Iron Mountain Incorporated $IRM Shares Sold by PGGM Investments

PGGM Investments reduced its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 2.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,565,792 shares of the financial services provider’s stock after selling 32,176 shares during the quarter. Iron Mountain makes up approximately 2.8% of PGGM Investments’ portfolio, making the stock its 7th largest position. PGGM Investments’ holdings in Iron Mountain were worth $160,603,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in IRM. Nuveen LLC acquired a new stake in shares of Iron Mountain during the first quarter worth approximately $192,231,000. Contour Asset Management LLC acquired a new stake in Iron Mountain in the first quarter valued at approximately $122,801,000. Goldman Sachs Group Inc. lifted its stake in Iron Mountain by 86.1% in the first quarter. Goldman Sachs Group Inc. now owns 1,974,922 shares of the financial services provider’s stock valued at $169,922,000 after acquiring an additional 913,715 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Iron Mountain by 117.7% in the first quarter. Principal Financial Group Inc. now owns 904,184 shares of the financial services provider’s stock valued at $77,796,000 after acquiring an additional 488,816 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in Iron Mountain by 14.7% in the first quarter. Invesco Ltd. now owns 2,848,954 shares of the financial services provider’s stock valued at $245,124,000 after acquiring an additional 366,134 shares during the last quarter. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO William L. Meaney sold 69,125 shares of the business’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $94.55, for a total transaction of $6,535,768.75. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Mark Kidd sold 6,000 shares of the business’s stock in a transaction 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 transaction, the executive vice president directly owned 79,081 shares in the company, 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. Over the last quarter, insiders have sold 144,250 shares of company stock valued at $13,272,904. 1.90% of the stock is owned by company insiders.

Analyst Ratings Changes

IRM has been the subject of a number of analyst reports. Barclays lifted their target price on shares of Iron Mountain from $121.00 to $122.00 and gave the company an “overweight” rating in a research note on Wednesday, August 20th. JPMorgan Chase & Co. reduced 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. Finally, Jefferies Financial Group initiated 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. One analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $116.83.

Iron Mountain Trading Up 1.6%

Shares of Iron Mountain stock opened at $101.96 on Wednesday. The firm has a fifty day simple moving average of $95.46 and a 200-day simple moving average of $94.54. 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 $30.11 billion, a price-to-earnings ratio of 728.34 and a beta of 1.08.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.68 billion. During the same period in the previous year, the company earned $1.08 earnings per share. Iron Mountain’s revenue for the quarter was up 11.6% on a year-over-year basis. As a group, research analysts predict that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be given a dividend of $0.785 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $3.14 dividend on an annualized basis and a yield of 3.1%. Iron Mountain’s payout ratio is 2,242.86%.

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.