QRG Capital Management Inc. Lowers Position in Iron Mountain Incorporated $IRM

QRG Capital Management Inc. cut its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 54.3% during the 3rd quarter, Holdings Channel.com reports. The fund owned 63,474 shares of the financial services provider’s stock after selling 75,498 shares during the period. QRG Capital Management Inc.’s holdings in Iron Mountain were worth $6,471,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in IRM. Sei Investments Co. boosted its holdings in Iron Mountain by 4.2% during the second quarter. Sei Investments Co. now owns 885,080 shares of the financial services provider’s stock worth $90,783,000 after purchasing an additional 35,301 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Iron Mountain by 11.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 65,386 shares of the financial services provider’s stock worth $6,707,000 after buying an additional 6,937 shares during the last quarter. Tectonic Advisors LLC boosted its stake in shares of Iron Mountain by 15.6% in the 3rd quarter. Tectonic Advisors LLC now owns 148,375 shares of the financial services provider’s stock worth $15,125,000 after buying an additional 19,999 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of Iron Mountain by 47.6% during the third quarter. Nisa Investment Advisors LLC now owns 125,142 shares of the financial services provider’s stock valued at $12,863,000 after acquiring an additional 40,341 shares during the last quarter. Finally, CW Advisors LLC increased its position in shares of Iron Mountain by 85.9% during the second quarter. CW Advisors LLC now owns 54,950 shares of the financial services provider’s stock valued at $5,636,000 after acquiring an additional 25,391 shares during the last quarter. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Jefferies Financial Group began coverage on Iron Mountain in a research note on Monday, September 22nd. They issued a “buy” rating and a $120.00 price objective for the company. JPMorgan Chase & Co. raised their price objective on shares of Iron Mountain from $100.00 to $111.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Iron Mountain in a research note on Wednesday, October 8th. Barclays restated an “overweight” rating and set a $126.00 price target on shares of Iron Mountain in a research note on Tuesday. Finally, Zacks Research upgraded Iron Mountain from a “strong sell” rating to a “hold” rating in a research note on Monday, October 20th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Iron Mountain has an average rating of “Moderate Buy” and an average price target of $115.40.

Insiders Place Their Bets

In related news, CEO William L. Meaney sold 38,482 shares of the business’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $83.17, for a total transaction of $3,200,547.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark Kidd sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $83.10, for a total transaction of $498,600.00. Following the sale, the executive vice president directly owned 55,081 shares in the company, valued at $4,577,231.10. This trade represents a 9.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 202,038 shares of company stock worth $18,424,270. 1.90% of the stock is currently owned by corporate insiders.

Iron Mountain Stock Up 3.7%

IRM opened at $96.10 on Friday. The firm has a 50-day moving average price of $86.15 and a 200-day moving average price of $94.26. Iron Mountain Incorporated has a twelve month low of $72.33 and a twelve month high of $112.18. The company has a market capitalization of $28.41 billion, a price-to-earnings ratio of 181.32 and a beta of 1.13.

Iron Mountain (NYSE:IRM) last announced its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.29 by $0.03. Iron Mountain had a net margin of 2.40% and a negative return on equity of 112.70%. The company had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.75 billion. During the same period in the prior year, the company posted $1.13 EPS. Iron Mountain’s revenue was up 12.7% compared to the same quarter last year. Iron Mountain has set its FY 2025 guidance at 5.040-5.130 EPS. On average, sell-side analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 6th. Stockholders of record on Monday, December 15th were given a $0.864 dividend. This represents a $3.46 annualized dividend and a dividend yield of 3.6%. This is a boost from Iron Mountain’s previous quarterly dividend of $0.79. The ex-dividend date was Monday, December 15th. Iron Mountain’s dividend payout ratio (DPR) is presently 652.83%.

About Iron Mountain

Iron Mountain Incorporated is a global information management company that helps organizations protect, store, and manage their physical and digital information. The firm provides a range of services including secure records storage, document imaging and digitization, secure shredding and destruction, and information governance solutions designed to support regulatory compliance and business continuity. Iron Mountain also offers specialized secure storage environments and logistics for sensitive assets such as art, medical records, and legal archives.

Beyond traditional records management, Iron Mountain has expanded into technology-driven services to support customers’ digital transformation.