Pictet Asset Management Holding SA Reduces Position in Iron Mountain Incorporated $IRM

Key Points

• Pictet Asset Management trimmed its stake in Iron Mountain by 6.8% in Q4, selling 168,203 shares and leaving it with 2,295,965 shares (about 0.78% of the company) valued at roughly $190.4 million.
• Insiders have been net sellers, offloading 451,648 shares worth about $48.3 million in the past three months, including sizable sales by Director Jennifer Allerton and EVP Mithu Bhargava that sharply reduced their ownership stakes.
• Iron Mountain recently paid a quarterly dividend of $0.864 ($3.46 annualized) for a 3.1% yield, though the company’s reported dividend payout ratio is an unusually high 720.83%.

Pictet Asset Management Holding SA lessened its stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 6.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,295,965 shares of the financial services provider's stock after selling 168,203 shares during the period. Pictet Asset Management Holding SA owned approximately 0.78% of Iron Mountain worth $190,434,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Quent Capital LLC purchased a new stake in shares of Iron Mountain in the 3rd quarter valued at $27,000. Johnson Financial Group Inc. purchased a new stake in shares of Iron Mountain in the 3rd quarter valued at $32,000. Wealth Watch Advisors INC purchased a new stake in shares of Iron Mountain in the 3rd quarter valued at $44,000. Franchise GP Ltd purchased a new stake in shares of Iron Mountain in the 4th quarter valued at $38,000. Finally, Washington Trust Advisors Inc. purchased a new stake in shares of Iron Mountain in the 3rd quarter valued at $54,000. 80.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Jennifer Allerton sold 7,000 shares of the stock in a transaction on Monday, March 2nd. The shares were 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 of the company's stock, valued at approximately $1,256,584.08. This represents a 37.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Mithu Bhargava sold 59,725 shares of the stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $104.62, for a total transaction of $6,248,429.50. Following the sale, the executive vice president directly owned 16,054 shares in the company, valued at $1,679,569.48. This trade represents a 78.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 451,648 shares of company stock valued at $48,297,449. 1.70% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Zacks Research downgraded shares of Iron Mountain from a "hold" rating to a "strong sell" rating in a report on Monday, April 13th. Loop Capital set a $130.00 price objective on shares of Iron Mountain in a report on Wednesday, March 4th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Iron Mountain in a report on Tuesday, April 21st. Barclays upped their price objective 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. Finally, Wells Fargo & Company upped 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. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $124.60.

Iron Mountain Stock Performance

Shares of NYSE IRM opened at $112.84 on Tuesday. The company's fifty day moving average price is $108.13 and its 200 day moving average price is $97.87. Iron Mountain Incorporated has a 1 year low of $77.77 and a 1 year high of $121.00. The company has a market capitalization of $33.57 billion, a PE ratio of 235.07 and a beta of 1.13.

Iron Mountain Announces Dividend

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

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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