Norges Bank Purchases New Stake in Iron Mountain Incorporated $IRM

Norges Bank acquired a new position in shares of Iron Mountain Incorporated (NYSE:IRM) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 4,089,466 shares of the financial services provider’s stock, valued at approximately $419,457,000. Norges Bank owned approximately 1.38% of Iron Mountain as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in IRM. Financial Network Wealth Advisors LLC bought a new stake in shares of Iron Mountain during the 1st quarter worth approximately $26,000. Zions Bancorporation National Association UT acquired a new position in Iron Mountain during the first quarter valued at approximately $46,000. Oliver Lagore Vanvalin Investment Group bought a new stake in Iron Mountain during the second quarter worth $51,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Iron Mountain by 111.7% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 650 shares of the financial services provider’s stock valued at $67,000 after purchasing an additional 343 shares in the last quarter. Finally, Elevation Point Wealth Partners LLC bought a new position in shares of Iron Mountain in the 2nd quarter valued at $81,000. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Iron Mountain Price Performance

Iron Mountain stock opened at $86.37 on Friday. The business has a 50 day moving average of $99.41 and a 200-day moving average of $98.12. The company has a market capitalization of $25.53 billion, a P/E ratio of 616.97 and a beta of 1.06. Iron Mountain Incorporated has a 1 year low of $72.33 and a 1 year high of $124.98.

Iron Mountain (NYSE:IRM) last posted its earnings results on Wednesday, November 5th. The financial services provider reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.75 billion. During the same period in the previous year, the firm posted $1.13 EPS. The company’s revenue for the quarter 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. Equities analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 6th. Investors of record on Monday, December 15th will be issued a $0.864 dividend. The ex-dividend date is Monday, December 15th. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.79. This represents a $3.46 dividend on an annualized basis and a yield of 4.0%. Iron Mountain’s dividend payout ratio (DPR) is currently 650.94%.

Insider Buying and Selling at Iron Mountain

In other news, CEO William L. Meaney sold 69,125 shares of the 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. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 completion of the transaction, the executive vice president directly owned 73,081 shares in the company, valued at approximately $7,368,026.42. This represents a 9.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 226,681 shares of company stock valued at $22,265,632. 1.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on IRM. Zacks Research upgraded Iron Mountain from a “strong sell” rating to a “hold” rating in a research report on Monday, October 20th. Weiss Ratings reissued a “hold (c)” rating on shares of Iron Mountain in a research note on Wednesday, October 8th. Barclays raised their price target on shares of Iron Mountain from $122.00 to $123.00 and gave the company an “overweight” rating in a research note on Wednesday, November 12th. Jefferies Financial Group initiated 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. Finally, JPMorgan Chase & Co. increased their price objective on shares of Iron Mountain from $100.00 to $111.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $114.80.

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.