Prudential PLC Grows Holdings in Iron Mountain Incorporated $IRM

Prudential PLC increased its stake in Iron Mountain Incorporated (NYSE:IRM) by 17.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 54,301 shares of the financial services provider’s stock after buying an additional 8,142 shares during the period. Prudential PLC’s holdings in Iron Mountain were worth $5,570,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of Iron Mountain by 0.5% in the 2nd quarter. Vanguard Group Inc. now owns 47,064,887 shares of the financial services provider’s stock worth $4,827,445,000 after purchasing an additional 239,153 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in 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 worth $366,210,000 after purchasing an additional 37,154 shares in the last quarter. Invesco Ltd. increased its holdings in 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 buying an additional 366,134 shares during the last quarter. Nuveen LLC bought a new stake in Iron Mountain in the first quarter valued at about $192,231,000. Finally, JPMorgan Chase & Co. raised its stake in Iron Mountain by 17.8% during 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 buying an additional 311,494 shares in the last quarter. 80.13% of the stock is currently owned by institutional investors.

Iron Mountain Trading Up 2.4%

Shares of NYSE:IRM opened at $84.98 on Friday. The firm’s 50 day moving average is $100.80 and its two-hundred day moving average is $98.51. The firm has a market capitalization of $25.12 billion, a P/E ratio of 607.04 and a beta of 1.06. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $125.38.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.03. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The business had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.75 billion. During the same period in the previous year, the firm posted $1.13 earnings per share. The business’s revenue was up 12.7% on a year-over-year basis. Iron Mountain has set its FY 2025 guidance at 5.040-5.130 EPS. Analysts predict that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 6th. Stockholders of record on Monday, December 15th will be paid a $0.864 dividend. The ex-dividend date of this dividend is Monday, December 15th. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.79. This represents a $3.46 annualized dividend and a dividend yield of 4.1%. Iron Mountain’s dividend payout ratio (DPR) is currently 650.94%.

Analysts Set New Price Targets

Several research analysts have recently commented on IRM shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Iron Mountain in a research report on Wednesday, October 8th. Barclays lifted their price objective on shares of Iron Mountain from $122.00 to $123.00 and gave the stock an “overweight” rating in a report on Wednesday, November 12th. JPMorgan Chase & Co. increased their target price on shares of Iron Mountain from $100.00 to $111.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Zacks Research upgraded shares of Iron Mountain from a “strong sell” rating to a “hold” rating in a research report on Monday, October 20th. Finally, Jefferies Financial Group assumed coverage on shares of Iron Mountain in a research report on Monday, September 22nd. They set a “buy” rating and a $120.00 price objective for the company. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $118.83.

Insiders Place Their Bets

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

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.