Iron Mountain Sees Unusually Large Options Volume (NYSE:IRM)

Iron Mountain Incorporated (NYSE:IRM) was the recipient of unusually large options trading activity on Wednesday. Traders acquired 9,554 put options on the stock. This is an increase of 339% compared to the average volume of 2,174 put options.

Iron Mountain Stock Performance

IRM stock opened at $124.51 on Thursday. The company’s 50 day moving average price is $124.54 and its 200 day moving average price is $115.62. Iron Mountain has a fifty-two week low of $77.77 and a fifty-two week high of $134.68. The firm has a market capitalization of $37.07 billion, a price-to-earnings ratio of 88.94 and a beta of 1.20.

Iron Mountain Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Tuesday, September 15th will be given a $0.864 dividend. This represents a $3.46 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Tuesday, September 15th. Iron Mountain’s dividend payout ratio is currently 247.14%.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Wall Street Zen lowered Iron Mountain from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Barclays lifted their target price on shares of Iron Mountain from $127.00 to $143.00 and gave the company an “overweight” rating in a report on Wednesday, July 1st. Wells Fargo & Company increased their target price on Iron Mountain from $135.00 to $140.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Truist Financial set a $140.00 price objective on shares of Iron Mountain in a research note on Friday, May 1st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Iron Mountain from $121.00 to $138.00 and gave the company an “overweight” rating in a report on Friday, May 1st. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $135.17.

Insider Buying and Selling at Iron Mountain

In related news, CEO William L. Meaney sold 38,474 shares of the company’s 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 sale, the chief executive officer owned 38,474 shares of the company’s stock, valued at approximately $4,681,131.58. This represents a 50.00% decrease in their position. The sale was disclosed in a legal filing 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, Director Walter C. Rakowich sold 757 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $124.45, for a total transaction of $94,208.65. Following the completion of the transaction, the director directly owned 1,135 shares in the company, valued at $141,250.75. This trade represents a 40.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 135,368 shares of company stock valued at $16,807,080. Insiders own 1.70% of the company’s stock.

Institutional Trading of Iron Mountain

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Iron Mountain in the second quarter valued at $4,240,342,000. Norges Bank acquired a new stake in Iron Mountain in the 4th quarter valued at about $368,890,000. Cohen & Steers Inc. boosted its position in shares of Iron Mountain by 20.0% during the 4th quarter. Cohen & Steers Inc. now owns 18,903,716 shares of the financial services provider’s stock valued at $1,568,110,000 after purchasing an additional 3,155,034 shares in the last quarter. Deutsche Bank AG acquired a new position in shares of Iron Mountain in the 2nd quarter worth approximately $385,129,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Iron Mountain by 597.9% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,161,589 shares of the financial services provider’s stock worth $322,292,000 after purchasing an additional 2,708,560 shares in the last quarter. 80.13% of the stock is currently owned by institutional investors.

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.