Norges Bank Invests $419.46 Million in Iron Mountain Incorporated $IRM

Norges Bank acquired a new stake in Iron Mountain Incorporated (NYSE:IRM) during the second quarter, Holdings Channel.com reports. The firm acquired 4,089,466 shares of the financial services provider’s stock, valued at approximately $419,457,000.

Other large investors have also added to or reduced their stakes in the company. Nuveen LLC acquired a new position in Iron Mountain in the first quarter valued at approximately $192,231,000. Contour Asset Management LLC bought a new stake in shares of Iron Mountain in the 1st quarter valued at $122,801,000. Goldman Sachs Group Inc. lifted its position in shares of Iron Mountain by 86.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,974,922 shares of the financial services provider’s stock valued at $169,922,000 after acquiring an additional 913,715 shares during the period. Prudential Financial Inc. boosted its stake in Iron Mountain by 44.7% during the second quarter. Prudential Financial Inc. now owns 1,945,769 shares of the financial services provider’s stock worth $199,578,000 after acquiring an additional 601,290 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in Iron Mountain by 14.7% in the first quarter. Invesco Ltd. now owns 2,848,954 shares of the financial services provider’s stock worth $245,124,000 after purchasing an additional 366,134 shares during the period. Institutional investors and hedge funds own 80.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on IRM shares. Jefferies Financial Group assumed coverage on shares of Iron Mountain in a report on Monday, September 22nd. They set a “buy” rating and a $120.00 price objective on the stock. Zacks Research raised Iron Mountain from a “strong sell” rating to a “hold” rating in a research report on Monday, October 20th. 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. Barclays raised their price objective on Iron Mountain from $122.00 to $123.00 and gave the company an “overweight” rating in a research note on Wednesday, November 12th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Iron Mountain in a research report on Wednesday, October 8th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $114.80.

Iron Mountain Stock Performance

Shares of IRM opened at $86.37 on Friday. The firm 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 52 week low of $72.33 and a 52 week high of $124.98. The stock has a 50 day moving average price of $99.41 and a two-hundred day moving average price of $98.12.

Iron Mountain (NYSE:IRM) last announced its earnings results 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. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The company had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.75 billion. During the same quarter in the previous year, the firm earned $1.13 earnings per share. Iron Mountain’s quarterly 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, equities analysts forecast that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Increases Dividend

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

Insider Activity

In related news, CEO William L. Meaney sold 69,125 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $102.75, for a total transaction of $7,102,593.75. The transaction was disclosed in a document filed 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 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 transaction, the executive vice president owned 67,081 shares in the company, valued at approximately $6,876,473.31. This trade represents a 8.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 226,681 shares of company stock valued at $22,265,632. 1.90% of the stock is currently owned by corporate insiders.

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.