abrdn plc Raises Stake in Iron Mountain Incorporated (NYSE:IRM)

abrdn plc raised its stake in Iron Mountain Incorporated (NYSE:IRM) by 34.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 227,884 shares of the financial services provider’s stock after buying an additional 58,480 shares during the quarter. abrdn plc owned approximately 0.08% of Iron Mountain worth $15,947,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Global Retirement Partners LLC grew its holdings in Iron Mountain by 1.7% in the 4th quarter. Global Retirement Partners LLC now owns 9,216 shares of the financial services provider’s stock valued at $612,000 after buying an additional 156 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in shares of Iron Mountain by 17.1% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 1,171 shares of the financial services provider’s stock worth $82,000 after purchasing an additional 171 shares during the period. J.W. Cole Advisors Inc. grew its holdings in shares of Iron Mountain by 2.8% during the 3rd quarter. J.W. Cole Advisors Inc. now owns 6,429 shares of the financial services provider’s stock worth $382,000 after purchasing an additional 177 shares during the period. Federated Hermes Inc. grew its holdings in shares of Iron Mountain by 4.0% during the 4th quarter. Federated Hermes Inc. now owns 4,599 shares of the financial services provider’s stock worth $322,000 after purchasing an additional 179 shares during the period. Finally, Koshinski Asset Management Inc. grew its holdings in shares of Iron Mountain by 4.6% during the 3rd quarter. Koshinski Asset Management Inc. now owns 4,293 shares of the financial services provider’s stock worth $255,000 after purchasing an additional 188 shares during the period. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO William L. Meaney sold 15,875 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $76.68, for a total transaction of $1,217,295.00. Following the transaction, the chief executive officer now owns 295,650 shares in the company, valued at approximately $22,670,442. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO William L. Meaney sold 15,875 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $76.68, for a total transaction of $1,217,295.00. Following the transaction, the chief executive officer now owns 295,650 shares in the company, valued at approximately $22,670,442. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Deborah Marson sold 2,000 shares of Iron Mountain stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $78.48, for a total value of $156,960.00. Following the completion of the transaction, the executive vice president now owns 65,286 shares in the company, valued at $5,123,645.28. The disclosure for this sale can be found here. Insiders have sold 164,124 shares of company stock worth $12,698,221 in the last quarter. 2.20% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on IRM shares. Barclays increased their price target on Iron Mountain from $79.00 to $91.00 and gave the stock an “overweight” rating in a report on Tuesday, March 5th. TheStreet cut Iron Mountain from a “b” rating to a “c” rating in a report on Thursday, February 22nd. Stifel Nicolaus raised their target price on Iron Mountain from $65.00 to $76.00 and gave the company a “buy” rating in a report on Tuesday, January 23rd. Finally, Wells Fargo & Company raised their target price on Iron Mountain from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, March 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $73.80.

Iron Mountain Price Performance

IRM stock opened at $78.19 on Thursday. The company has a debt-to-equity ratio of 55.78, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $22.92 billion, a P/E ratio of 124.11, a P/E/G ratio of 4.61 and a beta of 0.94. The business’s 50-day moving average is $77.10 and its two-hundred day moving average is $69.11. Iron Mountain Incorporated has a 1 year low of $52.81 and a 1 year high of $82.19.

Iron Mountain (NYSE:IRM) last posted its quarterly earnings results on Thursday, February 22nd. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.48). Iron Mountain had a net margin of 5.44% and a return on equity of 178.02%. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.45 billion. During the same period in the prior year, the business earned $0.98 EPS. Iron Mountain’s revenue for the quarter was up 11.0% on a year-over-year basis. Analysts anticipate that Iron Mountain Incorporated will post 4.16 earnings per share for the current fiscal year.

Iron Mountain Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Friday, March 15th were paid a dividend of $0.65 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $2.60 dividend on an annualized basis and a yield of 3.33%. Iron Mountain’s dividend payout ratio is presently 412.70%.

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.