Investors Buy Large Volume of Put Options on Iron Mountain (NYSE:IRM)

Iron Mountain Incorporated (NYSE:IRM) was the target of unusually large options trading activity on Wednesday. Stock traders acquired 9,554 put options on the stock. This is an increase of approximately 339% compared to the typical daily volume of 2,174 put options.

Insider Activity

In other Iron Mountain news, EVP Mark Kidd sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $122.70, for a total value of $736,200.00. Following the completion of 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 sale was disclosed in a document filed with the Securities & Exchange Commission, 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 stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $125.50, for a total transaction of $902,219.50. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 135,368 shares of company stock worth $16,807,080 in the last ninety days. Company insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Iron Mountain by 4.5% during 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 acquiring an additional 1,286 shares during the last quarter. Empowered Funds LLC lifted its position in shares of Iron Mountain by 10.3% in the first quarter. Empowered Funds LLC now owns 5,728 shares of the financial services provider’s stock worth $493,000 after purchasing an additional 537 shares in the last quarter. Woodline Partners LP boosted 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 worth $2,129,000 after purchasing an additional 7,193 shares during the last quarter. EverSource Wealth Advisors LLC boosted 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 worth $136,000 after purchasing an additional 300 shares during the last quarter. Finally, Cerity Partners LLC grew 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 valued at $3,620,000 after purchasing an additional 1,222 shares in the last quarter. 80.13% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on IRM shares. Wells Fargo & Company lifted their target price on Iron Mountain from $135.00 to $140.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Zacks Research raised Iron Mountain from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Wall Street Zen cut Iron Mountain from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Barclays boosted their price objective on Iron Mountain from $127.00 to $143.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. Finally, Weiss Ratings raised Iron Mountain from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, July 28th. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $135.17.

Iron Mountain Stock Up 0.9%

IRM traded up $1.11 during trading on Wednesday, hitting $123.50. The company had a trading volume of 416,785 shares, compared to its average volume of 1,787,863. The company has a market capitalization of $36.74 billion, a PE ratio of 88.21 and a beta of 1.20. Iron Mountain has a one year low of $77.77 and a one year high of $134.68. The firm’s 50-day moving average price is $124.61 and its 200 day moving average price is $115.41.

Iron Mountain Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Tuesday, September 15th will be issued a $0.864 dividend. This represents a $3.46 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Tuesday, September 15th. Iron Mountain’s payout ratio is 246.43%.

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.