Citigroup Inc. Grows Stake in Iron Mountain Incorporated $IRM

Citigroup Inc. lifted its stake in Iron Mountain Incorporated (NYSE:IRM) by 105.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 419,723 shares of the financial services provider’s stock after buying an additional 215,308 shares during the quarter. Citigroup Inc.’s holdings in Iron Mountain were worth $42,787,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of IRM. NorthCrest Asset Manangement LLC increased its stake in Iron Mountain by 3.6% during the 3rd quarter. NorthCrest Asset Manangement LLC now owns 2,929 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 103 shares in the last quarter. Continuum Advisory LLC grew its holdings in shares of Iron Mountain by 5.3% during the third quarter. Continuum Advisory LLC now owns 2,077 shares of the financial services provider’s stock valued at $212,000 after buying an additional 104 shares during the last quarter. Natural Investments LLC increased its position in shares of Iron Mountain by 3.1% during the third quarter. Natural Investments LLC now owns 3,581 shares of the financial services provider’s stock valued at $365,000 after acquiring an additional 107 shares in the last quarter. Merit Financial Group LLC raised its holdings in Iron Mountain by 0.5% in the 3rd quarter. Merit Financial Group LLC now owns 19,930 shares of the financial services provider’s stock worth $2,032,000 after acquiring an additional 109 shares during the last quarter. Finally, Personal CFO Solutions LLC lifted its position in Iron Mountain by 5.3% in the 3rd quarter. Personal CFO Solutions LLC now owns 2,450 shares of the financial services provider’s stock valued at $250,000 after acquiring an additional 124 shares in the last quarter. Institutional investors own 80.13% of the company’s stock.

Iron Mountain Price Performance

Shares of IRM opened at $113.30 on Wednesday. Iron Mountain Incorporated has a one year low of $72.33 and a one year high of $113.34. The firm has a market capitalization of $33.52 billion, a P/E ratio of 236.05 and a beta of 1.16. The business has a fifty day moving average of $92.35 and a 200 day moving average of $94.42.

Iron Mountain Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 3rd. Shareholders of record on Monday, March 16th will be paid a dividend of $0.864 per share. This represents a $3.46 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Monday, March 16th. Iron Mountain’s payout ratio is currently 720.83%.

Wall Street Analyst Weigh In

IRM has been the subject of a number of research analyst reports. Barclays lifted their target price on Iron Mountain from $126.00 to $127.00 and gave the stock an “overweight” rating in a report on Monday. Weiss Ratings reissued a “hold (c)” rating on shares of Iron Mountain in a research report on Thursday, January 22nd. Finally, JPMorgan Chase & Co. upped their target price on shares of Iron Mountain from $100.00 to $111.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $113.25.

Insider Activity

In related news, EVP Mark Kidd sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $83.10, for a total transaction of $498,600.00. Following the completion of the sale, the executive vice president directly owned 55,081 shares in the company, valued at approximately $4,577,231.10. The trade was a 9.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William L. Meaney sold 38,482 shares of the company’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $83.17, for a total transaction of $3,200,547.94. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 119,607 shares of company stock valued at $9,970,025 in the last ninety days. Insiders own 1.90% of the company’s stock.

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.