Raiffeisen Bank International AG Increases Stake in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Raiffeisen Bank International AG increased its holdings in Iron Mountain by 28.9% in the first quarter, owning a total of 49,170 shares valued at approximately $4.18 million.
• Several hedge funds made new acquisitions in Iron Mountain shares this quarter, indicating significant institutional interest, with 80.13% of the stock owned by institutional investors.
• Wall Street analysts have a positive outlook on Iron Mountain, with an average rating of "Buy" and a target price of $122.00, reflecting expected growth despite a recent stock price dip.

Raiffeisen Bank International AG grew its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 28.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 49,170 shares of the financial services provider's stock after acquiring an additional 11,027 shares during the period. Raiffeisen Bank International AG's holdings in Iron Mountain were worth $4,184,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Cranbrook Wealth Management LLC acquired a new stake in shares of Iron Mountain during the first quarter valued at about $26,000. Golden State Wealth Management LLC acquired a new stake in shares of Iron Mountain during the first quarter valued at about $30,000. Ramirez Asset Management Inc. acquired a new stake in shares of Iron Mountain during the first quarter valued at about $34,000. Wayfinding Financial LLC acquired a new stake in shares of Iron Mountain during the first quarter valued at about $37,000. Finally, Franchise Capital Ltd acquired a new stake in shares of Iron Mountain during the first quarter valued at about $39,000. 80.13% of the stock is owned by hedge funds and other institutional investors.

Iron Mountain Price Performance

Shares of IRM stock traded up $0.88 during trading on Tuesday, reaching $95.65. The company's stock had a trading volume of 1,828,605 shares, compared to its average volume of 1,053,374. Iron Mountain Incorporated has a 1-year low of $72.33 and a 1-year high of $130.24. The stock's 50-day moving average price is $99.92 and its 200 day moving average price is $95.05. The company has a market capitalization of $28.22 billion, a price-to-earnings ratio of 233.29 and a beta of 1.07.

Insider Activity

In related news, CEO William L. Meaney sold 69,125 shares of Iron Mountain 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 Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark Kidd sold 6,000 shares of the business's 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 sale, 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 position. The disclosure for this sale can be found here. Insiders have sold 240,007 shares of company stock worth $23,543,507 over the last three months. Insiders own 1.90% of the company's stock.

Wall Street Analyst Weigh In

IRM has been the subject of a number of recent analyst reports. Truist Financial initiated 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 lifted their price objective on shares of Iron Mountain from $118.00 to $121.00 and gave the company an "overweight" rating in a report on Tuesday, May 27th. Finally, Wall Street Zen upgraded shares of Iron Mountain from a "sell" rating to a "hold" rating in a report on Friday, April 18th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $122.00.

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.