Iron Mountain Incorporated $IRM Stake Increased by QRG Capital Management Inc.

Key Points

• QRG Capital Management Inc. increased its stake in Iron Mountain Incorporated by 2.6% in Q2, holding 138,972 shares valued at approximately $14.25 million.
• CEO William L. Meaney recently sold 69,125 shares on two occasions, totaling over $13.6 million, with insiders having sold 213,375 shares valued at $20.3 million in the last ninety days.
• Analysts have mixed ratings on Iron Mountain, with a consensus rating of "Buy" and an average price target of $116.83, after JPMorgan cut their price target from $112.00 to $100.00.

QRG Capital Management Inc. grew its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 2.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 138,972 shares of the financial services provider's stock after purchasing an additional 3,514 shares during the period. QRG Capital Management Inc.'s holdings in Iron Mountain were worth $14,254,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Kestra Private Wealth Services LLC raised its holdings in shares of Iron Mountain by 14.7% during the first quarter. Kestra Private Wealth Services LLC now owns 14,537 shares of the financial services provider's stock worth $1,251,000 after acquiring an additional 1,860 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Iron Mountain by 86.1% during the first quarter. Goldman Sachs Group Inc. now owns 1,974,922 shares of the financial services provider's stock worth $169,922,000 after acquiring an additional 913,715 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Iron Mountain during the first quarter worth $30,000. Steward Partners Investment Advisory LLC raised its holdings in shares of Iron Mountain by 1.4% during the first quarter. Steward Partners Investment Advisory LLC now owns 38,032 shares of the financial services provider's stock worth $3,272,000 after acquiring an additional 513 shares in the last quarter. Finally, Inspire Trust Co. N.A. raised its holdings in shares of Iron Mountain by 21.4% during the first quarter. Inspire Trust Co. N.A. now owns 17,000 shares of the financial services provider's stock worth $1,463,000 after acquiring an additional 3,000 shares in the last quarter. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $94.55, for a total value of $6,535,768.75. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $102.34, for a total value of $7,074,252.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 213,375 shares of company stock valued at $20,347,156. 1.90% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. JPMorgan Chase & Co. cut their price objective on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Jefferies Financial Group began coverage on shares of Iron Mountain in a research report on Monday, September 22nd. They set a "buy" rating and a $120.00 target price on the stock. Weiss Ratings reissued a "hold (c)" rating on shares of Iron Mountain in a research report on Saturday, September 27th. Finally, Barclays increased their target price on shares of Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $116.83.

Iron Mountain Stock Performance

Shares of NYSE:IRM opened at $105.08 on Friday. The company has a market cap of $31.03 billion, a P/E ratio of 750.60 and a beta of 1.06. The stock's 50-day moving average is $95.72 and its 200-day moving average is $94.86. Iron Mountain Incorporated has a 52-week low of $72.33 and a 52-week high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.05. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.68 billion. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The firm's revenue was up 11.6% compared to the same quarter last year. During the same period last year, the business posted $1.08 earnings per share. As a group, equities analysts predict that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 3rd. Stockholders of record on Monday, September 15th were given a $0.785 dividend. This represents a $3.14 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, September 15th. Iron Mountain's dividend payout ratio (DPR) is currently 2,242.86%.

Iron Mountain Company Profile

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.

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