PNC Financial Services Group Inc. Raises Position in Iron Mountain Incorporated $IRM

PNC Financial Services Group Inc. raised its holdings in shares of Iron Mountain Incorporated (NYSE:IRM) by 11.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 65,386 shares of the financial services provider’s stock after buying an additional 6,937 shares during the period. PNC Financial Services Group Inc.’s holdings in Iron Mountain were worth $6,707,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Cooper Financial Group boosted its holdings in Iron Mountain by 3.7% during the 2nd quarter. Cooper Financial Group now owns 3,155 shares of the financial services provider’s stock valued at $324,000 after acquiring an additional 113 shares during the period. Diversify Advisory Services LLC lifted its position in Iron Mountain by 1.9% in the first quarter. Diversify Advisory Services LLC now owns 6,480 shares of the financial services provider’s stock valued at $572,000 after purchasing an additional 123 shares during the last quarter. Fidelis Capital Partners LLC boosted its stake in shares of Iron Mountain by 2.3% during the second quarter. Fidelis Capital Partners LLC now owns 5,700 shares of the financial services provider’s stock valued at $585,000 after purchasing an additional 128 shares during the period. NorthRock Partners LLC boosted its stake in shares of Iron Mountain by 2.6% during the first quarter. NorthRock Partners LLC now owns 5,075 shares of the financial services provider’s stock valued at $440,000 after purchasing an additional 131 shares during the period. Finally, PFG Investments LLC grew its holdings in shares of Iron Mountain by 0.6% in 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 last quarter. Institutional investors own 80.13% of the company’s stock.

Iron Mountain Price Performance

IRM stock opened at $91.48 on Monday. The stock has a market capitalization of $27.04 billion, a P/E ratio of 653.48 and a beta of 1.06. Iron Mountain Incorporated has a 1-year low of $72.33 and a 1-year high of $125.38. The business has a fifty day moving average price of $101.78 and a 200-day moving average price of $98.85.

Iron Mountain (NYSE:IRM) last released its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $1.32 EPS for the quarter, beating the consensus estimate of $1.29 by $0.03. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The company had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.75 billion. During the same period last year, the firm posted $1.13 earnings per share. 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. As a group, analysts anticipate that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 6th. Stockholders of record on Monday, December 15th will be paid a $0.864 dividend. This is a boost from Iron Mountain’s previous quarterly dividend of $0.79. This represents a $3.46 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Monday, December 15th. Iron Mountain’s dividend payout ratio (DPR) is presently 650.94%.

Insider Activity at Iron Mountain

In related news, EVP Mark Kidd sold 7,306 shares of the stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $100.82, for a total transaction of $736,590.92. Following the transaction, the executive vice president owned 73,081 shares in the company, valued at $7,368,026.42. This represents a 9.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William L. Meaney sold 69,125 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $102.34, for a total transaction of $7,074,252.50. The SEC filing for this sale provides additional information. Insiders have sold 226,681 shares of company stock valued at $22,265,632 over the last three months. 1.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on IRM. Zacks Research raised shares of Iron Mountain from a “strong sell” rating to a “hold” rating in a report on Monday, October 20th. Barclays raised their price objective on Iron Mountain from $122.00 to $123.00 and gave the company an “overweight” rating in a research report on Wednesday, November 12th. JPMorgan Chase & Co. boosted their target price on Iron Mountain from $100.00 to $111.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Jefferies Financial Group assumed coverage on Iron Mountain in a research note on Monday, September 22nd. They issued a “buy” rating and a $120.00 target price on the stock. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Iron Mountain in a research report on Wednesday, October 8th. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $118.83.

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.