Iron Mountain Incorporated (NYSE:IRM) Shares Acquired by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp increased its stake in Iron Mountain Incorporated by 12.9%, owning 28,337 shares worth approximately $2.4 million after purchasing an additional 3,248 shares in Q1.
• Iron Mountain shares opened at $94.08, with a 52-week range between $72.33 and $130.24, and a market capitalization of $27.76 billion.
• CEO William L. Meaney sold 69,125 shares valued at approximately $6.94 million in July 2023, representing a significant insider transaction amid a broader trend of insider selling.

Mackenzie Financial Corp lifted its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 12.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 28,337 shares of the financial services provider's stock after purchasing an additional 3,248 shares during the quarter. Mackenzie Financial Corp's holdings in Iron Mountain were worth $2,438,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Whittier Trust Co. grew its stake in Iron Mountain by 3.4% during the 1st quarter. Whittier Trust Co. now owns 3,265 shares of the financial services provider's stock valued at $281,000 after purchasing an additional 108 shares during the last quarter. Belpointe Asset Management LLC grew its stake in Iron Mountain by 1.6% during the 4th quarter. Belpointe Asset Management LLC now owns 7,250 shares of the financial services provider's stock valued at $821,000 after purchasing an additional 112 shares during the last quarter. DoubleLine ETF Adviser LP grew its stake in Iron Mountain by 0.5% during the 4th quarter. DoubleLine ETF Adviser LP now owns 21,064 shares of the financial services provider's stock valued at $2,214,000 after purchasing an additional 114 shares during the last quarter. Stratos Wealth Partners LTD. grew its stake in Iron Mountain by 3.7% during the 1st quarter. Stratos Wealth Partners LTD. now owns 3,312 shares of the financial services provider's stock valued at $285,000 after purchasing an additional 118 shares during the last quarter. Finally, Diversify Advisory Services LLC grew its stake in Iron Mountain by 1.9% during the 1st quarter. Diversify Advisory Services LLC now owns 6,480 shares of the financial services provider's stock valued at $572,000 after purchasing an additional 123 shares during the last quarter. Hedge funds and other institutional investors own 80.13% of the company's stock.

Insiders Place Their Bets

In other Iron Mountain news, EVP Mark Kidd sold 6,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $102.02, for a total transaction of $612,120.00. Following the completion of the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Walter C. Rakowich sold 900 shares of the stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $99.97, for a total value of $89,973.00. Following the transaction, the director directly owned 36,515 shares of the company's stock, valued at $3,650,404.55. The trade was a 2.41% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 170,882 shares of company stock worth $17,007,738. Company insiders own 1.90% of the company's stock.

Analyst Ratings Changes

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

Iron Mountain Price Performance

IRM stock traded down $3.28 during mid-day trading on Friday, reaching $94.08. 1,500,940 shares of the company's stock were exchanged, compared to its average volume of 1,043,167. The company has a market cap of $27.76 billion, a price-to-earnings ratio of 229.46 and a beta of 1.07. The stock's 50 day moving average is $99.98 and its 200 day moving average is $95.15. Iron Mountain Incorporated has a 12-month low of $72.33 and a 12-month high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.16 by $0.01. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.59 billion. Iron Mountain had a negative return on equity of 201.62% and a net margin of 1.97%. Iron Mountain's revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.10 earnings per share. On average, research analysts forecast that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Company 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.