Citigroup Inc. Buys 215,308 Shares of Iron Mountain Incorporated $IRM

Citigroup Inc. lifted its position in Iron Mountain Incorporated (NYSE:IRM) by 105.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 419,723 shares of the financial services provider’s stock after purchasing an additional 215,308 shares during the period. Citigroup Inc. owned about 0.14% of Iron Mountain worth $42,787,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Iron Mountain by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 47,253,100 shares of the financial services provider’s stock worth $4,816,981,000 after acquiring an additional 188,213 shares during the last quarter. State Street Corp boosted its holdings in shares of Iron Mountain by 0.6% during the second quarter. State Street Corp now owns 16,809,643 shares of the financial services provider’s stock worth $1,737,002,000 after purchasing an additional 104,524 shares during the period. Invesco Ltd. boosted its holdings in shares of Iron Mountain by 50.6% during the second quarter. Invesco Ltd. now owns 4,289,583 shares of the financial services provider’s stock worth $439,983,000 after purchasing an additional 1,440,629 shares during the period. Norges Bank bought a new stake in shares of Iron Mountain in the second quarter worth about $419,457,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in Iron Mountain by 4.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 3,625,808 shares of the financial services provider’s stock valued at $371,899,000 after purchasing an additional 138,329 shares during the period. 80.13% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on IRM shares. JPMorgan Chase & Co. increased their price objective on Iron Mountain from $100.00 to $111.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Iron Mountain in a research report on Thursday, January 22nd. Finally, Barclays upped their price objective on shares of Iron Mountain from $126.00 to $127.00 and gave the stock an “overweight” rating in a report on Monday. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Iron Mountain presently has a consensus rating of “Moderate Buy” and an average price target of $113.25.

Insider Activity

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $83.34, for a total transaction of $5,760,877.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $83.10, for a total transaction of $498,600.00. Following the transaction, the executive vice president owned 55,081 shares of the company’s stock, valued at $4,577,231.10. The trade was a 9.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 119,607 shares of company stock valued at $9,970,025. 1.90% of the stock is owned by company insiders.

Iron Mountain Stock Up 1.9%

NYSE IRM opened at $113.30 on Wednesday. The firm has a market capitalization of $33.52 billion, a PE ratio of 236.05 and a beta of 1.16. The stock’s 50 day moving average is $92.35 and its 200 day moving average is $94.42. Iron Mountain Incorporated has a twelve month low of $72.33 and a twelve month high of $113.34.

Iron Mountain Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 3rd. Stockholders of record on Monday, March 16th will be given a $0.864 dividend. The ex-dividend date of this dividend is Monday, March 16th. This represents a $3.46 dividend on an annualized basis and a dividend yield of 3.1%. Iron Mountain’s dividend payout ratio is currently 720.83%.

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.