Nippon Life Global Investors Americas Inc. Acquires Shares of 111,470 Iron Mountain Incorporated $IRM

Nippon Life Global Investors Americas Inc. acquired a new stake in shares of Iron Mountain Incorporated (NYSE:IRM) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 111,470 shares of the financial services provider’s stock, valued at approximately $14,168,000.

A number of other institutional investors also recently modified their holdings of the company. Norges Bank purchased a new position in Iron Mountain during the 4th quarter valued at about $368,890,000. Cohen & Steers Inc. lifted its holdings in Iron Mountain by 20.0% in the 4th quarter. Cohen & Steers Inc. now owns 18,903,716 shares of the financial services provider’s stock worth $1,568,110,000 after buying an additional 3,155,034 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Iron Mountain by 597.9% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,161,589 shares of the financial services provider’s stock worth $322,292,000 after buying an additional 2,708,560 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Iron Mountain by 66.5% in the 4th quarter. Principal Financial Group Inc. now owns 4,207,596 shares of the financial services provider’s stock worth $349,021,000 after buying an additional 1,680,438 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of Iron Mountain during the second quarter valued at approximately $202,106,000. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Iron Mountain

In other news, Director Walter C. Rakowich sold 757 shares of the company’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $124.45, for a total value of $94,208.65. Following the sale, the director directly owned 1,135 shares of the company’s stock, valued at $141,250.75. This represents a 40.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Mark Kidd sold 6,000 shares of the stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $122.70, for a total transaction of $736,200.00. Following the completion of the transaction, the executive vice president owned 101,507 shares of the company’s stock, valued at approximately $12,454,908.90. The trade was a 5.58% 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. In the last quarter, insiders have sold 135,368 shares of company stock worth $16,807,080. Corporate insiders own 1.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Weiss Ratings upgraded Iron Mountain from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Barclays boosted their price objective on shares of Iron Mountain from $127.00 to $143.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. Zacks Research raised shares of Iron Mountain from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Wall Street Zen lowered shares of Iron Mountain from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Finally, Wells Fargo & Company boosted their price target on shares of Iron Mountain from $135.00 to $140.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $135.17.

Iron Mountain Stock Performance

Shares of NYSE:IRM opened at $129.49 on Monday. The firm has a market capitalization of $38.55 billion, a P/E ratio of 92.49 and a beta of 1.20. The stock has a 50 day moving average price of $124.57 and a 200-day moving average price of $116.11. Iron Mountain Incorporated has a 52-week low of $77.77 and a 52-week high of $134.68.

Iron Mountain Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.864 per share. This represents a $3.46 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Iron Mountain’s payout ratio is 247.14%.

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.