Sumitomo Mitsui Trust Group Inc. Buys 136,393 Shares of Iron Mountain Incorporated (NYSE:IRM)

Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 15.0% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,047,116 shares of the financial services provider's stock after acquiring an additional 136,393 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.35% of Iron Mountain worth $90,094,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Proficio Capital Partners LLC bought a new stake in shares of Iron Mountain during the fourth quarter valued at approximately $102,000. Assenagon Asset Management S.A. raised its stake in Iron Mountain by 3.5% in the first quarter. Assenagon Asset Management S.A. now owns 11,538 shares of the financial services provider's stock worth $993,000 after buying an additional 388 shares in the last quarter. Miracle Mile Advisors LLC raised its stake in Iron Mountain by 134.7% in the first quarter. Miracle Mile Advisors LLC now owns 7,545 shares of the financial services provider's stock worth $649,000 after buying an additional 4,330 shares in the last quarter. State of Alaska Department of Revenue raised its stake in Iron Mountain by 1.5% in the first quarter. State of Alaska Department of Revenue now owns 176,632 shares of the financial services provider's stock worth $15,197,000 after buying an additional 2,530 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC raised its stake in Iron Mountain by 25.2% in the first quarter. Dynamic Advisor Solutions LLC now owns 3,075 shares of the financial services provider's stock worth $265,000 after buying an additional 619 shares in the last quarter. Institutional investors own 80.13% of the company's stock.

Insider Activity

In other news, Director Walter C. Rakowich sold 900 shares of the business's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $99.97, for a total transaction of $89,973.00. Following the sale, the director now directly owns 36,515 shares of the company's stock, valued at $3,650,404.55. The trade was a 2.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the business's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $96.09, for a total transaction of $6,642,221.25. The disclosure for this sale can be found here. Insiders have sold 216,673 shares of company stock valued at $20,319,408 over the last ninety days. 1.90% of the stock is currently owned by insiders.

Iron Mountain Trading Up 1.4%

Shares of IRM stock opened at $102.35 on Monday. The business's fifty day simple moving average is $97.35 and its 200-day simple moving average is $96.21. The company has a market cap of $30.20 billion, a PE ratio of 249.62 and a beta of 1.09. Iron Mountain Incorporated has a 12-month low of $72.33 and a 12-month high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.16 by $0.01. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.59 billion. Iron Mountain had a negative return on equity of 201.62% and a net margin of 1.97%. The business's quarterly revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.10 earnings per share. On average, equities analysts forecast that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Monday, June 16th will be issued a dividend of $0.785 per share. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date is Monday, June 16th. Iron Mountain's dividend payout ratio (DPR) is presently 765.85%.

Analysts Set New Price Targets

A number of brokerages recently commented on IRM. Barclays boosted their price objective on shares of Iron Mountain from $118.00 to $121.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 27th. Wall Street Zen raised shares of Iron Mountain from a "sell" rating to a "hold" rating in a research note on Friday, April 18th. Finally, Truist Financial began coverage on shares of Iron Mountain in a research note on Tuesday, April 8th. They issued a "buy" rating and a $95.00 price objective for the company. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Iron Mountain currently has an average rating of "Buy" and a consensus target price of $121.71.

Iron Mountain Profile

Iron Mountain Incorporated NYSE: IRM is a global leader in information management services. Founded in 1951 and trusted by more than 240,000 customers worldwide, Iron Mountain serves to protect and elevate the power of our customers' work. Through a range of offerings including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.

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