Abbot Financial Management Inc. Acquires New Position in Iron Mountain Incorporated $IRM

Abbot Financial Management Inc. bought a new stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 11,877 shares of the financial services provider's stock, valued at approximately $1,500,000.

Several other hedge funds have also made changes to their positions in IRM. Garton & Associates Financial Advisors LLC purchased a new stake in Iron Mountain in the fourth quarter valued at $25,000. Beaird Harris Wealth Management LLC raised its holdings in Iron Mountain by 17,500.0% in the 4th quarter. Beaird Harris Wealth Management LLC now owns 352 shares of the financial services provider's stock valued at $29,000 after buying an additional 350 shares during the period. Dynamic Wealth Strategies LLC acquired a new position in Iron Mountain in the first quarter valued at about $31,000. Johnson Financial Group Inc. acquired a new position in Iron Mountain in the third quarter valued at about $32,000. Finally, Bayban purchased a new position in Iron Mountain during the fourth quarter worth about $33,000. Hedge funds and other institutional investors own 80.13% of the company's stock.

Insider Transactions at Iron Mountain

In other Iron Mountain news, Director Walter C. Rakowich sold 757 shares of the business's stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $124.45, for a total value of $94,208.65. Following the completion of the sale, the director owned 1,135 shares in the company, valued at approximately $141,250.75. The trade was a 40.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Daniel Borges sold 7,189 shares of Iron Mountain stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $125.50, for a total transaction of $902,219.50. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 135,368 shares of company stock worth $16,807,080 over the last three months. 1.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on IRM. Wall Street Zen downgraded Iron Mountain from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. JPMorgan Chase & Co. raised their target price on Iron Mountain from $121.00 to $138.00 and gave the company an "overweight" rating in a report on Friday, May 1st. Wells Fargo & Company boosted their price target on shares of Iron Mountain from $135.00 to $140.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. Weiss Ratings raised shares of Iron Mountain from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. Finally, Barclays increased their price target on shares of Iron Mountain from $127.00 to $143.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 1st. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Iron Mountain currently has a consensus rating of "Moderate Buy" and an average price target of $135.17.

Iron Mountain Stock Performance

NYSE:IRM opened at $129.49 on Monday. Iron Mountain Incorporated has a 1 year low of $77.77 and a 1 year high of $134.68. The stock has a market cap of $38.55 billion, a P/E ratio of 92.49 and a beta of 1.20. The stock has a 50-day simple moving average of $124.57 and a 200-day simple moving average of $116.11.

Iron Mountain Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.864 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $3.46 annualized dividend and a dividend yield of 2.7%. Iron Mountain's dividend payout ratio (DPR) is presently 247.14%.

About Iron Mountain

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.

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