Quantinno Capital Management LP Buys 154,910 Shares of Iron Mountain Incorporated $IRM

Key Points

• Quantinno Capital Management increased its Iron Mountain stake by 92.7%, purchasing 154,910 additional shares to hold 322,017 shares worth approximately $32.9 million. Hedge funds and other institutional investors collectively own 80.13% of the company.
• Iron Mountain reported quarterly revenue of $1.94 billion, up 21.5% year over year and above estimates, while adjusted earnings per share of $0.60 exceeded the $0.50 consensus forecast.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and a $134.33 price target; however, insiders sold 137,260 shares worth approximately $17.4 million over the past 90 days.

Quantinno Capital Management LP increased its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 92.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 322,017 shares of the financial services provider's stock after purchasing an additional 154,910 shares during the quarter. Quantinno Capital Management LP owned 0.11% of Iron Mountain worth $32,891,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Garton & Associates Financial Advisors LLC purchased a new position in shares of Iron Mountain in the 4th quarter worth $25,000. Beaird Harris Wealth Management LLC increased its position in Iron Mountain by 17,500.0% during the fourth quarter. Beaird Harris Wealth Management LLC now owns 352 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 350 shares during the last quarter. Dynamic Wealth Strategies LLC purchased a new stake in Iron Mountain during the first quarter valued at $31,000. Johnson Financial Group Inc. bought a new position in Iron Mountain in the third quarter valued at about $32,000. Finally, Bayban bought a new position in Iron Mountain in the fourth quarter valued at about $33,000. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

Iron Mountain Stock Performance

NYSE:IRM opened at $124.42 on Friday. The stock has a 50-day simple moving average of $125.26 and a two-hundred day simple moving average of $113.70. The firm has a market capitalization of $37.02 billion, a PE ratio of 136.72 and a beta of 1.19. Iron Mountain Incorporated has a 52-week low of $77.77 and a 52-week high of $134.68.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The financial services provider reported $0.60 EPS for the quarter, topping the consensus estimate of $0.50 by $0.10. Iron Mountain had a negative return on equity of 91.56% and a net margin of 3.76%.The firm had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter last year, the company earned $1.17 earnings per share. The business's revenue for the quarter was up 21.5% compared to the same quarter last year. Equities analysts forecast that Iron Mountain Incorporated will post 5.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Iron Mountain news, CAO Daniel Borges sold 7,189 shares of the firm's stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $125.50, for a total transaction of $902,219.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Walter C. Rakowich sold 757 shares of Iron Mountain stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $124.45, for a total transaction of $94,208.65. Following the transaction, the director directly owned 1,135 shares in the company, valued at $141,250.75. This represents a 40.01% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 137,260 shares of company stock worth $17,361,672 in the last ninety days. Corporate insiders own 1.70% of the company's stock.

Wall Street Analysts Forecast Growth

IRM has been the subject of a number of recent research reports. Weiss Ratings upgraded Iron Mountain from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday. Barclays increased their price objective on shares of Iron Mountain from $127.00 to $143.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 1st. Truist Financial set a $140.00 price objective on shares of Iron Mountain in a report on Friday, May 1st. JPMorgan Chase & Co. upped their target price on shares of Iron Mountain from $121.00 to $138.00 and gave the company an "overweight" rating in a report on Friday, May 1st. Finally, Zacks Research upgraded shares of Iron Mountain from a "strong sell" rating to a "hold" rating in a research report on Tuesday, May 12th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $134.33.

About Iron Mountain

Iron Mountain Incorporated is a global information management company that helps organizations protect, store, and manage their physical and digital information. The firm provides a range of services including secure records storage, document imaging and digitization, secure shredding and destruction, and information governance solutions designed to support regulatory compliance and business continuity. Iron Mountain also offers specialized secure storage environments and logistics for sensitive assets such as art, medical records, and legal archives.

Beyond traditional records management, Iron Mountain has expanded into technology-driven services to support customers' digital transformation.

Want to see what other hedge funds are holding IRM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Iron Mountain Incorporated (NYSE:IRM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.