QRG Capital Management Inc. Lowers Stock Holdings in Iron Mountain Incorporated (NYSE:IRM)

QRG Capital Management Inc. reduced its position in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 8.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 135,458 shares of the financial services provider's stock after selling 12,546 shares during the quarter. QRG Capital Management Inc.'s holdings in Iron Mountain were worth $11,655,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the company. Sowell Financial Services LLC acquired a new stake in Iron Mountain during the 1st quarter worth about $285,000. CHB Investment Group LLC grew its stake in Iron Mountain by 1.2% during the first quarter. CHB Investment Group LLC now owns 29,175 shares of the financial services provider's stock worth $2,510,000 after purchasing an additional 357 shares during the period. Dynamic Advisor Solutions LLC grew its stake in Iron Mountain by 25.2% during the first quarter. Dynamic Advisor Solutions LLC now owns 3,075 shares of the financial services provider's stock worth $265,000 after purchasing an additional 619 shares during the period. American Institute for Advanced Investment Management LLP increased its holdings in Iron Mountain by 6.6% in the first quarter. American Institute for Advanced Investment Management LLP now owns 10,870 shares of the financial services provider's stock worth $935,000 after purchasing an additional 670 shares in the last quarter. Finally, Foresight Capital Management Advisors Inc. lifted its stake in Iron Mountain by 1.0% in the first quarter. Foresight Capital Management Advisors Inc. now owns 88,185 shares of the financial services provider's stock valued at $7,587,000 after buying an additional 882 shares during the period. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Truist Financial assumed coverage on shares of Iron Mountain in a research note on Tuesday, April 8th. They issued a "buy" rating and a $95.00 price target for the company. Barclays upped their price target on Iron Mountain from $118.00 to $121.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 27th. Wall Street Zen upgraded Iron Mountain from a "sell" rating to a "hold" rating in a report on Friday, April 18th. Finally, JPMorgan Chase & Co. cut their target price on Iron Mountain from $125.00 to $112.00 and set an "overweight" rating on the stock in a report on Tuesday, February 18th. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Iron Mountain currently has a consensus rating of "Buy" and a consensus price target of $121.71.

Insiders Place Their Bets

In other Iron Mountain news, EVP Greg W. Mcintosh sold 8,398 shares of the business's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $96.14, for a total value of $807,383.72. Following the transaction, the executive vice president now directly owns 70,114 shares in the company, valued at $6,740,759.96. The trade was a 10.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $96.09, for a total transaction of $6,642,221.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 216,673 shares of company stock valued at $20,319,408. Insiders own 1.90% of the company's stock.

Iron Mountain Stock Performance

IRM traded up $0.29 during mid-day trading on Wednesday, reaching $103.06. 158,209 shares of the stock were exchanged, compared to its average volume of 1,845,228. Iron Mountain Incorporated has a 1 year low of $72.33 and a 1 year high of $130.24. The stock has a market capitalization of $30.41 billion, a PE ratio of 251.94 and a beta of 1.09. The company has a 50 day moving average price of $94.29 and a two-hundred day moving average price of $97.14.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.16 by $0.01. Iron Mountain had a net margin of 1.97% and a negative return on equity of 201.62%. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.59 billion. During the same period in the prior year, the firm posted $1.10 EPS. The firm's quarterly revenue was up 7.9% compared to the same quarter last year. Sell-side analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Monday, June 16th will be issued a dividend of $0.785 per share. The ex-dividend date is Monday, June 16th. This represents a $3.14 dividend on an annualized basis and a yield of 3.05%. Iron Mountain's dividend payout ratio (DPR) is currently 765.85%.

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.