California State Teachers Retirement System Acquires 54,462,487 Shares of Iron Mountain Incorporated $IRM

Key Points

• California State Teachers Retirement System acquired 54.46 million additional Iron Mountain shares in the second quarter, bringing its stake to 54.89 million shares, or approximately 18.44% of the company.
• Iron Mountain reported quarterly revenue of $2.03 billion and adjusted EPS of $0.60, exceeding analyst expectations, while revenue increased 18.5% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $137.83.
• The company declared a quarterly dividend of $0.864 per share, equivalent to a 3.0% annualized yield, even as insiders sold $15.8 million of stock over the past 90 days.

California State Teachers Retirement System grew its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 12,879.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,885,358 shares of the financial services provider's stock after acquiring an additional 54,462,487 shares during the period. California State Teachers Retirement System owned about 18.44% of Iron Mountain worth $6,932,570,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Ameritas Advisory Services LLC grew its position in shares of Iron Mountain by 245.7% during the second quarter. Ameritas Advisory Services LLC now owns 18,870 shares of the financial services provider's stock worth $2,383,000 after purchasing an additional 13,412 shares in the last quarter. Wedmont Private Capital raised its stake in Iron Mountain by 18.0% during the 2nd quarter. Wedmont Private Capital now owns 4,288 shares of the financial services provider's stock valued at $521,000 after purchasing an additional 654 shares during the period. HB Wealth Management LLC lifted its holdings in Iron Mountain by 1.1% in the 2nd quarter. HB Wealth Management LLC now owns 15,577 shares of the financial services provider's stock worth $1,968,000 after purchasing an additional 171 shares in the last quarter. Saudi Central Bank boosted its stake in Iron Mountain by 90.8% in the 2nd quarter. Saudi Central Bank now owns 20,823 shares of the financial services provider's stock worth $2,630,000 after purchasing an additional 9,912 shares during the period. Finally, Compass Financial Management LLC bought a new position in Iron Mountain in the 2nd quarter worth approximately $66,000. Institutional investors own 80.13% of the company's stock.

Insider Activity at Iron Mountain

In other Iron Mountain news, CEO William Meaney sold 38,474 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $114.08, for a total transaction of $4,389,113.92. Following the completion of the transaction, the chief executive officer owned 38,474 shares in the company, valued at $4,389,113.92. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Greg McIntosh sold 5,000 shares of Iron Mountain stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $115.60, for a total transaction of $578,000.00. Following the completion of the transaction, the executive vice president directly owned 75,634 shares of the company's stock, valued at $8,743,290.40. The trade was a 6.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 132,422 shares of company stock valued at $15,803,807 over the last 90 days. 1.70% of the stock is owned by corporate insiders.

Iron Mountain Trading Down 0.7%

Shares of Iron Mountain stock opened at $115.25 on Thursday. The firm has a market cap of $34.31 billion, a PE ratio of 82.33 and a beta of 1.18. The stock has a 50 day moving average of $121.58 and a 200 day moving average of $118.81. Iron Mountain Incorporated has a 12 month low of $77.77 and a 12 month high of $134.68.

Iron Mountain (NYSE:IRM - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.54 by $0.06. The business had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $1.97 billion. Iron Mountain had a negative return on equity of 85.44% and a net margin of 5.54%.The company's revenue was up 18.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.24 EPS. Iron Mountain has set its Q3 2026 guidance at 1.470-1.470 EPS and its FY 2026 guidance at 5.870-5.930 EPS. As a group, equities research analysts forecast that Iron Mountain Incorporated will post 5.42 earnings per share for the current fiscal year.

Iron Mountain Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Tuesday, September 15th will be given a $0.864 dividend. This represents a $3.46 annualized dividend and a yield of 3.0%. The ex-dividend date is Tuesday, September 15th. Iron Mountain's payout ratio is currently 247.14%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on IRM shares. Barclays increased their price objective on shares of Iron Mountain from $143.00 to $144.00 and gave the company an "overweight" rating in a report on Tuesday. Truist Financial upped their target price on shares of Iron Mountain from $140.00 to $155.00 and gave the stock a "buy" rating in a research report on Thursday, August 27th. Wall Street Zen cut shares of Iron Mountain from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Wells Fargo & Company lifted their price target on shares of Iron Mountain from $135.00 to $140.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Finally, Weiss Ratings cut shares of Iron Mountain from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, August 25th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, Iron Mountain currently has an average rating of "Moderate Buy" and a consensus target price of $137.83.

Iron Mountain Profile

Iron Mountain Incorporated NYSE: IRM is a global information management and data storage company. Founded in 1951, the company helps organizations protect, manage and preserve physical and digital information throughout its lifecycle.

Its services include records storage, document management, secure shredding and destruction, information governance, data backup and recovery, and digital transformation. Iron Mountain also operates data centers that support colocation, cloud connectivity and other infrastructure needs for businesses and public-sector organizations.

The company serves customers across a range of industries, including financial services, healthcare, government, legal services and entertainment.

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