Bank of Nova Scotia Has $3.74 Million Position in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• The Bank of Nova Scotia reduced its stake in Iron Mountain Incorporated by 8.8% in the first quarter, holding 43,429 shares valued at approximately $3.74 million.
• Multiple institutional investors, including Franklin Resources and Invesco, have increased their holdings in Iron Mountain, with 80.13% of the stock now owned by institutional investors and hedge funds.
• Recent analyst ratings indicate a shift with several upgrades, including a move from a "sell" to a "hold" rating, and a target price adjustment from $118.00 to $121.00 by Barclays.

Bank of Nova Scotia reduced its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 8.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,429 shares of the financial services provider's stock after selling 4,204 shares during the period. Bank of Nova Scotia's holdings in Iron Mountain were worth $3,736,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of IRM. Franklin Resources Inc. increased its holdings in shares of Iron Mountain by 3.1% in the fourth quarter. Franklin Resources Inc. now owns 124,916 shares of the financial services provider's stock valued at $13,130,000 after purchasing an additional 3,707 shares during the last quarter. Wedbush Securities Inc. grew its stake in shares of Iron Mountain by 2.4% in the fourth quarter. Wedbush Securities Inc. now owns 8,031 shares of the financial services provider's stock valued at $844,000 after acquiring an additional 192 shares in the last quarter. Cerity Partners LLC grew its stake in shares of Iron Mountain by 11.8% in the fourth quarter. Cerity Partners LLC now owns 32,836 shares of the financial services provider's stock valued at $3,625,000 after acquiring an additional 3,474 shares in the last quarter. Invesco Ltd. grew its stake in shares of Iron Mountain by 17.2% in the fourth quarter. Invesco Ltd. now owns 2,482,820 shares of the financial services provider's stock valued at $260,969,000 after acquiring an additional 363,783 shares in the last quarter. Finally, Shelton Capital Management grew its stake in shares of Iron Mountain by 0.7% in the fourth quarter. Shelton Capital Management now owns 40,663 shares of the financial services provider's stock valued at $4,274,000 after acquiring an additional 292 shares in the last quarter. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Mark Kidd sold 6,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $102.02, for a total transaction of $612,120.00. Following the completion of the sale, the executive vice president owned 91,081 shares of the company's stock, valued at $9,292,083.62. This represents a 6.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO William L. Meaney sold 69,125 shares of the company's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $94.55, for a total transaction of $6,535,768.75. The disclosure for this sale can be found here. Over the last three months, insiders sold 240,007 shares of company stock worth $23,543,507. 1.90% of the stock is owned by company insiders.

Iron Mountain Stock Up 0.9%

IRM opened at $95.65 on Wednesday. Iron Mountain Incorporated has a twelve month low of $72.33 and a twelve month high of $130.24. The company has a 50-day simple moving average of $99.92 and a 200 day simple moving average of $95.05. The stock has a market capitalization of $28.22 billion, a price-to-earnings ratio of 233.29 and a beta of 1.07.

Analyst Ratings Changes

Several equities analysts recently commented on IRM shares. Wall Street Zen upgraded shares of Iron Mountain from a "sell" rating to a "hold" rating in a research note on Friday, April 18th. Truist Financial started coverage on shares of Iron Mountain in a research note on Tuesday, April 8th. They issued a "buy" rating and a $95.00 price target on the stock. Finally, Barclays upped their price target on shares of Iron Mountain from $118.00 to $121.00 and gave the company an "overweight" rating in a research note on Tuesday, May 27th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $122.00.

About Iron Mountain

Iron Mountain Incorporated NYSE: IRM is a global leader in information management services. Founded in 1951 and trusted by more than 240,000 customers worldwide, Iron Mountain serves to protect and elevate the power of our customers' work. Through a range of offerings including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.

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