Hedge Funds Aren’t Crazy About Iron Mountain Incorporated (IRM) Anymore

Because Iron Mountain Incorporated (NYSE:IRM) has faced falling interest from the smart money, it’s easy to see that there was a specific group of money managers who were dropping their positions entirely last quarter. It’s worth mentioning that Shane Finemore’s Manikay Partners dumped the biggest position of the 700 funds monitored by Insider Monkey, worth about $11.5 million in stock, and Ben Levine, Andrew Manuel and Stefan Renold’s LMR Partners was right behind this move, as the fund dropped about $1 million worth. These moves are interesting, as total hedge fund interest dropped by 5 funds last quarter.

Let’s check out hedge fund activity in other stocks similar to Iron Mountain Incorporated (NYSE:IRM). These stocks are Western Gas Partners, LP (NYSE:WES), Israel Chemicals Ltd. (NYSE:ICL), Msci Inc (NYSE:MSCI), and American Capital Agency Corp. (NASDAQ:AGNC). This group of stocks’ market caps are similar to IRM’s market cap.

As you can see these stocks had an average of 15.75 hedge funds with bullish positions and the average amount invested in these stocks was $432 million. That figure was $374 million in IRM’s case. Msci Inc (NYSE:MSCI) is the most popular stock in this table. On the other hand Israel Chemicals Ltd. (NYSE:ICL) is the least popular one with only 5 bullish hedge fund positions. Iron Mountain Incorporated (NYSE:IRM) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard MSCI might be a better candidate to consider a long position.