Iron Mountain Incorporated (NYSE:IRM) Shares Sold by Marble Harbor Investment Counsel LLC

Key Points

• Marble Harbor Investment Counsel LLC sold 12,982 shares of Iron Mountain in Q1, reducing its stake by 3.7% to 333,588 shares, which accounts for 3.2% of its holdings.
• Insider selling by executives included EVP Greg W. McIntosh and CEO William L. Meaney, with total sales of 86,459 shares amounting to approximately $8.67 million in July.
• Iron Mountain's stock currently trades at $94.08, down 23% from its 1-year high, with analysts maintaining a consensus rating of "Buy" and an average price target of $122.00.

Marble Harbor Investment Counsel LLC cut its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 3.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 333,588 shares of the financial services provider's stock after selling 12,982 shares during the quarter. Iron Mountain comprises approximately 3.2% of Marble Harbor Investment Counsel LLC's portfolio, making the stock its 7th largest holding. Marble Harbor Investment Counsel LLC owned about 0.11% of Iron Mountain worth $28,702,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. Kestra Private Wealth Services LLC lifted its stake in shares of Iron Mountain by 14.7% during the first quarter. Kestra Private Wealth Services LLC now owns 14,537 shares of the financial services provider's stock valued at $1,251,000 after buying an additional 1,860 shares during the period. Golden State Wealth Management LLC acquired a new stake in Iron Mountain during the 1st quarter valued at $30,000. Assenagon Asset Management S.A. grew its holdings in Iron Mountain by 3.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 11,538 shares of the financial services provider's stock valued at $993,000 after purchasing an additional 388 shares in the last quarter. Miracle Mile Advisors LLC grew its holdings in Iron Mountain by 134.7% during the 1st quarter. Miracle Mile Advisors LLC now owns 7,545 shares of the financial services provider's stock valued at $649,000 after purchasing an additional 4,330 shares in the last quarter. Finally, Sowell Financial Services LLC bought a new position in Iron Mountain during the 1st quarter valued at $285,000. Hedge funds and other institutional investors own 80.13% of the company's stock.

Insider Activity

In related news, EVP Greg W. Mcintosh sold 17,334 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $100.00, for a total transaction of $1,733,400.00. Following the transaction, the executive vice president owned 35,446 shares in the company, valued at $3,544,600. This represents a 32.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Walter C. Rakowich sold 900 shares of the company's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $99.97, for a total transaction of $89,973.00. Following the transaction, the director owned 36,515 shares in the company, valued at approximately $3,650,404.55. The trade was a 2.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 170,882 shares of company stock worth $17,007,738 over the last 90 days. 1.90% of the stock is currently owned by company insiders.

Iron Mountain Price Performance

IRM stock traded down $0.26 on Tuesday, reaching $94.51. 504,592 shares of the company were exchanged, compared to its average volume of 1,825,038. Iron Mountain Incorporated has a 12 month low of $72.33 and a 12 month high of $130.24. The stock's fifty day moving average price is $99.95 and its 200 day moving average price is $95.05. The firm has a market capitalization of $27.88 billion, a PE ratio of 230.95 and a beta of 1.07.

Analysts Set New Price Targets

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

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.