B&I Capital AG Boosts Holdings in Iron Mountain Incorporated $IRM

Key Points

• B&I Capital AG raised its stake in Iron Mountain by 11.4% in Q4 to 114,720 shares worth $9.52 million, making IRM its 11th largest position and ~3.4% of the fund's holdings.
• Insider selling has been notable: insiders sold 451,648 shares in the past 90 days (including sales by Director Jennifer Allerton and EVP Mark Kidd), and insiders now own just 1.70% of the company.
• Iron Mountain paid a quarterly dividend of $0.864 ($3.46 annualized) for a ~3.0% yield, but the reported dividend payout ratio is an unusually high 720.83%, raising sustainability questions.

B&I Capital AG lifted its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 11.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 114,720 shares of the financial services provider's stock after purchasing an additional 11,750 shares during the quarter. Iron Mountain accounts for approximately 3.4% of B&I Capital AG's holdings, making the stock its 11th biggest position. B&I Capital AG's holdings in Iron Mountain were worth $9,516,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its position 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 buying an additional 188,213 shares during the last quarter. State Street Corp raised its position in Iron Mountain by 1.9% in the 3rd quarter. State Street Corp now owns 17,131,787 shares of the financial services provider's stock worth $1,759,494,000 after buying an additional 322,144 shares during the last quarter. Invesco Ltd. raised its position in Iron Mountain by 18.1% in the 3rd quarter. Invesco Ltd. now owns 5,066,516 shares of the financial services provider's stock worth $516,481,000 after buying an additional 776,933 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Iron Mountain by 1.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,348,039 shares of the financial services provider's stock worth $443,222,000 after buying an additional 55,273 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Iron Mountain by 597.9% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,161,589 shares of the financial services provider's stock worth $322,292,000 after buying an additional 2,708,560 shares during the last quarter. Hedge funds and other institutional investors own 80.13% of the company's stock.

Insider Transactions at Iron Mountain

In other news, Director Jennifer Allerton sold 7,000 shares of the company's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $108.88, for a total transaction of $762,160.00. Following the sale, the director directly owned 11,541 shares of the company's stock, valued at $1,256,584.08. This represents a 37.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark Kidd sold 6,000 shares of the company's stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $102.71, for a total value of $616,260.00. Following the sale, the executive vice president directly owned 125,507 shares in the company, valued at $12,890,823.97. This trade represents a 4.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 451,648 shares of company stock valued at $48,297,449 over the last 90 days. Insiders own 1.70% of the company's stock.

Iron Mountain Trading Down 0.4%

Shares of NYSE:IRM opened at $113.58 on Thursday. Iron Mountain Incorporated has a 12-month low of $77.77 and a 12-month high of $115.24. The company has a market cap of $33.79 billion, a PE ratio of 236.63 and a beta of 1.13. The stock has a 50 day moving average of $105.54 and a 200 day moving average of $97.18.

Iron Mountain Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 3rd. Stockholders of record on Monday, March 16th were issued a dividend of $0.864 per share. This represents a $3.46 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, March 16th. Iron Mountain's dividend payout ratio is 720.83%.

Analysts Set New Price Targets

IRM has been the subject of several research reports. Barclays upped their price target on shares of Iron Mountain from $126.00 to $127.00 and gave the company an "overweight" rating in a research report on Monday, February 23rd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Iron Mountain in a research report on Thursday, January 22nd. Zacks Research lowered shares of Iron Mountain from a "hold" rating to a "strong sell" rating in a research report on Monday. Finally, Loop Capital set a $130.00 price target on shares of Iron Mountain in a research report on Wednesday, March 4th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $122.00.

Iron Mountain 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.

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