Iron Mountain Incorporated $IRM Shares Acquired by Royal Bank of Canada

Royal Bank of Canada lifted its stake in Iron Mountain Incorporated (NYSE:IRM) by 9.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,410,720 shares of the financial services provider’s stock after purchasing an additional 124,849 shares during the period. Royal Bank of Canada owned about 0.47% of Iron Mountain worth $144,090,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BDFS Capital LLC purchased a new position in Iron Mountain in the 4th quarter worth approximately $340,000. Allstate Corp boosted its stake in shares of Iron Mountain by 105.1% during the fourth quarter. Allstate Corp now owns 22,427 shares of the financial services provider’s stock valued at $1,860,000 after purchasing an additional 11,492 shares during the period. Stevens Capital Management LP bought a new position in shares of Iron Mountain in the fourth quarter worth approximately $1,262,000. Intact Investment Management Inc. increased its stake in shares of Iron Mountain by 103.4% in the fourth quarter. Intact Investment Management Inc. now owns 71,600 shares of the financial services provider’s stock worth $5,939,000 after buying an additional 36,400 shares during the period. Finally, Tectonic Advisors LLC raised its holdings in Iron Mountain by 9.7% during the 4th quarter. Tectonic Advisors LLC now owns 162,777 shares of the financial services provider’s stock valued at $13,502,000 after buying an additional 14,402 shares during the last quarter. 80.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Pamela M. Arway sold 1,892 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $128.97, for a total transaction of $244,011.24. Following the sale, the director owned 40,196 shares in the company, valued at approximately $5,184,078.12. The trade was a 4.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Daniel Borges sold 7,189 shares of the company’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $125.50, for a total transaction of $902,219.50. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 137,260 shares of company stock valued at $17,361,672 over the last 90 days. 1.70% of the stock is currently owned by company insiders.

Iron Mountain Stock Performance

Iron Mountain stock opened at $124.42 on Friday. The stock’s 50 day simple moving average is $125.26 and its two-hundred day simple moving average is $113.70. The stock has a market cap of $37.02 billion, a price-to-earnings ratio of 136.72 and a beta of 1.19. Iron Mountain Incorporated has a fifty-two week low of $77.77 and a fifty-two week high of $134.68.

Iron Mountain (NYSE:IRM) last posted its earnings results on Thursday, April 30th. The financial services provider reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.10. The firm had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.86 billion. Iron Mountain had a negative return on equity of 91.56% and a net margin of 3.76%.The business’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.17 EPS. On average, analysts predict that Iron Mountain Incorporated will post 5.4 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on IRM. Wall Street Zen cut shares of Iron Mountain from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Weiss Ratings raised shares of Iron Mountain from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday. JPMorgan Chase & Co. increased their target price on shares of Iron Mountain from $121.00 to $138.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. Zacks Research upgraded Iron Mountain from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. Finally, Truist Financial set a $140.00 price objective on Iron Mountain in a report on Friday, May 1st. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $134.33.

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.