Sumitomo Mitsui Trust Group Inc. Reduces Holdings in Iron Mountain Incorporated $IRM

Key Points

• Sumitomo Mitsui Trust Group trimmed its stake in Iron Mountain by 3.0% in Q4 and now holds 906,888 shares (about $75.23M), representing roughly 0.31% of the company.
• Company insiders have been net sellers—insiders disposed of 451,648 shares worth about $48.3M in the last 90 days, including EVP Mithu Bhargava’s sale of 59,725 shares.
• Iron Mountain pays a quarterly dividend of $0.864 (annualized yield ~3.0%) but shows an unusually high payout ratio (~720.8%); analysts have a consensus rating of Moderate Buy with an average price target of $122.

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 3.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 906,888 shares of the financial services provider's stock after selling 27,864 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.31% of Iron Mountain worth $75,226,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Iron Mountain by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,904 shares of the financial services provider's stock worth $2,573,000 after purchasing an additional 1,286 shares in the last quarter. Empowered Funds LLC lifted its position in Iron Mountain by 10.3% during the first quarter. Empowered Funds LLC now owns 5,728 shares of the financial services provider's stock valued at $493,000 after purchasing an additional 537 shares in the last quarter. Woodline Partners LP grew its holdings in Iron Mountain by 41.0% during the first quarter. Woodline Partners LP now owns 24,742 shares of the financial services provider's stock valued at $2,129,000 after purchasing an additional 7,193 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Iron Mountain by 29.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,322 shares of the financial services provider's stock valued at $136,000 after purchasing an additional 300 shares during the period. Finally, Cerity Partners LLC increased its position in Iron Mountain by 3.6% in the second quarter. Cerity Partners LLC now owns 35,292 shares of the financial services provider's stock worth $3,620,000 after buying an additional 1,222 shares in the last quarter. 80.13% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Mithu Bhargava sold 59,725 shares of the business's stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $104.62, for a total value of $6,248,429.50. Following the transaction, 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 can be accessed through this hyperlink. Also, Director Jennifer Allerton sold 7,000 shares of the company's stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $108.88, for a total transaction of $762,160.00. Following the transaction, the director owned 11,541 shares of the company's stock, 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 a total of 451,648 shares of company stock valued at $48,297,449 in the last 90 days. 1.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on IRM shares. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Iron Mountain in a research report on Thursday, January 22nd. Barclays increased their target price on shares of Iron Mountain from $126.00 to $127.00 and gave the stock an "overweight" rating in a report on Monday, February 23rd. Finally, Loop Capital set a $130.00 price target on shares of Iron Mountain in a report on Wednesday, March 4th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Iron Mountain has a consensus rating of "Moderate Buy" and an average price target of $122.00.

Iron Mountain Stock Up 2.0%

NYSE:IRM opened at $114.08 on Wednesday. The business's 50-day simple moving average is $105.06 and its two-hundred day simple moving average is $97.07. Iron Mountain Incorporated has a 52 week low of $77.77 and a 52 week high of $115.24. The stock has a market cap of $33.94 billion, a PE ratio of 237.67 and a beta of 1.13.

Iron Mountain Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 3rd. Investors of record on Monday, March 16th were paid a dividend of $0.864 per share. This represents a $3.46 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Monday, March 16th. Iron Mountain's dividend payout ratio (DPR) is 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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