Alberta Investment Management Corp Acquires 24,400 Shares of Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Alberta Investment Management Corp has significantly increased its stake in Iron Mountain, raising its holdings by 100% to 48,800 shares, worth approximately $4.2 million.
• Other major institutional investors, such as Northern Trust Corp and Point72 Asset Management, have also increased their stakes by notable percentages, indicating strong institutional interest in Iron Mountain.
• Wall Street analysts have given Iron Mountain a consensus rating of "Buy" with a target price of $122.00, reflecting positive expectations for the company's performance.

Alberta Investment Management Corp boosted its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 100.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 48,800 shares of the financial services provider's stock after acquiring an additional 24,400 shares during the quarter. Alberta Investment Management Corp's holdings in Iron Mountain were worth $4,199,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of IRM. Northern Trust Corp grew its position in Iron Mountain by 56.1% in the 4th quarter. Northern Trust Corp now owns 4,326,476 shares of the financial services provider's stock valued at $454,756,000 after buying an additional 1,554,746 shares in the last quarter. Point72 Asset Management L.P. lifted its stake in shares of Iron Mountain by 439.8% in the 4th quarter. Point72 Asset Management L.P. now owns 1,200,660 shares of the financial services provider's stock worth $126,201,000 after acquiring an additional 978,251 shares during the period. Nuveen Asset Management LLC boosted its holdings in shares of Iron Mountain by 39.0% in the fourth quarter. Nuveen Asset Management LLC now owns 2,548,970 shares of the financial services provider's stock valued at $267,922,000 after acquiring an additional 715,024 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Iron Mountain by 117.7% during the first quarter. Principal Financial Group Inc. now owns 904,184 shares of the financial services provider's stock valued at $77,796,000 after acquiring an additional 488,816 shares during the period. Finally, Adelante Capital Management LLC raised its holdings in Iron Mountain by 1,403.5% during the fourth quarter. Adelante Capital Management LLC now owns 445,897 shares of the financial services provider's stock worth $46,868,000 after purchasing an additional 416,239 shares in the last quarter. Institutional investors and hedge funds own 80.13% of the company's stock.

Iron Mountain Trading Up 0.9%

Shares of IRM stock traded up $0.88 during trading hours on Tuesday, hitting $95.65. 1,828,605 shares of the company were exchanged, compared to its average volume of 1,053,374. The company has a market capitalization of $28.22 billion, a PE ratio of 233.29 and a beta of 1.07. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $130.24. The business has a 50 day moving average of $99.95 and a two-hundred day moving average of $95.05.

Insider Buying and Selling at Iron Mountain

In related news, EVP Mark Kidd sold 6,000 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $102.02, for a total transaction of $612,120.00. Following the transaction, the executive vice president directly owned 91,081 shares in the company, valued at approximately $9,292,083.62. The trade was a 6.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Greg W. Mcintosh sold 17,334 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $100.00, for a total value of $1,733,400.00. Following the completion of the sale, the executive vice president directly owned 35,446 shares of the company's stock, valued at approximately $3,544,600. The trade was a 32.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 240,007 shares of company stock valued at $23,543,507. Corporate insiders own 1.90% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. 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 report on Tuesday, May 27th. Truist Financial started coverage on shares of Iron Mountain in a research report on Tuesday, April 8th. They issued a "buy" rating and a $95.00 price target on the stock. Finally, Wall Street Zen upgraded Iron Mountain from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $122.00.

Iron Mountain Profile

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.