NewEdge Advisors LLC Grows Stake in Iron Mountain Incorporated $IRM

NewEdge Advisors LLC boosted its holdings in shares of Iron Mountain Incorporated (NYSE:IRM) by 66.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 41,818 shares of the financial services provider’s stock after purchasing an additional 16,692 shares during the quarter. NewEdge Advisors LLC’s holdings in Iron Mountain were worth $4,271,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Iron Mountain by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,904 shares of the financial services provider’s stock worth $2,573,000 after acquiring an additional 1,286 shares during the last quarter. Empowered Funds LLC grew its stake in Iron Mountain by 10.3% during the first quarter. Empowered Funds LLC now owns 5,728 shares of the financial services provider’s stock valued at $493,000 after acquiring an additional 537 shares in the last quarter. Woodline Partners LP lifted its stake in Iron Mountain by 41.0% in the 1st quarter. Woodline Partners LP now owns 24,742 shares of the financial services provider’s stock worth $2,129,000 after purchasing an additional 7,193 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Iron Mountain by 29.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,322 shares of the financial services provider’s stock valued at $136,000 after purchasing an additional 300 shares during the last quarter. Finally, Cerity Partners LLC grew its position in shares of Iron Mountain by 3.6% during the second quarter. Cerity Partners LLC now owns 35,292 shares of the financial services provider’s stock valued at $3,620,000 after purchasing an additional 1,222 shares in the last quarter. 80.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on IRM. Barclays boosted their target price on Iron Mountain from $127.00 to $143.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. JPMorgan Chase & Co. lifted their price objective on Iron Mountain from $121.00 to $138.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. Wells Fargo & Company upped their price objective on Iron Mountain from $135.00 to $140.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Truist Financial set a $140.00 target price on shares of Iron Mountain in a report on Friday, May 1st. Finally, Wall Street Zen cut shares of Iron Mountain from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Iron Mountain currently has a consensus rating of “Moderate Buy” and a consensus price target of $135.17.

Insider Activity

In related news, CEO William L. Meaney sold 38,474 shares of Iron Mountain stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $121.67, for a total transaction of $4,681,131.58. Following the completion of the transaction, the chief executive officer directly owned 38,474 shares of the company’s stock, valued at approximately $4,681,131.58. The trade was a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Daniel Borges sold 7,189 shares of the company’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $125.50, for a total transaction of $902,219.50. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 135,368 shares of company stock worth $16,807,080. 1.70% of the stock is currently owned by insiders.

Iron Mountain Stock Performance

Shares of Iron Mountain stock opened at $124.51 on Thursday. The stock has a market cap of $37.07 billion, a price-to-earnings ratio of 88.94 and a beta of 1.20. The stock has a 50 day moving average price of $124.54 and a 200-day moving average price of $115.62. Iron Mountain Incorporated has a one year low of $77.77 and a one year high of $134.68.

Iron Mountain Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.864 per share. This represents a $3.46 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Iron Mountain’s payout ratio is presently 247.14%.

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.