Mirae Asset Global Investments Co. Ltd. Buys New Stake in Iron Mountain Incorporated $IRM

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Iron Mountain Incorporated (NYSE:IRM) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 79,822 shares of the financial services provider’s stock, valued at approximately $8,856,000.

Several other hedge funds have also added to or reduced their stakes in IRM. Brown Financial Advisors grew its holdings in Iron Mountain by 3.6% in the 2nd quarter. Brown Financial Advisors now owns 2,580 shares of the financial services provider’s stock valued at $326,000 after buying an additional 90 shares in the last quarter. Crown Wealth Group LLC increased its position in Iron Mountain by 3.0% during the 3rd quarter. Crown Wealth Group LLC now owns 3,086 shares of the financial services provider’s stock worth $342,000 after buying an additional 91 shares during the period. Oregon Public Employees Retirement Fund lifted its holdings in shares of Iron Mountain by 0.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 33,889 shares of the financial services provider’s stock worth $3,461,000 after buying an additional 100 shares in the last quarter. Yousif Capital Management LLC boosted its position in shares of Iron Mountain by 0.3% in the third quarter. Yousif Capital Management LLC now owns 38,379 shares of the financial services provider’s stock valued at $4,258,000 after acquiring an additional 102 shares during the period. Finally, Eastern Bank boosted its position in shares of Iron Mountain by 14.4% in the third quarter. Eastern Bank now owns 841 shares of the financial services provider’s stock valued at $93,000 after acquiring an additional 106 shares during the period. 80.13% of the stock is owned by institutional investors and hedge funds.

Iron Mountain Trading Up 2.0%

Shares of Iron Mountain stock opened at $118.99 on Thursday. The firm has a market capitalization of $35.42 billion, a PE ratio of 85.00 and a beta of 1.18. The firm’s 50 day moving average is $114.40 and its 200 day moving average is $115.26. Iron Mountain Incorporated has a 1 year low of $77.77 and a 1 year high of $134.68.

Iron Mountain (NYSE:IRM) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.06. The business had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $1.97 billion. Iron Mountain had a net margin of 5.54% and a negative return on equity of 85.44%. The firm’s quarterly revenue was up 18.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.24 EPS. As a group, research analysts anticipate that Iron Mountain Incorporated will post 5.42 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on IRM shares. Truist Financial upped their price target on shares of Iron Mountain from $140.00 to $155.00 and gave the company a “buy” rating in a research note on Thursday, August 27th. Weiss Ratings lowered shares of Iron Mountain from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, August 25th. Barclays raised their target price on shares of Iron Mountain from $143.00 to $144.00 and gave the stock an “overweight” rating in a report on Tuesday, September 8th. Wells Fargo & Company lifted their price target on shares of Iron Mountain from $135.00 to $140.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Finally, Jefferies Financial Group cut their price target on Iron Mountain from $147.00 to $135.00 and set a “buy” rating for the company in a research note on Monday, October 12th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $143.89.

Insiders Place Their Bets

In other news, EVP Greg W. Mcintosh sold 5,000 shares of the stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $116.96, for a total value of $584,800.00. Following the completion of the transaction, the executive vice president directly owned 65,634 shares in the company, valued at approximately $7,676,552.64. This represents a 7.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Mark Kidd sold 6,000 shares of the firm’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $115.60, for a total value of $693,600.00. Following the sale, the executive vice president directly owned 95,507 shares in the company, valued at approximately $11,040,609.20. This trade represents a 5.91% 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. Over the last quarter, insiders have sold 142,422 shares of company stock valued at $16,465,899. 1.70% of the stock is currently owned by insiders.

Iron Mountain Profile

Iron Mountain Incorporated (NYSE: IRM) is a global information management and storage company that helps organizations protect, manage and optimize their physical and digital assets. Founded in 1951, the company began as a records storage provider and has expanded into a broader information lifecycle management business.

Its services include records storage and retrieval, information governance, secure shredding and destruction, document scanning, digital transformation, backup and recovery, and data center services.