Triasima Portfolio Management inc. Makes New Investment in Iron Mountain Incorporated (NYSE:IRM)

Triasima Portfolio Management inc. bought a new position in shares of Iron Mountain Incorporated (NYSE:IRM) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 28,540 shares of the financial services provider’s stock, valued at approximately $3,000,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its position in shares of Iron Mountain by 2.8% in the third quarter. PNC Financial Services Group Inc. now owns 53,877 shares of the financial services provider’s stock valued at $6,402,000 after acquiring an additional 1,446 shares during the period. Friedenthal Financial bought a new position in shares of Iron Mountain in the third quarter valued at approximately $824,000. Merit Financial Group LLC boosted its position in shares of Iron Mountain by 91.5% in the fourth quarter. Merit Financial Group LLC now owns 14,933 shares of the financial services provider’s stock valued at $1,570,000 after acquiring an additional 7,137 shares during the period. Tidal Investments LLC boosted its position in shares of Iron Mountain by 254.1% in the third quarter. Tidal Investments LLC now owns 20,536 shares of the financial services provider’s stock valued at $2,440,000 after acquiring an additional 14,737 shares during the period. Finally, Exchange Traded Concepts LLC boosted its position in shares of Iron Mountain by 151.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 9,147 shares of the financial services provider’s stock valued at $961,000 after acquiring an additional 5,511 shares during the period. Institutional investors own 80.13% of the company’s stock.

Analyst Ratings Changes

IRM has been the subject of several research analyst reports. Barclays dropped their target price on shares of Iron Mountain from $131.00 to $130.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. StockNews.com lowered shares of Iron Mountain from a “hold” rating to a “sell” rating in a research report on Tuesday, January 28th. BNP Paribas upgraded shares of Iron Mountain to a “strong-buy” rating in a research report on Wednesday, November 6th. Royal Bank of Canada lifted their target price on shares of Iron Mountain from $135.00 to $139.00 and gave the company an “outperform” rating in a research report on Wednesday, November 27th. Finally, Wells Fargo & Company decreased their price target on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating on the stock in a research note on Tuesday. One research analyst has rated the stock with a sell rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $129.17.

Insiders Place Their Bets

In other news, EVP Mithu Bhargava sold 8,263 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $104.49, for a total transaction of $863,400.87. Following the completion of the sale, the executive vice president now owns 13,054 shares of the company’s stock, valued at $1,364,012.46. This represents a 38.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William L. Meaney sold 69,125 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $99.83, for a total transaction of $6,900,748.75. The disclosure for this sale can be found here. In the last 90 days, insiders sold 178,266 shares of company stock valued at $18,694,561. 2.10% of the stock is owned by insiders.

Iron Mountain Price Performance

Shares of Iron Mountain stock opened at $106.14 on Friday. Iron Mountain Incorporated has a 1 year low of $66.20 and a 1 year high of $130.24. The firm’s 50-day moving average is $107.66 and its 200 day moving average is $112.56. The stock has a market cap of $31.15 billion, a price-to-earnings ratio of 294.84, a PEG ratio of 5.58 and a beta of 1.01.

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.