Amundi Sells 242,119 Shares of Iron Mountain Incorporated $IRM

Key Points

• Amundi reduced its Iron Mountain stake by 18.2%, selling 242,119 shares in the first quarter and retaining 1.09 million shares valued at approximately $111.5 million. Institutional investors collectively own 80.13% of the company.
• Iron Mountain insiders have also been selling shares, including CEO William Meaney’s $4.7 million sale and director Walter Rakowich’s $94,209 sale; insiders sold $17.4 million of stock over the past 90 days.
• Analyst sentiment remains favorable, with the stock holding a “Moderate Buy” consensus and an average price target of $134.33. The company recently beat quarterly earnings and revenue estimates, reporting $1.94 billion in revenue, up 21.5% year over year.

Amundi cut its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 18.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,091,574 shares of the financial services provider's stock after selling 242,119 shares during the period. Amundi owned approximately 0.37% of Iron Mountain worth $111,493,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in IRM. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Iron Mountain by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,904 shares of the financial services provider's stock valued at $2,573,000 after buying an additional 1,286 shares during the last quarter. Empowered Funds LLC lifted its position in Iron Mountain by 10.3% during the 1st quarter. Empowered Funds LLC now owns 5,728 shares of the financial services provider's stock worth $493,000 after acquiring an additional 537 shares during 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 valued at $2,129,000 after acquiring an additional 7,193 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of Iron Mountain by 29.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,322 shares of the financial services provider's stock valued at $136,000 after purchasing an additional 300 shares during the last quarter. Finally, Cerity Partners LLC grew its position in shares of 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 during the last quarter. 80.13% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Walter C. Rakowich sold 757 shares of the firm's stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $124.45, for a total value of $94,208.65. Following the completion of the sale, the director directly owned 1,135 shares in the company, valued at approximately $141,250.75. This trade represents a 40.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William L. Meaney sold 38,474 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $122.83, for a total transaction of $4,725,761.42. Following the sale, the chief executive officer directly owned 38,474 shares in the company, valued at approximately $4,725,761.42. This represents a 50.00% decrease in their position. 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 137,260 shares of company stock valued at $17,361,672 in the last ninety days. 1.70% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Wells Fargo & Company raised their target price on Iron Mountain from $125.00 to $135.00 and gave the company an "overweight" rating in a report on Tuesday, April 21st. Weiss Ratings upgraded Iron Mountain from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday. JPMorgan Chase & Co. increased their price objective on Iron Mountain from $121.00 to $138.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. Wall Street Zen downgraded shares of Iron Mountain from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Finally, Barclays boosted their target price on shares of Iron Mountain from $127.00 to $143.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 1st. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Iron Mountain has an average rating of "Moderate Buy" and an average price target of $134.33.

Iron Mountain Price Performance

Shares of NYSE:IRM opened at $122.21 on Friday. The business's fifty day moving average price is $125.17 and its two-hundred day moving average price is $113.76. Iron Mountain Incorporated has a fifty-two week low of $77.77 and a fifty-two week high of $134.68. The stock has a market capitalization of $36.36 billion, a price-to-earnings ratio of 134.30 and a beta of 1.19.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its earnings results on Thursday, April 30th. The financial services provider reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.10. Iron Mountain had a net margin of 3.76% and a negative return on equity of 91.56%. The business had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same quarter in the prior year, the firm earned $1.17 EPS. The firm's quarterly revenue was up 21.5% compared to the same quarter last year. Research analysts expect that Iron Mountain Incorporated will post 5.4 EPS for the current fiscal year.

Iron Mountain Company 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.

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