Hsbc Holdings PLC Lowers Position in Iron Mountain Incorporated $IRM

Hsbc Holdings PLC trimmed its position in shares of Iron Mountain Incorporated (NYSE:IRM) by 4.3% in the 2nd quarter, Holdings Channel.com reports. The firm owned 784,296 shares of the financial services provider’s stock after selling 35,566 shares during the period. Hsbc Holdings PLC’s holdings in Iron Mountain were worth $80,374,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of IRM. Northwestern Mutual Wealth Management Co. grew its position in shares of Iron Mountain by 10.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 60,230 shares of the financial services provider’s stock valued at $6,178,000 after purchasing an additional 5,458 shares during the period. State Board of Administration of Florida Retirement System boosted its position in shares of Iron Mountain by 2.1% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 295,986 shares of the financial services provider’s stock valued at $30,359,000 after acquiring an additional 6,180 shares during the last quarter. B&I Capital AG grew its holdings in shares of Iron Mountain by 2.6% in the second quarter. B&I Capital AG now owns 78,655 shares of the financial services provider’s stock valued at $8,068,000 after purchasing an additional 1,995 shares during the period. Elevation Point Wealth Partners LLC acquired a new stake in Iron Mountain during the second quarter worth about $81,000. Finally, Quadrant Capital Group LLC raised its stake in Iron Mountain by 13.0% during the second quarter. Quadrant Capital Group LLC now owns 6,612 shares of the financial services provider’s stock worth $678,000 after purchasing an additional 759 shares during the period. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Iron Mountain Stock Up 0.2%

NYSE:IRM opened at $86.37 on Friday. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $124.98. The stock’s fifty day moving average is $99.41 and its two-hundred day moving average is $98.12. The stock has a market capitalization of $25.53 billion, a price-to-earnings ratio of 616.97 and a beta of 1.06.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $1.75 billion. During the same period in the previous year, the firm posted $1.13 earnings per share. The company’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. On average, sell-side analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 6th. Shareholders of record on Monday, December 15th will be paid a dividend of $0.864 per share. This represents a $3.46 dividend on an annualized basis and a yield of 4.0%. This is a boost from Iron Mountain’s previous quarterly dividend of $0.79. The ex-dividend date is Monday, December 15th. Iron Mountain’s payout ratio is currently 650.94%.

Insider Activity

In related news, CEO William L. Meaney sold 69,125 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $102.75, for a total transaction of $7,102,593.75. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Mark Kidd sold 6,000 shares of the business’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $102.51, for a total transaction of $615,060.00. Following the completion of the transaction, the executive vice president owned 67,081 shares of the company’s stock, valued at approximately $6,876,473.31. This trade represents a 8.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 226,681 shares of company stock worth $22,265,632 in the last three months. Corporate insiders own 1.90% of the company’s stock.

Wall Street Analyst Weigh In

IRM has been the subject of several analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Iron Mountain in a research note on Wednesday, October 8th. Jefferies Financial Group assumed coverage on Iron Mountain in a report on Monday, September 22nd. They issued a “buy” rating and a $120.00 price objective on the stock. Barclays raised their target price on Iron Mountain from $122.00 to $123.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 12th. JPMorgan Chase & Co. increased their price target on Iron Mountain from $100.00 to $111.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Finally, Zacks Research raised Iron Mountain from a “strong sell” rating to a “hold” rating in a research report on Monday, October 20th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $114.80.

Iron Mountain Company 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.