Westpac Banking Corp Purchases New Stake in Iron Mountain Incorporated $IRM

Key Points

• Westpac Banking Corp acquired 25,195 shares of Iron Mountain valued at approximately $3.18 million during the second quarter. Institutional investors and hedge funds collectively own 80.13% of the company.
• Iron Mountain exceeded quarterly expectations, reporting $0.60 in EPS versus the $0.54 consensus and $2.03 billion in revenue, up 18.5% year over year. The company declared a quarterly dividend of $0.864 per share, representing a 2.8% annualized yield.
• Analysts maintain a positive outlook, with five Buy ratings and one Hold rating and a consensus price target of $135.17, compared with shares trading near $122.19. Meanwhile, company insiders sold 127,422 shares worth about $15.8 million over the past 90 days.

Westpac Banking Corp acquired a new position in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 25,195 shares of the financial services provider's stock, valued at approximately $3,182,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. BlackRock Inc. acquired a new position in Iron Mountain in the 2nd quarter valued at about $4,240,342,000. Cohen & Steers Inc. raised its position in shares of Iron Mountain by 20.0% during the 4th quarter. Cohen & Steers Inc. now owns 18,903,716 shares of the financial services provider's stock valued at $1,568,110,000 after buying an additional 3,155,034 shares during the period. State Street Corp lifted its holdings in Iron Mountain by 1.9% in the third quarter. State Street Corp now owns 17,131,787 shares of the financial services provider's stock valued at $1,759,494,000 after acquiring an additional 322,144 shares during the last quarter. Geode Capital Management LLC grew its position in Iron Mountain by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 8,292,653 shares of the financial services provider's stock worth $685,374,000 after acquiring an additional 102,073 shares during the period. Finally, Invesco Ltd. grew its position in Iron Mountain by 18.1% in the third quarter. Invesco Ltd. now owns 5,066,516 shares of the financial services provider's stock worth $516,481,000 after acquiring an additional 776,933 shares during the period. 80.13% of the stock is owned by institutional investors and hedge funds.

Iron Mountain Price Performance

Shares of Iron Mountain stock opened at $122.19 on Friday. The stock has a market capitalization of $36.38 billion, a price-to-earnings ratio of 87.28 and a beta of 1.20. The business has a 50-day moving average of $124.52 and a 200 day moving average of $117.08. Iron Mountain Incorporated has a 12 month low of $77.77 and a 12 month high of $134.68.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.06. The business had revenue of $2.03 billion for the quarter, compared to analysts' expectations of $1.97 billion. Iron Mountain had a net margin of 5.54% and a negative return on equity of 85.44%. The business's quarterly revenue was up 18.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.24 earnings per share. Iron Mountain has set its Q3 2026 guidance at 1.470-1.470 EPS and its FY 2026 guidance at 5.870-5.930 EPS. Equities research analysts anticipate that Iron Mountain Incorporated will post 5.42 earnings per share for the current year.

Iron Mountain Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Tuesday, September 15th will be given a $0.864 dividend. This represents a $3.46 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Iron Mountain's dividend payout ratio (DPR) is currently 247.14%.

Insider Buying and Selling at Iron Mountain

In other news, EVP Mark Kidd sold 6,000 shares of the company's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $122.70, for a total transaction of $736,200.00. Following the sale, the executive vice president owned 101,507 shares of the company's stock, valued at approximately $12,454,908.90. This represents a 5.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William L. Meaney sold 38,474 shares of the stock in a transaction on Friday, August 7th. The shares were sold at an average price of $121.67, for a total value of $4,681,131.58. Following the completion of the sale, the chief executive officer owned 38,474 shares in the company, valued at approximately $4,681,131.58. The trade was a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 127,422 shares of company stock valued at $15,810,652. Insiders own 1.70% of the company's stock.

Analyst Ratings Changes

IRM has been the topic of a number of research analyst reports. JPMorgan Chase & Co. lifted their target price on Iron Mountain from $121.00 to $138.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. Wells Fargo & Company raised their price objective on Iron Mountain from $135.00 to $140.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Weiss Ratings upgraded shares of Iron Mountain from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, August 11th. Truist Financial set a $140.00 target price on shares of Iron Mountain in a research note on Friday, May 1st. Finally, Barclays boosted their price target on shares of Iron Mountain from $127.00 to $143.00 and gave the company an "overweight" rating in a research note on Wednesday, July 1st. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $135.17.

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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