The Manufacturers Life Insurance Company Has $17.72 Million Stock Holdings in Iron Mountain Incorporated $IRM

The Manufacturers Life Insurance Company reduced its position in Iron Mountain Incorporated (NYSE:IRM) by 3.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 173,470 shares of the financial services provider’s stock after selling 6,406 shares during the period. The Manufacturers Life Insurance Company owned about 0.06% of Iron Mountain worth $17,718,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Cohen & Steers Inc. boosted its stake in shares of Iron Mountain by 20.0% during the 4th quarter. Cohen & Steers Inc. now owns 18,903,716 shares of the financial services provider’s stock worth $1,568,110,000 after acquiring an additional 3,155,034 shares during the period. State Street Corp raised its stake in Iron Mountain by 1.9% in the 3rd quarter. State Street Corp now owns 17,131,787 shares of the financial services provider’s stock valued at $1,759,494,000 after acquiring an additional 322,144 shares during the period. Geode Capital Management LLC raised its stake in Iron Mountain by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 8,292,653 shares of the financial services provider’s stock valued at $685,374,000 after acquiring an additional 102,073 shares during the period. Invesco Ltd. lifted its holdings in Iron Mountain by 18.1% during the 3rd quarter. Invesco Ltd. now owns 5,066,516 shares of the financial services provider’s stock valued at $516,481,000 after purchasing an additional 776,933 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Iron Mountain by 8.5% during the 1st quarter. Principal Financial Group Inc. now owns 4,566,093 shares of the financial services provider’s stock valued at $466,382,000 after purchasing an additional 358,497 shares during the last quarter. Institutional investors and hedge funds own 80.13% of the company’s stock.

Iron Mountain Stock Down 1.9%

NYSE IRM opened at $122.21 on Friday. The company has a market capitalization of $36.36 billion, a P/E ratio of 134.30 and a beta of 1.19. Iron Mountain Incorporated has a 12-month low of $77.77 and a 12-month high of $134.68. The firm has a 50-day moving average price of $125.17 and a two-hundred day moving average price of $113.76.

Iron Mountain (NYSE:IRM) last released its quarterly earnings results on Thursday, April 30th. The financial services provider reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.10. Iron Mountain had a net margin of 3.76% and a negative return on equity of 91.56%. The company had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the previous year, the business earned $1.17 earnings per share. The firm’s quarterly revenue was up 21.5% on a year-over-year basis. Equities analysts expect that Iron Mountain Incorporated will post 5.4 EPS for the current year.

Insider Activity at Iron Mountain

In related news, CEO William L. Meaney sold 38,474 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $122.83, for a total value of $4,725,761.42. Following the transaction, the chief executive officer owned 38,474 shares in the company, valued at approximately $4,725,761.42. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Pamela M. Arway sold 1,892 shares of the business’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $128.97, for a total value of $244,011.24. Following the completion of the transaction, the director directly owned 40,196 shares of the company’s stock, valued at approximately $5,184,078.12. This trade represents a 4.50% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 137,260 shares of company stock worth $17,361,672 in the last quarter. 1.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Zacks Research raised shares of Iron Mountain from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Weiss Ratings upgraded shares of Iron Mountain from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday. JPMorgan Chase & Co. raised their price objective on shares of Iron Mountain from $121.00 to $138.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. Truist Financial set a $140.00 price objective on Iron Mountain in a report on Friday, May 1st. Finally, Barclays upped their target price on Iron Mountain from $127.00 to $143.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. Four 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 currently has an average rating of “Moderate Buy” and a consensus price target of $134.33.

Iron Mountain Company Profile

Iron Mountain Incorporated is a global information management company that helps organizations protect, store, and manage their physical and digital information. The firm provides a range of services including secure records storage, document imaging and digitization, secure shredding and destruction, and information governance solutions designed to support regulatory compliance and business continuity. Iron Mountain also offers specialized secure storage environments and logistics for sensitive assets such as art, medical records, and legal archives.

Beyond traditional records management, Iron Mountain has expanded into technology-driven services to support customers’ digital transformation.