QRG Capital Management Inc. Has $14.25 Million Stock Holdings in Iron Mountain Incorporated $IRM

QRG Capital Management Inc. increased its position in shares of Iron Mountain Incorporated (NYSE:IRM) by 2.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 138,972 shares of the financial services provider’s stock after buying an additional 3,514 shares during the quarter. QRG Capital Management Inc.’s holdings in Iron Mountain were worth $14,254,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Ascent Group LLC bought a new position in Iron Mountain during the second quarter worth about $697,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in Iron Mountain during the second quarter worth about $349,000. TPG Advisors LLC bought a new position in Iron Mountain during the second quarter worth about $200,000. Community Bank & Trust Waco Texas bought a new position in Iron Mountain during the second quarter worth about $226,000. Finally, PFG Investments LLC lifted its stake in Iron Mountain by 0.6% during the second quarter. PFG Investments LLC now owns 23,599 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 133 shares during the period. 80.13% of the stock is owned by institutional investors and hedge funds.

Iron Mountain Trading Up 1.7%

NYSE:IRM opened at $105.08 on Friday. Iron Mountain Incorporated has a 1 year low of $72.33 and a 1 year high of $130.24. The firm has a 50 day moving average of $95.72 and a 200-day moving average of $94.86. The stock has a market capitalization of $31.03 billion, a P/E ratio of 750.60 and a beta of 1.06.

Iron Mountain (NYSE:IRM) last posted its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.05. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. The firm had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter in the previous year, the company posted $1.08 EPS. Iron Mountain’s revenue was up 11.6% on a year-over-year basis. As a group, analysts forecast that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 3rd. Investors of record on Monday, September 15th were given a $0.785 dividend. This represents a $3.14 annualized dividend and a yield of 3.0%. The ex-dividend date was Monday, September 15th. Iron Mountain’s payout ratio is 2,242.86%.

Insider Buying and Selling

In related news, CEO William L. Meaney sold 69,125 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $102.34, for a total value of $7,074,252.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark Kidd sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $91.05, for a total transaction of $546,300.00. Following the completion of the transaction, the executive vice president owned 79,081 shares of the company’s stock, valued at $7,200,325.05. This trade represents a 7.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold 213,375 shares of company stock worth $20,347,156 in the last quarter. Insiders own 1.90% of the company’s stock.

Analyst Upgrades and Downgrades

IRM has been the subject of a number of analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Iron Mountain in a research note on Saturday, September 27th. Barclays raised their price target on shares of Iron Mountain from $121.00 to $122.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 20th. Jefferies Financial Group assumed coverage on shares of Iron Mountain in a research note on Monday, September 22nd. They issued a “buy” rating and a $120.00 target price for the company. Finally, JPMorgan Chase & Co. cut their target price on shares of Iron Mountain from $112.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $116.83.

Iron Mountain 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.