PNC Financial Services Group Inc. Acquires 3,317 Shares of Iron Mountain Incorporated (NYSE:IRM)

PNC Financial Services Group Inc. grew its position in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 6.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 57,194 shares of the financial services provider's stock after acquiring an additional 3,317 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Iron Mountain were worth $6,012,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. Merit Financial Group LLC lifted its position in shares of Iron Mountain by 91.5% during the 4th quarter. Merit Financial Group LLC now owns 14,933 shares of the financial services provider's stock worth $1,570,000 after buying an additional 7,137 shares during the period. Tidal Investments LLC lifted its position in shares of Iron Mountain by 254.1% during the 3rd quarter. Tidal Investments LLC now owns 20,536 shares of the financial services provider's stock worth $2,440,000 after buying an additional 14,737 shares during the period. Exchange Traded Concepts LLC lifted its position in shares of Iron Mountain by 151.6% during the 4th quarter. Exchange Traded Concepts LLC now owns 9,147 shares of the financial services provider's stock worth $961,000 after buying an additional 5,511 shares during the period. Lord Abbett & CO. LLC bought a new position in shares of Iron Mountain during the 3rd quarter worth approximately $24,122,000. Finally, World Investment Advisors LLC bought a new position in shares of Iron Mountain during the 3rd quarter worth approximately $554,000. Institutional investors own 80.13% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on IRM. JPMorgan Chase & Co. cut their target price on Iron Mountain from $125.00 to $112.00 and set an "overweight" rating for the company in a research report on Tuesday, February 18th. Wells Fargo & Company cut their price objective on Iron Mountain from $135.00 to $125.00 and set an "overweight" rating for the company in a research report on Tuesday, February 4th. StockNews.com downgraded Iron Mountain from a "hold" rating to a "sell" rating in a research report on Friday. Barclays cut their price objective on Iron Mountain from $131.00 to $130.00 and set an "overweight" rating for the company in a research report on Tuesday, January 28th. Finally, Royal Bank of Canada lifted their price objective on Iron Mountain from $135.00 to $139.00 and gave the company an "outperform" rating in a research report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, six have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $127.67.

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Iron Mountain Trading Up 1.9 %

Shares of IRM traded up $1.58 during trading hours on Friday, hitting $86.68. 1,765,041 shares of the stock traded hands, compared to its average volume of 1,671,190. Iron Mountain Incorporated has a 1-year low of $73.53 and a 1-year high of $130.24. The firm has a market capitalization of $25.46 billion, a PE ratio of 142.09, a price-to-earnings-growth ratio of 5.15 and a beta of 1.04. The business has a fifty day moving average of $98.28 and a 200-day moving average of $110.05.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly earnings results on Thursday, February 13th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($0.70). Iron Mountain had a net margin of 2.95% and a negative return on equity of 401.83%. The firm had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.60 billion. During the same period last year, the company earned $0.52 EPS. As a group, equities research analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Monday, March 17th will be paid a dividend of $0.785 per share. This represents a $3.14 annualized dividend and a dividend yield of 3.62%. The ex-dividend date of this dividend is Monday, March 17th. This is a positive change from Iron Mountain's previous quarterly dividend of $0.72. Iron Mountain's dividend payout ratio is 514.75%.

Insider Activity

In related news, EVP Mithu Bhargava sold 8,263 shares of the company's stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $104.49, for a total value of $863,400.87. Following the completion of the sale, the executive vice president now owns 13,054 shares in the company, valued at approximately $1,364,012.46. This represents a 38.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Daniel Borges sold 6,433 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.84, for a total value of $597,239.72. Following the completion of the sale, the chief accounting officer now owns 288 shares of the company's stock, valued at $26,737.92. This represents a 95.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 327,242 shares of company stock valued at $31,530,305 over the last 90 days. 2.10% of the stock is owned by company insiders.

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.