Iron Mountain Incorporated $IRM Shares Sold by Princeton Capital Management LLC

Princeton Capital Management LLC cut its position in Iron Mountain Incorporated (NYSE:IRM) by 9.7% during the second quarter, HoldingsChannel.com reports. The fund owned 7,942 shares of the financial services provider’s stock after selling 850 shares during the period. Princeton Capital Management LLC’s holdings in Iron Mountain were worth $815,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nuveen LLC purchased a new stake in shares of Iron Mountain during the first quarter worth $192,231,000. Contour Asset Management LLC acquired a new stake in Iron Mountain in the 1st quarter valued at about $122,801,000. Goldman Sachs Group Inc. lifted its stake in Iron Mountain by 86.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,974,922 shares of the financial services provider’s stock worth $169,922,000 after purchasing an additional 913,715 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Iron Mountain by 14.7% during the 1st 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 last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Iron Mountain by 17.8% in the first quarter. JPMorgan Chase & Co. now owns 2,061,560 shares of the financial services provider’s stock valued at $177,377,000 after purchasing an additional 311,494 shares during the last quarter. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Insider Transactions at Iron Mountain

In other news, CEO William L. Meaney sold 69,125 shares of the 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mark Kidd sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were 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 directly owned 67,081 shares of the company’s stock, valued at approximately $6,876,473.31. The trade was a 8.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 226,681 shares of company stock worth $22,265,632 over the last quarter. Insiders own 1.90% of the company’s stock.

Iron Mountain Price Performance

NYSE IRM opened at $100.79 on Friday. The stock has a market capitalization of $29.77 billion, a P/E ratio of 719.99 and a beta of 1.06. The firm’s 50-day moving average is $100.94 and its two-hundred day moving average is $98.17. Iron Mountain Incorporated has a 12 month low of $72.33 and a 12 month high of $125.38.

Iron Mountain (NYSE:IRM) last released its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.29 by $0.03. The business had revenue of $1.75 billion for 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%. The business’s revenue was up 12.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.13 EPS. Iron Mountain has set its FY 2025 guidance at 5.040-5.130 EPS. As a group, analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 6th. Investors of record on Monday, December 15th will be issued a $0.864 dividend. The ex-dividend date is Monday, December 15th. This represents a $3.46 annualized dividend and a dividend yield of 3.4%. This is a boost from Iron Mountain’s previous quarterly dividend of $0.79. Iron Mountain’s dividend payout ratio (DPR) is presently 592.45%.

Analysts Set New Price Targets

Several brokerages have issued reports on IRM. JPMorgan Chase & Co. upped their target price on Iron Mountain from $100.00 to $111.00 and gave the company an “overweight” rating in a report on Thursday. Barclays upped their price objective on shares of Iron Mountain from $121.00 to $122.00 and gave the company an “overweight” rating in a report on Wednesday, August 20th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Iron Mountain in a research note on Wednesday, October 8th. Jefferies Financial Group initiated coverage on shares of Iron Mountain in a research note on Monday, September 22nd. They issued a “buy” rating and a $120.00 price target for the company. Finally, Zacks Research raised shares of Iron Mountain from a “strong sell” rating to a “hold” rating in a research report on Monday, October 20th. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $118.67.

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.