OVERSEA CHINESE BANKING Corp Ltd Purchases 3,790 Shares of Iron Mountain Incorporated (NYSE:IRM)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd increased its stake in Iron Mountain by 4.9%, acquiring an additional 3,790 shares to reach a total of 81,621 shares worth approximately $7 million.
• Insider trading included sales by EVP Greg W. Mcintosh and Director Walter C. Rakowich, with a combined total of nearly $1.8 million in shares sold in their recent transactions.
• Iron Mountain's stock has declined 3.4%, with shares trading at $94.08, down significantly from a 12-month high of $130.24, while analysts maintain a generally positive outlook with a price target increase to $121.00 from Barclays.

OVERSEA CHINESE BANKING Corp Ltd increased its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 4.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 81,621 shares of the financial services provider's stock after acquiring an additional 3,790 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Iron Mountain were worth $7,023,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of IRM. PNC Financial Services Group Inc. boosted its position in Iron Mountain by 2.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 58,449 shares of the financial services provider's stock valued at $5,029,000 after buying an additional 1,255 shares during the last quarter. Jefferies Financial Group Inc. bought a new position in shares of Iron Mountain in the 1st quarter worth $926,000. Alberta Investment Management Corp boosted its position in shares of Iron Mountain by 100.0% in the 1st quarter. Alberta Investment Management Corp now owns 48,800 shares of the financial services provider's stock worth $4,199,000 after purchasing an additional 24,400 shares during the last quarter. US Bancorp DE boosted its position in shares of Iron Mountain by 6.8% in the 1st quarter. US Bancorp DE now owns 24,291 shares of the financial services provider's stock worth $2,090,000 after purchasing an additional 1,539 shares during the last quarter. Finally, American Assets Investment Management LLC bought a new position in shares of Iron Mountain in the 1st quarter worth $4,921,000. 80.13% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on the company. Wall Street Zen raised Iron Mountain from a "sell" rating to a "hold" rating in a research note on Friday, April 18th. Truist Financial began coverage on Iron Mountain in a research note on Tuesday, April 8th. They set a "buy" rating and a $95.00 price objective on the stock. Finally, Barclays lifted their price target on 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Iron Mountain currently has an average rating of "Buy" and an average target price of $122.00.

Iron Mountain Stock Performance

Iron Mountain stock traded down $3.28 during midday 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. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $130.24. The firm 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 simple moving average is $99.98 and its 200 day simple moving average is $95.15.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly earnings data 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. Iron Mountain had a negative return on equity of 201.62% and a net margin of 1.97%. The company had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.59 billion. During the same quarter in the previous year, the company posted $1.10 earnings per share. The business's revenue was up 7.9% on a year-over-year basis. Research analysts forecast that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Insider Transactions at Iron Mountain

In other news, EVP Greg W. Mcintosh sold 17,334 shares of Iron Mountain 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 in the company, valued at approximately $3,544,600. The trade was a 32.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Walter C. Rakowich sold 900 shares of Iron Mountain stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $99.97, for a total transaction of $89,973.00. Following the completion of the sale, the director owned 36,515 shares of the company's stock, 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. In the last ninety days, insiders have sold 170,882 shares of company stock worth $17,007,738. Insiders own 1.90% of the company's stock.

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.