Iron Mountain Lifts Outlook and Dividend Amid Mixed Revenue Guidance

Institutional activity around Iron Mountain Incorporated (NYSE:IRM) remains notable, with Pictet Asset Management Holding SA recently lifting its stake by 32.2% during the third quarter. According to a regulatory filing, Pictet acquired 263,376 shares, bringing its total position to 1,080,998 shares valued at $119,951,000.

The institutional buying follows Iron Mountain's third-quarter financial report, where revenue increased 13% to 13.5% year over year to $1.99 billion. Adjusted funds from operations reached $458 million, or $1.53 per share, while adjusted EBITDA climbed 13% to $748 million. Growth was heavily supported by the company's data center and asset lifecycle management segments, with data center revenue climbing 34% to $274 million on a record 102 megawatts leased during the quarter.

Supported by these results, management boosted its full-year 2026 outlook. Iron Mountain now projects annual revenue between $7.95 billion and $8.02 billion, full-year adjusted EBITDA of $2.948 billion to $2.978 billion, and AFFO between $1.78 billion and $1.80 billion, representing $5.94 to $6.00 per share. The board also declared a 15% increase to its quarterly dividend, raising it to $0.993 per share payable on January 6th to shareholders of record as of December 15th.

Despite the raised full-year expectations, the market responded cautiously to the company's near-term targets. Iron Mountain projected fourth-quarter revenue of approximately $2.03 billion, which fell short of the $2.05 billion consensus estimate from analysts. MarketBeat reported that the softer quarterly outlook contributed to downward pressure on the stock shortly after the release.

Wall Street coverage remains generally favorable toward the company. According to MarketBeat data, the consensus rating sits at Moderate Buy with an average price target of $143.89, based on eight Buy ratings and two Hold ratings from equities research analysts.