Moors & Cabot Inc. Lowers Position in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Moors & Cabot Inc. reduced its stake in Iron Mountain Incorporated (NYSE:IRM) by 22.3% in the first quarter, selling 14,495 shares and holding a total of 50,540 shares valued at $4,348,000.
• CEO William L. Meaney and EVP Greg W. Mcintosh sold significant amounts of IRM stock recently, with insiders collectively selling 170,882 shares worth approximately $17 million over the last three months.
• Iron Mountain's stock is currently down 0.6%, having a market cap of $28.73 billion, a P/E ratio of 237.51, and a consensus target price from analysts of $121.71, indicating a generally positive outlook despite recent declines in share price.

Moors & Cabot Inc. cut its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 22.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 50,540 shares of the financial services provider's stock after selling 14,495 shares during the quarter. Moors & Cabot Inc.'s holdings in Iron Mountain were worth $4,348,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Whittier Trust Co. lifted its position in shares of Iron Mountain by 3.4% during the first quarter. Whittier Trust Co. now owns 3,265 shares of the financial services provider's stock valued at $281,000 after buying an additional 108 shares during the last quarter. Belpointe Asset Management LLC lifted its position in shares of Iron Mountain by 1.6% during the fourth quarter. Belpointe Asset Management LLC now owns 7,250 shares of the financial services provider's stock valued at $821,000 after buying an additional 112 shares during the last quarter. DoubleLine ETF Adviser LP lifted its position in shares of Iron Mountain by 0.5% during the fourth quarter. DoubleLine ETF Adviser LP now owns 21,064 shares of the financial services provider's stock valued at $2,214,000 after buying an additional 114 shares during the last quarter. Stratos Wealth Partners LTD. lifted its position in shares of Iron Mountain by 3.7% during the first quarter. Stratos Wealth Partners LTD. now owns 3,312 shares of the financial services provider's stock valued at $285,000 after buying an additional 118 shares during the last quarter. Finally, Diversify Advisory Services LLC lifted its position in shares of Iron Mountain by 1.9% during the first quarter. Diversify Advisory Services LLC now owns 6,480 shares of the financial services provider's stock valued at $572,000 after buying an additional 123 shares during the last quarter. 80.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Iron Mountain

In related news, CEO William L. Meaney sold 69,125 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $100.36, for a total value of $6,937,385.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Greg W. Mcintosh sold 17,334 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $100.00, for a total transaction of $1,733,400.00. Following the completion of the transaction, the executive vice president owned 35,446 shares in the company, valued at approximately $3,544,600. This trade represents a 32.84% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 170,882 shares of company stock worth $17,007,738. 1.90% of the stock is owned by insiders.

Iron Mountain Stock Down 0.6%

IRM opened at $97.38 on Friday. Iron Mountain Incorporated has a 52-week low of $72.33 and a 52-week high of $130.24. The company has a market cap of $28.73 billion, a P/E ratio of 237.51 and a beta of 1.08. The firm's 50-day moving average price is $100.03 and its 200-day moving average price is $95.39.

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

Wall Street Analyst Weigh In

Several analysts have commented on IRM shares. Truist Financial started coverage on shares of Iron Mountain in a research report on Tuesday, April 8th. They set a "buy" rating and a $95.00 price target for the company. Barclays increased their price target on shares of Iron Mountain from $118.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, May 27th. Finally, Wall Street Zen raised shares of Iron Mountain from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Iron Mountain has an average rating of "Buy" and a consensus target price of $121.71.

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.

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