Iron Mountain Incorporated $IRM Shares Acquired by NewSquare Capital LLC

Key Points

• NewSquare Capital boosted its IRM stake by 4,867.6% in Q3 and now owns 11,823 shares valued at about $1.205 million, while other large institutions (Norges Bank, Invesco, Vontobel, Prudential, Amundi) also added positions—institutional investors now hold 80.13% of the stock.
• Company insiders have been net sellers, offloading 293,274 shares worth roughly $30.7 million in the past 90 days, leaving insiders with just 1.90% ownership.
• Iron Mountain declared a quarterly dividend of $0.864 (annualized $3.46) for a ~3.2% yield, but its dividend payout ratio is extremely high at 718.75%, which may raise sustainability concerns.

NewSquare Capital LLC boosted its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 4,867.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,823 shares of the financial services provider's stock after acquiring an additional 11,585 shares during the period. NewSquare Capital LLC's holdings in Iron Mountain were worth $1,205,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in IRM. Norges Bank purchased a new stake in shares of Iron Mountain in the second quarter valued at about $419,457,000. Invesco Ltd. raised its position in shares of Iron Mountain by 50.6% during the 2nd quarter. Invesco Ltd. now owns 4,289,583 shares of the financial services provider's stock worth $439,983,000 after purchasing an additional 1,440,629 shares during the last quarter. Vontobel Holding Ltd. purchased a new stake in Iron Mountain in the 3rd quarter valued at approximately $109,941,000. Prudential Financial Inc. lifted its stake in Iron Mountain by 44.7% in the 2nd quarter. Prudential Financial Inc. now owns 1,945,769 shares of the financial services provider's stock valued at $199,578,000 after buying an additional 601,290 shares in the last quarter. Finally, Amundi grew 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 valued at $159,457,000 after buying an additional 500,884 shares during the last quarter. Institutional investors and hedge funds own 80.13% of the company's stock.

Insider Buying and Selling

In related news, Director Jennifer Allerton sold 7,000 shares of Iron Mountain stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $108.88, for a total value of $762,160.00. Following the transaction, the director owned 11,541 shares in the company, valued at approximately $1,256,584.08. This trade represents a 37.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Kidd sold 6,000 shares of the business's stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $107.27, for a total value of $643,620.00. Following the sale, the executive vice president directly owned 131,507 shares of the company's stock, valued at approximately $14,106,755.89. This trade represents a 4.36% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 293,274 shares of company stock valued at $30,697,937. 1.90% of the stock is currently owned by company insiders.

Iron Mountain Stock Performance

Shares of IRM stock opened at $107.15 on Friday. The firm has a market capitalization of $31.70 billion, a price-to-earnings ratio of 223.23 and a beta of 1.13. Iron Mountain Incorporated has a one year low of $72.33 and a one year high of $115.24. The company has a 50 day moving average price of $96.37 and a 200 day moving average price of $95.22.

Iron Mountain Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 3rd. Investors of record on Monday, March 16th will be given a $0.864 dividend. This represents a $3.46 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, March 16th. Iron Mountain's dividend payout ratio (DPR) is 718.75%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Loop Capital set a $130.00 price target on Iron Mountain in a report on Wednesday. Barclays boosted their target price on shares of Iron Mountain from $126.00 to $127.00 and gave the company an "overweight" rating in a research note on Monday, February 23rd. JPMorgan Chase & Co. raised their price target on shares of Iron Mountain from $100.00 to $111.00 and gave the stock an "overweight" rating in a research note on Thursday, November 6th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Iron Mountain in a report on Thursday, January 22nd. Four equities research 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 presently has a consensus rating of "Moderate Buy" and a consensus price target of $116.60.

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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