J.W. Cole Advisors Inc. has significantly increased its holdings in Iron Mountain Incorporated (NYSE: IRM), raising its position by 65.5% in the first quarter of the year. According to the firm’s latest 13F filing with the Securities and Exchange Commission (SEC), J.W. Cole now owns 14,363 shares after acquiring an additional 5,684 shares during this period. These holdings were valued at approximately $1,236,000 based on the most recent filing.
Other institutional investors have also made notable adjustments to their positions in Iron Mountain. For instance, Norges Bank acquired a new stake worth around $348.2 million in the fourth quarter. Northern Trust Corp expanded its position by 56.1%, bringing its total to 4,326,476 shares, valued at $454.8 million. Similarly, TD Asset Management Inc. grew its stake by 125.4%, now holding 1,952,432 shares worth $205.2 million.
The trend continues with Point72 Asset Management L.P., which increased its position by a staggering 439.8%, now owning 1,200,660 shares, and Nuveen Asset Management LLC, which raised its stake by 39.0% and owns 2,548,970 shares valued at $267.9 million. Overall, institutional investors control 80.13% of Iron Mountain’s stock.
Analysts’ Perspectives on Iron Mountain
Iron Mountain has recently garnered attention from analysts on Wall Street. On April 18, Wall Street Zen upgraded the stock from a “sell” to a “hold” rating. Truist Financial, which began coverage on April 8, issued a “buy” rating along with a price target of $95.00. In addition, Barclays raised its price target from $118.00 to $121.00, assigning an “overweight” rating to the stock.
Currently, one analyst rates Iron Mountain as a hold, while seven others have issued buy ratings, and one has given a strong buy rating. According to data from MarketBeat.com, the company holds a consensus rating of “Buy” with a price target averaging $121.71.
Stock Performance and Financials
On Thursday, Iron Mountain’s stock opened at $99.33. The company has experienced a 52-week range, with a low of $72.33 and a high of $130.24. The firm’s market capitalization stands at $29.31 billion, with a price-to-earnings ratio of 242.26 and a beta of 1.08.
In its most recent earnings report on May 1, Iron Mountain announced earnings per share (EPS) of $1.17, surpassing analysts’ expectations of $1.16 by $0.01. The company reported a net margin of 1.97% and a negative return on equity of 201.62%. Revenue reached $1.59 billion, matching expectations and reflecting a 7.9% increase from the same quarter last year. Analysts predict that Iron Mountain will report an EPS of $4.54 for the current fiscal year.
Iron Mountain has also declared a quarterly dividend of $0.785 per share, which was paid on July 3. Stockholders of record on June 16 received this dividend, representing an annualized payout of $3.14 and a yield of 3.16%. The company’s dividend payout ratio stands at an unusual 765.85%.
In addition to institutional investments, insider trading activity has been notable. On July 1, Greg W. Mcintosh, Executive Vice President, sold 17,334 shares at an average price of $100.00, totaling $1,733,400. Following this transaction, Mcintosh holds 35,446 shares valued at approximately $3.54 million. Similarly, William L. Meaney, CEO, sold 69,125 shares at an average price of $100.36, resulting in proceeds of $6.94 million. In the last three months, insiders have offloaded 240,007 shares, totaling around $23.65 million. Currently, insiders own 1.90% of the company’s stock.
Iron Mountain Incorporated, established in 1951, is a global leader in information management services. Serving more than 240,000 customers worldwide, the company offers a range of services including digital transformation, secure records storage, and asset lifecycle management. Iron Mountain aims to help businesses unlock value from both their digital and physical assets while meeting their environmental goals.
