Principal Financial Group Inc. Sells 29,954 Shares of Iron Mountain Incorporated (NYSE:IRM)

Principal Financial Group Inc. lessened its position in shares of Iron Mountain Incorporated (NYSE:IRM) by 7.7% in the first quarter, Holdings Channel.com reports. The firm owned 357,140 shares of the financial services provider’s stock after selling 29,954 shares during the period. Principal Financial Group Inc.’s holdings in Iron Mountain were worth $13,218,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in IRM. Victory Capital Management Inc. lifted its stake in Iron Mountain by 92.4% in the 4th quarter. Victory Capital Management Inc. now owns 133,712 shares of the financial services provider’s stock valued at $3,942,000 after purchasing an additional 64,208 shares during the last quarter. NN Investment Partners Holdings N.V. increased its stake in Iron Mountain by 850.7% in the fourth quarter. NN Investment Partners Holdings N.V. now owns 9,564 shares of the financial services provider’s stock valued at $282,000 after acquiring an additional 8,558 shares during the last quarter. California Public Employees Retirement System increased its stake in Iron Mountain by 0.4% in the fourth quarter. California Public Employees Retirement System now owns 2,368,608 shares of the financial services provider’s stock valued at $69,827,000 after acquiring an additional 9,684 shares during the last quarter. Treasurer of the State of North Carolina grew its stake in shares of Iron Mountain by 0.3% during the fourth quarter. Treasurer of the State of North Carolina now owns 109,613 shares of the financial services provider’s stock worth $3,231,000 after buying an additional 370 shares during the last quarter. Finally, Flputnam Investment Management Co. bought a new stake in shares of Iron Mountain during the fourth quarter worth $201,000. Hedge funds and other institutional investors own 77.60% of the company’s stock.

In related news, Director Paul F. Deninger sold 7,202 shares of the business’s stock in a transaction on Monday, March 22nd. The shares were sold at an average price of $36.45, for a total value of $262,512.90. Following the transaction, the director now owns 69,803 shares in the company, valued at $2,544,319.35. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Ernest W. Cloutier sold 24,965 shares of the company’s stock in a transaction dated Monday, May 24th. The shares were sold at an average price of $43.81, for a total transaction of $1,093,716.65. Following the transaction, the executive vice president now owns 100,062 shares in the company, valued at approximately $4,383,716.22. The disclosure for this sale can be found here. In the last 90 days, insiders sold 139,569 shares of company stock worth $5,732,943. 2.10% of the stock is owned by company insiders.

A number of analysts have weighed in on IRM shares. The Goldman Sachs Group boosted their target price on shares of Iron Mountain from $38.00 to $43.00 and gave the stock a “buy” rating in a research note on Friday, May 7th. Credit Suisse Group boosted their target price on shares of Iron Mountain from $16.00 to $18.00 and gave the stock an “underperform” rating in a research note on Thursday, February 25th. TheStreet raised shares of Iron Mountain from a “c+” rating to a “b” rating in a research note on Wednesday, February 24th. Wells Fargo & Company lifted their price target on shares of Iron Mountain from $32.00 to $38.00 and gave the stock an “overweight” rating in a report on Thursday, February 25th. Finally, Zacks Investment Research upgraded shares of Iron Mountain from a “sell” rating to a “hold” rating and set a $37.00 price target on the stock in a report on Monday, March 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $34.00.

Shares of NYSE:IRM opened at $46.40 on Friday. The firm has a market capitalization of $13.40 billion, a price-to-earnings ratio of 41.06, a PEG ratio of 9.90 and a beta of 0.78. The business’s fifty day simple moving average is $41.31. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 8.91. Iron Mountain Incorporated has a 52 week low of $24.36 and a 52 week high of $47.34.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings results on Thursday, May 6th. The financial services provider reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.32). The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.07 billion. Iron Mountain had a return on equity of 48.47% and a net margin of 7.80%. Iron Mountain’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.27 EPS. Research analysts anticipate that Iron Mountain Incorporated will post 2.67 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 6th. Investors of record on Tuesday, June 15th will be issued a $0.618 dividend. The ex-dividend date is Monday, June 14th. This represents a $2.47 annualized dividend and a yield of 5.33%. Iron Mountain’s payout ratio is 80.46%.

Iron Mountain Company Profile

Iron Mountain Incorporated (NYSE: IRM), founded in 1951, is the global leader for storage and information management services. Trusted by more than 225,000 organizations around the world, and with a real estate network of more than 90 million square feet across approximately 1,450 facilities in approximately 50 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts.

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Institutional Ownership by Quarter for Iron Mountain (NYSE:IRM)

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