Franklin Resources Inc. Boosts Stake in Iron Mountain Incorporated $IRM

Franklin Resources Inc. grew its stake in Iron Mountain Incorporated (NYSE:IRM) by 21.5% during the second quarter, HoldingsChannel reports. The fund owned 149,307 shares of the financial services provider’s stock after acquiring an additional 26,468 shares during the quarter. Franklin Resources Inc.’s holdings in Iron Mountain were worth $15,314,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in IRM. Financial Network Wealth Advisors LLC purchased a new position in Iron Mountain in the first quarter valued at about $26,000. Zions Bancorporation National Association UT purchased a new position in shares of Iron Mountain in the 1st quarter worth approximately $46,000. Oliver Lagore Vanvalin Investment Group bought a new position in shares of Iron Mountain during the 2nd quarter worth approximately $51,000. Caitong International Asset Management Co. Ltd lifted its position in Iron Mountain by 111.7% during the second quarter. Caitong International Asset Management Co. Ltd now owns 650 shares of the financial services provider’s stock valued at $67,000 after acquiring an additional 343 shares during the last quarter. Finally, Global X Japan Co. Ltd. boosted its stake in Iron Mountain by 20.1% in the second quarter. Global X Japan Co. Ltd. now owns 907 shares of the financial services provider’s stock valued at $93,000 after acquiring an additional 152 shares in the last quarter. 80.13% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on IRM. Jefferies Financial Group began 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. Zacks Research raised Iron Mountain from a “strong sell” rating to a “hold” rating in a research report on Monday, October 20th. Barclays raised their price target on Iron Mountain from $122.00 to $123.00 and gave the stock an “overweight” rating in a report on Wednesday, November 12th. JPMorgan Chase & Co. upped their price objective on shares of Iron Mountain from $100.00 to $111.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Iron Mountain in a research note 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. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $114.80.

Iron Mountain Trading Up 0.2%

IRM opened at $86.37 on Friday. Iron Mountain Incorporated has a 12-month low of $72.33 and a 12-month high of $124.98. The firm has a 50 day moving average of $99.41 and a two-hundred day moving average of $98.11. The firm has a market capitalization of $25.53 billion, a PE ratio of 616.97 and a beta of 1.06.

Iron Mountain (NYSE:IRM) last released its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.29 by $0.03. The firm had revenue of $1.75 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.13 earnings per share. 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 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 is a boost from Iron Mountain’s previous quarterly dividend of $0.79. The ex-dividend date of this dividend is Monday, December 15th. This represents a $3.46 annualized dividend and a dividend yield of 4.0%. Iron Mountain’s payout ratio is presently 650.94%.

Insider Transactions at Iron Mountain

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $102.75, for a total value of $7,102,593.75. The transaction was disclosed in a document filed with the SEC, which is accessible through 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 stock was sold at an average price of $102.51, for a total transaction of $615,060.00. Following the sale, the executive vice president directly owned 67,081 shares in the company, valued at $6,876,473.31. The trade was a 8.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 226,681 shares of company stock worth $22,265,632 in the last 90 days. Company insiders own 1.90% of the company’s stock.

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.