Prudential Financial Inc. Purchases 601,290 Shares of Iron Mountain Incorporated $IRM

Prudential Financial Inc. raised its holdings in Iron Mountain Incorporated (NYSE:IRM) by 44.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,945,769 shares of the financial services provider’s stock after purchasing an additional 601,290 shares during the period. Prudential Financial Inc. owned 0.66% of Iron Mountain worth $199,578,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of IRM. PNC Financial Services Group Inc. lifted its stake in Iron Mountain by 11.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 65,386 shares of the financial services provider’s stock worth $6,707,000 after purchasing an additional 6,937 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Iron Mountain by 86.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,974,922 shares of the financial services provider’s stock valued at $169,922,000 after purchasing an additional 913,715 shares in the last quarter. Penobscot Investment Management Company Inc. bought a new position in shares of Iron Mountain in the second quarter worth $517,000. Steward Partners Investment Advisory LLC raised its position in shares of Iron Mountain by 1.4% in the first quarter. Steward Partners Investment Advisory LLC now owns 38,032 shares of the financial services provider’s stock worth $3,272,000 after buying an additional 513 shares in the last quarter. Finally, Kingstone Capital Partners Texas LLC bought a new stake in Iron Mountain during the second quarter valued at $10,093,000. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Iron Mountain Stock Performance

IRM stock opened at $84.98 on Friday. The firm has a market cap of $25.12 billion, a P/E ratio of 607.04 and a beta of 1.06. The firm’s fifty day moving average is $100.80 and its 200 day moving average is $98.52. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $125.38.

Iron Mountain (NYSE:IRM) last posted its quarterly earnings results 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 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 firm’s revenue for the quarter was up 12.7% on a year-over-year basis. Iron Mountain has set its FY 2025 guidance at 5.040-5.130 EPS. As a group, analysts forecast that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 6th. Investors of record on Monday, December 15th will be issued a dividend of $0.864 per share. The ex-dividend date is Monday, December 15th. This represents a $3.46 annualized dividend and a yield of 4.1%. This is a boost from Iron Mountain’s previous quarterly dividend of $0.79. Iron Mountain’s dividend payout ratio (DPR) is currently 650.94%.

Insider Activity at Iron Mountain

In other Iron Mountain news, EVP Mark Kidd sold 7,306 shares of Iron Mountain stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $100.82, for a total value of $736,590.92. Following the transaction, the executive vice president directly owned 73,081 shares of the company’s stock, valued at $7,368,026.42. The trade was a 9.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William L. Meaney sold 69,125 shares of the stock in a transaction that occurred on Wednesday, October 1st. The shares were 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 90 days, insiders have sold 226,681 shares of company stock worth $22,265,632. 1.90% of the stock is owned by corporate insiders.

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.