Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Iron Mountain Incorporated $IRM

Key Points

• Connor Clark & Lunn Investment Management acquired 17,996 Iron Mountain shares worth approximately $2.27 million, while institutional investors collectively own 80.13% of the company.
• Analyst sentiment remains positive, with Iron Mountain holding a “Moderate Buy” consensus rating and an average price target of $137.67; several firms recently raised their targets.
• Iron Mountain exceeded quarterly earnings and revenue estimates, with revenue up 18.5% year over year, but insiders sold $15.8 million in stock during the last quarter. The company also declared a quarterly dividend of $0.864, representing a 2.9% annualized yield.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in Iron Mountain Incorporated (NYSE:IRM - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 17,996 shares of the financial services provider's stock, valued at approximately $2,273,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Iron Mountain by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,904 shares of the financial services provider's stock worth $2,573,000 after acquiring an additional 1,286 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of Iron Mountain by 10.3% during the first quarter. Empowered Funds LLC now owns 5,728 shares of the financial services provider's stock valued at $493,000 after purchasing an additional 537 shares during the last quarter. Woodline Partners LP raised its position in shares of Iron Mountain by 41.0% during the 1st quarter. Woodline Partners LP now owns 24,742 shares of the financial services provider's stock worth $2,129,000 after purchasing an additional 7,193 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of Iron Mountain by 29.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,322 shares of the financial services provider's stock worth $136,000 after purchasing an additional 300 shares during the period. Finally, Cerity Partners LLC lifted its holdings in shares of Iron Mountain by 3.6% in the 2nd quarter. Cerity Partners LLC now owns 35,292 shares of the financial services provider's stock worth $3,620,000 after purchasing an additional 1,222 shares during the last quarter. 80.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

IRM has been the subject of a number of recent research reports. Zacks Research upgraded Iron Mountain from a "strong sell" rating to a "hold" rating in a research note on Tuesday, May 12th. Barclays raised their target price on Iron Mountain from $127.00 to $143.00 and gave the company an "overweight" rating in a research note on Wednesday, July 1st. JPMorgan Chase & Co. upped their price target on shares of Iron Mountain from $121.00 to $138.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. Truist Financial increased their price objective on shares of Iron Mountain from $140.00 to $155.00 and gave the stock a "buy" rating in a report on Thursday. Finally, Weiss Ratings downgraded shares of Iron Mountain from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Iron Mountain currently has a consensus rating of "Moderate Buy" and an average price target of $137.67.

Insider Buying and Selling

In other Iron Mountain news, EVP Mark Kidd sold 6,000 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $122.70, for a total transaction of $736,200.00. Following the completion of the transaction, the executive vice president directly owned 101,507 shares of the company's stock, valued at approximately $12,454,908.90. This trade represents a 5.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William L. Meaney sold 38,474 shares of Iron Mountain stock in a transaction on Friday, August 7th. The shares were sold at an average price of $121.67, for a total value of $4,681,131.58. Following the transaction, the chief executive officer owned 38,474 shares in the company, valued at approximately $4,681,131.58. This trade represents a 50.00% 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 127,422 shares of company stock worth $15,810,652 in the last quarter. Company insiders own 1.70% of the company's stock.

Iron Mountain Stock Down 4.2%

Shares of NYSE IRM opened at $117.55 on Friday. The stock has a market cap of $34.99 billion, a P/E ratio of 83.96 and a beta of 1.20. The firm's 50-day simple moving average is $123.89 and its 200 day simple moving average is $118.13. Iron Mountain Incorporated has a fifty-two week low of $77.77 and a fifty-two week high of $134.68.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.54 by $0.06. Iron Mountain had a net margin of 5.54% and a negative return on equity of 85.44%. The firm had revenue of $2.03 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the prior year, the firm posted $1.24 EPS. Iron Mountain's revenue was up 18.5% compared to the same quarter last year. 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. On average, sell-side analysts anticipate that Iron Mountain Incorporated will post 5.42 earnings per share for the current fiscal year.

Iron Mountain Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Tuesday, September 15th will be issued a $0.864 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $3.46 annualized dividend and a dividend yield of 2.9%. Iron Mountain's dividend payout ratio (DPR) is 247.14%.

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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