Royal Bank of Canada Boosts Stock Position in Iron Mountain Incorporated $IRM

Royal Bank of Canada boosted its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 9.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,410,720 shares of the financial services provider’s stock after buying an additional 124,849 shares during the period. Royal Bank of Canada’s holdings in Iron Mountain were worth $144,090,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Dynamic Wealth Strategies LLC purchased a new position in shares of Iron Mountain in the 1st quarter worth about $31,000. Garton & Associates Financial Advisors LLC bought a new position in Iron Mountain in the 4th quarter worth about $25,000. Johnson Financial Group Inc. purchased a new stake in Iron Mountain during the 3rd quarter valued at about $32,000. Beaird Harris Wealth Management LLC increased its stake in Iron Mountain by 17,500.0% during the 4th quarter. Beaird Harris Wealth Management LLC now owns 352 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 350 shares in the last quarter. Finally, Bayban bought a new stake in Iron Mountain during the 4th quarter valued at about $33,000. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Insider Transactions at Iron Mountain

In other news, EVP Mark Kidd sold 6,000 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $127.91, for a total value of $767,460.00. Following the transaction, the executive vice president owned 119,507 shares in the company, valued at $15,286,140.37. This represents a 4.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William L. Meaney sold 38,474 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $122.83, for a total transaction of $4,725,761.42. Following the sale, the chief executive officer owned 38,474 shares of the company’s stock, valued at $4,725,761.42. This trade represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 137,260 shares of company stock worth $17,361,672. 1.70% of the stock is currently owned by corporate insiders.

Iron Mountain Stock Performance

Iron Mountain stock opened at $124.42 on Friday. The stock has a market cap of $37.02 billion, a PE ratio of 136.72 and a beta of 1.19. Iron Mountain Incorporated has a one year low of $77.77 and a one year high of $134.68. The stock has a fifty day moving average of $125.26 and a 200 day moving average of $113.70.

Iron Mountain (NYSE:IRM) last announced its earnings results on Thursday, April 30th. The financial services provider reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.10. The business had revenue of $1.94 billion for the quarter, compared to analysts’ expectations 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 period last year, the firm posted $1.17 earnings per share. As a group, sell-side analysts predict that Iron Mountain Incorporated will post 5.4 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Barclays increased their price target on shares of Iron Mountain from $127.00 to $143.00 and gave the company an “overweight” rating in a report on Wednesday, July 1st. Weiss Ratings raised Iron Mountain from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday. Truist Financial set a $140.00 target price on Iron Mountain in a research note on Friday, May 1st. Zacks Research raised Iron Mountain from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. Finally, Wall Street Zen cut Iron Mountain from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Iron Mountain has an average rating of “Moderate Buy” and an average price target of $134.33.

Iron Mountain 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.