Engineers Gate Manager LP Sells 60,780 Shares of Iron Mountain Incorporated $IRM

Key Points

• Engineers Gate Manager LP reduced its Iron Mountain stake by 91.5%, selling 60,780 shares in the second quarter and retaining 5,614 shares valued at approximately $709,000.
• Iron Mountain insiders sold 132,422 shares worth roughly $15.8 million over the past three months, including significant sales by CEO William Meaney and EVP Mark Kidd under Rule 10b5-1 plans.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $139.83; the company also reported quarterly revenue growth of 18.5% and declared a $0.864 quarterly dividend.

Engineers Gate Manager LP cut its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 91.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,614 shares of the financial services provider's stock after selling 60,780 shares during the quarter. Engineers Gate Manager LP's holdings in Iron Mountain were worth $709,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Pinnacle Wealth Management Advisory Group LLC acquired a new position in Iron Mountain during the 2nd quarter valued at about $218,000. Integrated Wealth Concepts LLC raised its stake in shares of Iron Mountain by 2.0% during the second quarter. Integrated Wealth Concepts LLC now owns 16,688 shares of the financial services provider's stock worth $2,108,000 after buying an additional 325 shares during the last quarter. NewEdge Advisors LLC raised its stake in shares of Iron Mountain by 34.6% during the second quarter. NewEdge Advisors LLC now owns 56,273 shares of the financial services provider's stock worth $7,108,000 after buying an additional 14,455 shares during the last quarter. IFP Advisors Inc lifted its holdings in Iron Mountain by 24.0% in the second quarter. IFP Advisors Inc now owns 2,729 shares of the financial services provider's stock valued at $345,000 after buying an additional 528 shares during the period. Finally, Baird Financial Group Inc. lifted its holdings in Iron Mountain by 11.6% in the second quarter. Baird Financial Group Inc. now owns 47,658 shares of the financial services provider's stock valued at $6,020,000 after buying an additional 4,951 shares during the period. 80.13% of the stock is owned by institutional investors.

Insider Activity at Iron Mountain

In related 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 value of $736,200.00. Following the sale, the executive vice president owned 101,507 shares in the company, valued at approximately $12,454,908.90. This represents a 5.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William L. Meaney sold 38,474 shares of the firm's 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 sale, the chief executive officer directly owned 38,474 shares of the company's stock, valued at $4,681,131.58. This represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 132,422 shares of company stock valued at $15,803,807. 1.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on IRM shares. Wells Fargo & Company lifted their target price on shares of Iron Mountain from $135.00 to $140.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Rothschild & Co Redburn began coverage on Iron Mountain in a research note on Monday. They issued a "buy" rating and a $132.00 price target on the stock. Barclays raised their price target on Iron Mountain from $143.00 to $144.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 8th. Weiss Ratings cut Iron Mountain from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, August 25th. Finally, Truist Financial raised their target price on Iron Mountain from $140.00 to $155.00 and gave the stock a "buy" rating in a report on Thursday, August 27th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $139.83.

Iron Mountain Price Performance

NYSE:IRM opened at $116.74 on Tuesday. The business's 50-day simple moving average is $120.85 and its 200-day simple moving average is $119.00. Iron Mountain Incorporated has a fifty-two week low of $77.77 and a fifty-two week high of $134.68. The stock has a market capitalization of $34.75 billion, a PE ratio of 83.39 and a beta of 1.18.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its earnings results 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. Iron Mountain had a negative return on equity of 85.44% and a net margin of 5.54%.The business had revenue of $2.03 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same period in the prior year, the business earned $1.24 EPS. Iron Mountain's revenue for the quarter 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, research analysts expect that Iron Mountain Incorporated will post 5.42 earnings per share for the current 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. This represents a $3.46 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 15th. Iron Mountain's dividend payout ratio is presently 247.14%.

Iron Mountain Company 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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