Iron Mountain (NYSE:IRM) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Iron Mountain (NYSE:IRM) released its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.03, Zacks reports. The company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.75 billion. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. Iron Mountain’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.13 earnings per share. Iron Mountain updated its FY 2025 guidance to 5.040-5.130 EPS.

Iron Mountain Price Performance

Shares of NYSE IRM traded down $6.46 during mid-day trading on Thursday, reaching $91.63. 2,646,686 shares of the company traded hands, compared to its average volume of 1,728,422. The firm has a market cap of $27.09 billion, a PE ratio of 656.31 and a beta of 1.06. Iron Mountain has a fifty-two week low of $72.33 and a fifty-two week high of $125.38. The stock has a fifty day simple moving average of $101.79 and a 200-day simple moving average of $98.75.

Iron Mountain Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 6th. Stockholders of record on Monday, December 15th will be issued a $0.864 dividend. This represents a $3.46 annualized dividend and a dividend yield of 3.8%. 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 650.94%.

Insiders Place Their Bets

In related news, EVP Mark Kidd sold 6,000 shares of the firm’s stock in a transaction dated 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 $6,876,473.31. This trade represents a 8.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $102.75, for a total value of $7,102,593.75. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 226,681 shares of company stock worth $22,265,632 in the last three months. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Ameriprise Financial Inc. increased its holdings in Iron Mountain by 9.7% in the second quarter. Ameriprise Financial Inc. now owns 1,705,824 shares of the financial services provider’s stock worth $175,931,000 after buying an additional 151,140 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Iron Mountain by 12.0% during the 2nd quarter. Bank of America Corp DE now owns 1,249,442 shares of the financial services provider’s stock worth $128,155,000 after purchasing an additional 133,850 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its stake in shares of Iron Mountain by 76.2% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 560,252 shares of the financial services provider’s stock worth $57,465,000 after purchasing an additional 242,200 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Iron Mountain by 23.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 526,270 shares of the financial services provider’s stock valued at $53,648,000 after purchasing an additional 99,645 shares in the last quarter. Finally, California State Teachers Retirement System lifted its stake in shares of Iron Mountain by 4.9% in the 2nd quarter. California State Teachers Retirement System now owns 452,201 shares of the financial services provider’s stock valued at $46,382,000 after purchasing an additional 21,277 shares during the last quarter. 80.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

IRM has been the topic of a number of research reports. JPMorgan Chase & Co. upped 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. Weiss Ratings reissued a “hold (c)” rating on shares of Iron Mountain in a research report on Wednesday, October 8th. Zacks Research upgraded shares of Iron Mountain from a “strong sell” rating to a “hold” rating in a report on Monday, October 20th. Barclays boosted their target price on shares of Iron Mountain from $122.00 to $123.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Jefferies Financial Group began coverage on Iron Mountain in a report on Monday, September 22nd. They set a “buy” rating and a $120.00 price objective on the stock. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $118.83.

About Iron Mountain

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.