Resona Asset Management Co. Ltd. Trims Stock Holdings in Iron Mountain Incorporated $IRM

Resona Asset Management Co. Ltd. lessened its holdings in shares of Iron Mountain Incorporated (NYSE:IRM) by 6.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 167,192 shares of the financial services provider’s stock after selling 11,262 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Iron Mountain were worth $17,116,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of IRM. Financial Network Wealth Advisors LLC purchased a new position in shares of Iron Mountain during the 1st quarter valued at approximately $26,000. Ramirez Asset Management Inc. acquired a new position in Iron Mountain during the 1st quarter worth $34,000. Richards Merrill & Peterson Inc. bought a new stake in shares of Iron Mountain in the 1st quarter worth about $43,000. Zions Bancorporation National Association UT acquired a new stake in shares of Iron Mountain in the 1st quarter valued at about $46,000. Finally, Oliver Lagore Vanvalin Investment Group acquired a new stake in shares of Iron Mountain in the 2nd quarter valued at about $51,000. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Iron Mountain

In other Iron Mountain news, EVP Mark Kidd sold 6,000 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $102.51, for a total value of $615,060.00. Following the completion of the transaction, the executive vice president owned 67,081 shares in the company, valued at approximately $6,876,473.31. This represents a 8.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William L. Meaney sold 69,125 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $102.75, for a total transaction of $7,102,593.75. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 226,681 shares of company stock worth $22,265,632. Corporate insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

IRM has been the subject of a number of research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Iron Mountain in a research note on Wednesday, October 8th. Barclays lifted their target price on Iron Mountain from $121.00 to $122.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 20th. Zacks Research upgraded Iron Mountain from a “strong sell” rating to a “hold” rating in a report on Monday, October 20th. Jefferies Financial Group assumed coverage on Iron Mountain in a research report on Monday, September 22nd. They set a “buy” rating and a $120.00 price target on the stock. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Iron Mountain from $100.00 to $111.00 and gave the stock an “overweight” rating in a report on Thursday. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $118.67.

Iron Mountain Trading Up 3.3%

NYSE:IRM opened at $104.18 on Friday. The stock has a 50 day moving average of $101.18 and a 200-day moving average of $98.33. The firm has a market capitalization of $30.77 billion, a PE ratio of 744.19 and a beta of 1.06. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $125.38.

Iron Mountain (NYSE:IRM) last released its quarterly earnings data 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 during the quarter, compared to analyst estimates of $1.75 billion. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The business’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.13 EPS. Iron Mountain has set its FY 2025 guidance at 5.040-5.130 EPS. As a group, analysts predict that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 6th. Stockholders of record on Monday, December 15th will be given a dividend of $0.864 per share. This is an increase from Iron Mountain’s previous quarterly dividend of $0.79. This represents a $3.46 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Monday, December 15th. Iron Mountain’s payout ratio is currently 592.45%.

Iron Mountain 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.