Assetmark Inc. Grows Stock Holdings in Iron Mountain Incorporated $IRM

Assetmark Inc. grew its position in shares of Iron Mountain Incorporated (NYSE:IRM) by 104.3% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,686 shares of the financial services provider’s stock after buying an additional 1,371 shares during the quarter. Assetmark Inc.’s holdings in Iron Mountain were worth $276,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in IRM. Financial Network Wealth Advisors LLC purchased a new stake in Iron Mountain in the 1st quarter worth approximately $26,000. Ramirez Asset Management Inc. purchased a new stake in Iron Mountain during the 1st quarter worth $34,000. Richards Merrill & Peterson Inc. acquired a new position in Iron Mountain during the 1st quarter worth approximately $43,000. Zions Bancorporation National Association UT acquired a new position in Iron Mountain in the 1st quarter worth $46,000. Finally, Oliver Lagore Vanvalin Investment Group bought a new stake in shares of Iron Mountain in the second quarter worth $51,000. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Iron Mountain Trading Up 3.3%

Shares of IRM stock opened at $104.18 on Friday. The firm’s fifty day simple moving average is $101.18 and its 200 day simple moving average is $98.33. Iron Mountain Incorporated has a 1 year low of $72.33 and a 1 year high of $125.38. The firm has a market capitalization of $30.77 billion, a P/E ratio of 744.19 and a beta of 1.06.

Iron Mountain (NYSE:IRM) last issued its quarterly 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. The firm had revenue of $1.75 billion for 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 company’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.13 earnings per share. Iron Mountain has set its FY 2025 guidance at 5.040-5.130 EPS. Equities research analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Increases Dividend

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

Insider Transactions at Iron Mountain

In related news, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $102.75, for a total transaction of $7,102,593.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Mark Kidd sold 6,000 shares of the firm’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $102.51, for a total value of $615,060.00. Following the sale, the executive vice president directly owned 67,081 shares of the company’s stock, valued at $6,876,473.31. This represents a 8.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 226,681 shares of company stock valued at $22,265,632 in the last quarter. 1.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

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

Iron Mountain Company 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.