Duff & Phelps Investment Management Co. Increases Stake in Iron Mountain Incorporated $IRM

Key Points

• Duff & Phelps Investment Management raised its stake in Iron Mountain (IRM) by 11.5% in Q3 to 1,642,074 shares (about 0.56% of the company) worth roughly $167.4 million, making IRM its 11th-largest holding and 1.9% of its portfolio.
• Other large institutional moves include a new stake by Norges Bank (~$419.5M) and a 50.6% increase by Invesco (now 4,289,583 shares, ~$440M), with institutional investors and hedge funds owning about 80.13% of Iron Mountain.
• Iron Mountain pays a quarterly dividend of $0.864 (annualized $3.46, ~3.2% yield) with an ex-dividend date of March 16, but its reported payout ratio is extremely high at 718.75%; insiders have sold ~391,931 shares (~$41.2M) in the past 90 days, including the CEO's sale of 98,657 shares.

Duff & Phelps Investment Management Co. boosted its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 11.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,642,074 shares of the financial services provider's stock after buying an additional 169,495 shares during the quarter. Iron Mountain accounts for 1.9% of Duff & Phelps Investment Management Co.'s investment portfolio, making the stock its 11th largest position. Duff & Phelps Investment Management Co. owned approximately 0.56% of Iron Mountain worth $167,393,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Norges Bank purchased a new stake in shares of Iron Mountain during the second quarter worth $419,457,000. Invesco Ltd. boosted its holdings in Iron Mountain by 50.6% in the second quarter. Invesco Ltd. now owns 4,289,583 shares of the financial services provider's stock valued at $439,983,000 after purchasing an additional 1,440,629 shares during the period. Vontobel Holding Ltd. purchased a new position in Iron Mountain in the third quarter valued at $109,941,000. Prudential Financial Inc. grew its stake in Iron Mountain by 44.7% during the 2nd quarter. Prudential Financial Inc. now owns 1,945,769 shares of the financial services provider's stock worth $199,578,000 after purchasing an additional 601,290 shares in the last quarter. Finally, Amundi increased its holdings in Iron Mountain by 45.5% during the 2nd quarter. Amundi now owns 1,600,818 shares of the financial services provider's stock worth $159,457,000 after purchasing an additional 500,884 shares during the period. Institutional investors and hedge funds own 80.13% of the company's stock.

Iron Mountain Price Performance

NYSE:IRM opened at $107.55 on Thursday. Iron Mountain Incorporated has a 12 month low of $72.33 and a 12 month high of $115.24. The firm has a market capitalization of $31.82 billion, a PE ratio of 224.06 and a beta of 1.13. The business's fifty day moving average price is $98.29 and its 200 day moving average price is $95.67.

Iron Mountain Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 3rd. Stockholders of record on Monday, March 16th will be issued a $0.864 dividend. The ex-dividend date is Monday, March 16th. This represents a $3.46 dividend on an annualized basis and a dividend yield of 3.2%. Iron Mountain's dividend payout ratio is presently 718.75%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on IRM. Loop Capital set a $130.00 price target on Iron Mountain in a research report on Wednesday, March 4th. Weiss Ratings reissued a "hold (c)" rating on shares of Iron Mountain in a research report on Thursday, January 22nd. Finally, Barclays raised their target price on shares of Iron Mountain from $126.00 to $127.00 and gave the company an "overweight" rating in a report on Monday, February 23rd. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $116.60.

Insider Transactions at Iron Mountain

In other Iron Mountain news, CEO William L. Meaney sold 98,657 shares of the stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $106.25, for a total value of $10,482,306.25. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jennifer Allerton sold 7,000 shares of the firm'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 in the company, valued at approximately $1,256,584.08. The trade was a 37.75% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 391,931 shares of company stock valued at $41,180,243. Corporate insiders own 1.90% of the company's stock.

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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