PGGM Investments Trims Stock Holdings in Iron Mountain Incorporated $IRM

Key Points

• PGGM Investments has reduced its stake in Iron Mountain Incorporated (NYSE:IRM) by 2.0%, holding approximately 1,565,792 shares valued at around $160.6 million.
• Institutional investors own over 80% of Iron Mountain's stock, with notable increases in holdings from firms like Kestra Private Wealth Services and Goldman Sachs during the first quarter.
• Iron Mountain recently reported $1.24 EPS for the last quarter, exceeding analysts' expectations, along with a quarterly dividend of $0.785 scheduled for payment on October 3rd.

PGGM Investments reduced its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 2.0% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 1,565,792 shares of the financial services provider's stock after selling 32,176 shares during the quarter. Iron Mountain makes up 2.8% of PGGM Investments' portfolio, making the stock its 7th biggest position. PGGM Investments owned approximately 0.53% of Iron Mountain worth $160,603,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Kestra Private Wealth Services LLC increased its holdings in shares of Iron Mountain by 14.7% in the 1st quarter. Kestra Private Wealth Services LLC now owns 14,537 shares of the financial services provider's stock worth $1,251,000 after acquiring an additional 1,860 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Iron Mountain by 86.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,974,922 shares of the financial services provider's stock worth $169,922,000 after acquiring an additional 913,715 shares during the period. Golden State Wealth Management LLC acquired a new stake in shares of Iron Mountain in the 1st quarter worth about $30,000. Steward Partners Investment Advisory LLC increased its holdings in shares of Iron Mountain by 1.4% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 38,032 shares of the financial services provider's stock worth $3,272,000 after acquiring an additional 513 shares during the period. Finally, Inspire Trust Co. N.A. increased its holdings in shares of Iron Mountain by 21.4% in the 1st quarter. Inspire Trust Co. N.A. now owns 17,000 shares of the financial services provider's stock worth $1,463,000 after acquiring an additional 3,000 shares during the period. Institutional investors and hedge funds own 80.13% of the company's stock.

Insider Transactions at Iron Mountain

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $89.56, for a total value of $6,190,835.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark Kidd sold 6,000 shares of the firm's stock in a transaction dated 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 approximately $7,200,325.05. The trade was a 7.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 144,250 shares of company stock valued at $13,272,904 in the last quarter. Insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

IRM has been the topic of a number of analyst reports. JPMorgan Chase & Co. dropped their price objective on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Barclays boosted their price target on shares of Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 20th. Finally, Jefferies Financial Group assumed coverage on shares of Iron Mountain in a research report on Monday, September 22nd. They set a "buy" rating and a $120.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $116.83.

Iron Mountain Price Performance

Shares of IRM opened at $101.96 on Wednesday. The firm's 50 day moving average is $95.46 and its 200-day moving average is $94.54. The stock has a market capitalization of $30.11 billion, a P/E ratio of 728.34 and a beta of 1.08. Iron Mountain Incorporated has a 12-month low of $72.33 and a 12-month high of $130.24.

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

Iron Mountain Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 15th will be paid a $0.785 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $3.14 annualized dividend and a dividend yield of 3.1%. Iron Mountain's payout ratio is currently 2,242.86%.

About Iron Mountain

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.

Want to see what other hedge funds are holding IRM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Iron Mountain Incorporated (NYSE:IRM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.