Whittier Trust Co. now owns 3,265 shares of the financial services provider’s stock worth $281,000 after purchasing an additional 108 shares during the last quarter. Cooper Financial Group grew its stake in Iron Mountain by 3.7% during the second quarter. Cooper Financial Group now owns 3,155 shares of the financial services provider’s stock worth $324,000 after buying an additional 113 shares during the last quarter. Diversify Advisory Services LLC raised its stake in shares of Iron Mountain by 1.9% in the first quarter. Diversify Advisory Services LLC now owns 6,480 shares of the financial services provider’s stock valued at $572,000 after acquiring an additional 123 shares during the last quarter. NorthRock Partners LLC boosted its holdings in shares of Iron Mountain by 2.6% in the 1st quarter. NorthRock Partners LLC now owns 5,075 shares of the financial services provider’s stock worth $440,000 after acquiring an additional 131 shares in the last quarter. Finally, PFG Investments LLC grew its position in Iron Mountain by 0.6% during the 2nd quarter. PFG Investments LLC now owns 23,599 shares of the financial services provider’s stock worth $2,421,000 after acquiring an additional 133 shares during the last quarter. 80.13% of the stock is owned by institutional investors.

Iron Mountain Price Performance

Shares of IRM stock opened at $91.48 on Friday. The stock has a market cap of $27.04 billion, a PE ratio of 653.48 and a beta of 1.06. The stock has a 50-day moving average of $101.78 and a 200-day moving average of $98.71. Iron Mountain Incorporated has a one year low of $72.33 and a one year high of $125.38.

Iron Mountain (NYSE:IRM) last released its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.03. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.75 billion. During the same quarter last year, the firm earned $1.13 EPS. Iron Mountain’s quarterly revenue was up 12.7% compared to the same quarter last year. Iron Mountain has set its FY 2025 guidance at 5.040-5.130 EPS. As a group, research analysts anticipate that Iron Mountain Incorporated will post 4.54 earnings per share for the current 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 paid a dividend of $0.864 per share. This represents a $3.46 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend is Monday, December 15th. This is a boost from Iron Mountain’s previous quarterly dividend of $0.79. Iron Mountain’s dividend payout ratio (DPR) is 650.94%.

Insider Activity

In other Iron Mountain news, EVP Mark Kidd sold 7,306 shares of the business’s stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $100.82, for a total value of $736,590.92. Following the completion of the transaction, the executive vice president directly owned 73,081 shares of the company’s stock, valued at approximately $7,368,026.42. The trade was a 9.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William L. Meaney sold 69,125 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $102.34, for a total value of $7,074,252.50. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 226,681 shares of company stock worth $22,265,632. Corporate insiders own 1.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Barclays increased their target price on Iron Mountain from $122.00 to $123.00 and gave the stock an “overweight” rating in a report on Wednesday. Jefferies Financial Group initiated coverage on shares of Iron Mountain in a research note on Monday, September 22nd. They set a “buy” rating and a $120.00 price target on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Iron Mountain from $100.00 to $111.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Zacks Research upgraded Iron Mountain from a “strong sell” rating to a “hold” rating in a research report on Monday, October 20th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Iron Mountain in a research report on Wednesday, October 8th. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $118.83.

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.