Russell Investments Group Ltd. Buys 52,550 Shares of Iron Mountain Incorporated $IRM

by · The Cerbat Gem

Russell Investments Group Ltd. grew its stake in shares of Iron Mountain Incorporated (NYSE:IRM – Free Report) by 3.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,823,664 shares of the financial services provider’s stock after buying an additional 52,550 shares during the period. Russell Investments Group Ltd. owned 0.62% of Iron Mountain worth $187,033,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Inceptionr LLC lifted its stake in shares of Iron Mountain by 118.8% during the 2nd quarter. Inceptionr LLC now owns 15,785 shares of the financial services provider’s stock valued at $1,619,000 after buying an additional 8,571 shares in the last quarter. J.W. Cole Advisors Inc. grew its position in shares of Iron Mountain by 51.1% during the second quarter. J.W. Cole Advisors Inc. now owns 21,703 shares of the financial services provider’s stock worth $2,226,000 after purchasing an additional 7,340 shares in the last quarter. Richmond Investment Services LLC purchased a new position in Iron Mountain in the 2nd quarter worth approximately $338,000. Advisors Asset Management Inc. grew its position in shares of Iron Mountain by 1.9% during the second quarter. Advisors Asset Management Inc. now owns 63,511 shares of the financial services provider’s stock valued at $6,514,000 after purchasing an additional 1,193 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in Iron Mountain during the second quarter valued at $277,000. 80.13% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO William L. Meaney sold 69,125 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $102.34, for a total value of $7,074,252.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Mark Kidd sold 7,306 shares of the stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $100.82, for a total transaction of $736,590.92. Following the completion of the sale, the executive vice president owned 73,081 shares of the company’s stock, valued at approximately $7,368,026.42. The trade was a 9.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 226,681 shares of company stock worth $22,265,632 in the last 90 days. 1.90% of the stock is currently owned by insiders.

Iron Mountain Stock Up 1.1%

Shares of Iron Mountain stock opened at $85.64 on Wednesday. The firm has a market cap of $25.31 billion, a PE ratio of 611.73 and a beta of 1.06. The business has a 50-day moving average price of $100.20 and a 200 day moving average price of $98.36. Iron Mountain Incorporated has a twelve month low of $72.33 and a twelve month high of $125.38.

Iron Mountain (NYSE:IRM – Get Free Report) last announced its earnings results on Wednesday, November 5th. The financial services provider reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.03. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.75 billion. During the same quarter last year, the business earned $1.13 earnings per share. The company’s revenue for the quarter was up 12.7% compared to the same quarter last year. Iron Mountain has set its FY 2025 guidance at 5.040-5.130 EPS. On average, sell-side analysts expect 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 paid a $0.864 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $3.46 annualized dividend and a yield of 4.0%. This is an increase from Iron Mountain’s previous quarterly dividend of $0.79. Iron Mountain’s dividend payout ratio is currently 650.94%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Weiss Ratings restated a “hold (c)” rating on shares of Iron Mountain in a report on Wednesday, October 8th. Jefferies Financial Group assumed coverage on Iron Mountain in a research report on Monday, September 22nd. They issued a “buy” rating and a $120.00 price objective for the company. Barclays upped their target price on Iron Mountain from $122.00 to $123.00 and gave the company an “overweight” rating in a research report on Wednesday, November 12th. Zacks Research raised Iron Mountain from a “strong sell” rating to a “hold” rating in a report on Monday, October 20th. Finally, JPMorgan Chase & Co. boosted their price target on Iron Mountain from $100.00 to $111.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $118.83.

Check Out Our Latest Report on IRM

Iron Mountain Company Profile

(Free Report)

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.

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