Iron Mountain Incorporated $IRM Shares Sold by M&T Bank Corp

Key Points

• M&T Bank Corp cut its stake in Iron Mountain by 38.6% in Q4, selling 22,725 shares and ending the quarter with 36,136 shares valued at about $2.997 million.
• Significant insider selling has occurred recently — EVP Mithu Bhargava sold 59,725 shares for roughly $6.25 million, and insiders have sold 451,648 shares worth about $48.3 million in the last 90 days (insiders now own ~1.70%).
• Analyst views are mixed but tilt positive overall: the consensus is a "Moderate Buy" with an average target of $124.60, though ratings range from Zacks' "strong sell" to several firms raising targets into the mid-$120s to $135.

M&T Bank Corp decreased its position in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 38.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 36,136 shares of the financial services provider's stock after selling 22,725 shares during the quarter. M&T Bank Corp's holdings in Iron Mountain were worth $2,997,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Intact Investment Management Inc. acquired a new stake in shares of Iron Mountain in the 3rd quarter valued at $3,588,000. NewSquare Capital LLC raised its holdings in shares of Iron Mountain by 4,867.6% in the 3rd quarter. NewSquare Capital LLC now owns 11,823 shares of the financial services provider's stock valued at $1,205,000 after purchasing an additional 11,585 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in shares of Iron Mountain by 17.2% in the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 103,960 shares of the financial services provider's stock valued at $10,598,000 after purchasing an additional 15,225 shares in the last quarter. AGF Management Ltd. raised its holdings in shares of Iron Mountain by 178.0% in the 3rd quarter. AGF Management Ltd. now owns 22,185 shares of the financial services provider's stock valued at $2,262,000 after purchasing an additional 14,205 shares in the last quarter. Finally, J.W. Cole Advisors Inc. raised its holdings in shares of Iron Mountain by 54.8% in the 3rd quarter. J.W. Cole Advisors Inc. now owns 33,596 shares of the financial services provider's stock valued at $3,425,000 after purchasing an additional 11,893 shares in the last quarter. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Zacks Research lowered shares of Iron Mountain from a "hold" rating to a "strong sell" rating in a report on Monday, April 13th. Weiss Ratings restated a "hold (c)" rating on shares of Iron Mountain in a report on Tuesday, April 21st. Loop Capital set a $130.00 price objective on shares of Iron Mountain in a report on Wednesday, March 4th. Wells Fargo & Company raised their price objective on shares of Iron Mountain from $125.00 to $135.00 and gave the company an "overweight" rating in a report on Tuesday, April 21st. Finally, Barclays lifted their price target on shares of Iron Mountain from $126.00 to $127.00 and gave the stock an "overweight" rating in a research note on Monday, February 23rd. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Iron Mountain has an average rating of "Moderate Buy" and an average target price of $124.60.

Insider Activity

In related news, EVP Mithu Bhargava sold 59,725 shares of the business's stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $104.62, for a total transaction of $6,248,429.50. Following the sale, the executive vice president owned 16,054 shares of the company's stock, valued at approximately $1,679,569.48. The trade was a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jennifer Allerton sold 7,000 shares of the business's stock in a transaction dated 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. This represents a 37.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 451,648 shares of company stock worth $48,297,449 in the last ninety days. 1.70% of the stock is currently owned by insiders.

Iron Mountain Stock Performance

NYSE IRM opened at $112.84 on Tuesday. The firm has a market cap of $33.57 billion, a PE ratio of 235.07 and a beta of 1.13. Iron Mountain Incorporated has a one year low of $77.77 and a one year high of $121.00. The firm's fifty day moving average is $108.13 and its two-hundred day moving average is $97.87.

Iron Mountain Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 3rd. Stockholders of record on Monday, March 16th were issued a $0.864 dividend. The ex-dividend date of this dividend was Monday, March 16th. This represents a $3.46 annualized dividend and a dividend yield of 3.1%. Iron Mountain's payout ratio is presently 720.83%.

Iron Mountain Company 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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