Handelsbanken Fonder AB Raises Stock Holdings in Iron Mountain Incorporated $IRM

Key Points

• Handelsbanken Fonder increased its Iron Mountain stake by 24.4% in the second quarter, bringing its holdings to 189,498 shares valued at approximately $23.9 million. Institutional investors collectively own 80.13% of the company.
• Analyst sentiment remains positive, with Iron Mountain receiving a consensus “Moderate Buy” rating and an average price target of $135.17, despite one downgrade to “Hold.” The stock opened at $124.51 and has traded between $77.77 and $134.68 over the past year.
• Iron Mountain declared a quarterly dividend of $0.864 per share, equivalent to an annualized $3.46 dividend and a 2.8% yield. Meanwhile, insiders sold 135,368 shares worth approximately $16.8 million during the last quarter under pre-arranged trading plans.

Handelsbanken Fonder AB lifted its stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 24.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 189,498 shares of the financial services provider's stock after acquiring an additional 37,216 shares during the period. Handelsbanken Fonder AB owned 0.06% of Iron Mountain worth $23,935,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Asset Advisory Group Inc. acquired a new stake in shares of Iron Mountain during the 2nd quarter worth about $234,000. Legacy Wealth Asset Management LLC purchased a new position in shares of Iron Mountain during the second quarter valued at approximately $408,000. Allied Private Wealth LLC purchased a new position in shares of Iron Mountain during the second quarter valued at approximately $686,000. Hennion & Walsh Asset Management Inc. boosted its position in Iron Mountain by 10.3% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 56,304 shares of the financial services provider's stock worth $7,112,000 after acquiring an additional 5,258 shares during the last quarter. Finally, Valeo Financial Advisors LLC purchased a new stake in Iron Mountain in the 2nd quarter worth approximately $243,000. Hedge funds and other institutional investors own 80.13% of the company's stock.

Insiders Place Their Bets

In related news, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction on Friday, August 7th. The shares were sold at an average price of $122.70, for a total value of $736,200.00. Following the completion of the sale, the executive vice president owned 101,507 shares in the company, valued at approximately $12,454,908.90. The trade was a 5.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William L. Meaney sold 38,474 shares of the company's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $121.67, for a total transaction of $4,681,131.58. Following the completion of the sale, 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 position. 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. In the last quarter, insiders sold 135,368 shares of company stock valued at $16,807,080. Company insiders own 1.70% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Truist Financial set a $140.00 price target on Iron Mountain in a report on Friday, May 1st. Barclays lifted their price objective on Iron Mountain from $127.00 to $143.00 and gave the company an "overweight" rating in a research report on Wednesday, July 1st. Weiss Ratings upgraded Iron Mountain from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, July 28th. Wells Fargo & Company increased their target price on Iron Mountain from $135.00 to $140.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Finally, Wall Street Zen lowered Iron Mountain from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $135.17.

Iron Mountain Price Performance

Shares of NYSE IRM opened at $124.51 on Thursday. Iron Mountain Incorporated has a 1-year low of $77.77 and a 1-year high of $134.68. The company has a market capitalization of $37.07 billion, a price-to-earnings ratio of 88.94 and a beta of 1.20. The business has a 50-day moving average of $124.54 and a 200-day moving average of $115.62.

Iron Mountain Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Tuesday, September 15th will be given a $0.864 dividend. This represents a $3.46 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Iron Mountain's dividend payout ratio is presently 247.14%.

About Iron Mountain

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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