Iron Mountain (NYSE:IRM) Sets New 1-Year High Following Analyst Upgrade

Iron Mountain Incorporated (NYSE:IRM)’s share price hit a new 52-week high during mid-day trading on Wednesday after Barclays raised their price target on the stock from $91.00 to $133.00. Barclays currently has an overweight rating on the stock. Iron Mountain traded as high as $120.70 and last traded at $120.51, with a volume of 694479 shares trading hands. The stock had previously closed at $118.84.

Several other research firms also recently issued reports on IRM. Wells Fargo & Company increased their target price on Iron Mountain from $110.00 to $120.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. lifted their price objective on Iron Mountain from $82.00 to $121.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Stifel Nicolaus upped their target price on shares of Iron Mountain from $117.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, September 23rd. Finally, The Goldman Sachs Group upped their price objective on Iron Mountain from $106.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $113.00.

Insider Transactions at Iron Mountain

In related news, Director Wendy J. Murdock sold 8,500 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $116.38, for a total transaction of $989,230.00. Following the sale, the director now owns 14,829 shares in the company, valued at $1,725,799.02. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Wendy J. Murdock sold 8,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $116.38, for a total value of $989,230.00. Following the transaction, the director now owns 14,829 shares in the company, valued at $1,725,799.02. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO John Tomovcsik sold 2,866 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $105.00, for a total transaction of $300,930.00. Following the completion of the sale, the chief operating officer now directly owns 15,000 shares of the company’s stock, valued at $1,575,000. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,128 shares of company stock valued at $1,898,415 over the last three months. 2.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Tobam acquired a new position in Iron Mountain in the 3rd quarter worth $81,000. Wedmont Private Capital raised its holdings in shares of Iron Mountain by 18.2% in the 3rd quarter. Wedmont Private Capital now owns 3,077 shares of the financial services provider’s stock valued at $359,000 after purchasing an additional 473 shares during the period. Royal Fund Management LLC boosted its stake in shares of Iron Mountain by 88.0% during the 3rd quarter. Royal Fund Management LLC now owns 26,026 shares of the financial services provider’s stock worth $3,097,000 after acquiring an additional 12,186 shares during the period. Atomi Financial Group Inc. increased its holdings in shares of Iron Mountain by 10.2% in the third quarter. Atomi Financial Group Inc. now owns 4,276 shares of the financial services provider’s stock valued at $508,000 after purchasing an additional 396 shares during the last quarter. Finally, Chapin Davis Inc. bought a new position in Iron Mountain in the 3rd quarter valued at about $4,138,000. Institutional investors and hedge funds own 80.13% of the company’s stock.

Iron Mountain Stock Performance

The firm has a market capitalization of $35.32 billion, a price-to-earnings ratio of 181.33, a PEG ratio of 7.09 and a beta of 1.00. The company has a fifty day moving average of $112.92 and a two-hundred day moving average of $94.54. The company has a debt-to-equity ratio of 674.63, a quick ratio of 0.79 and a current ratio of 0.79.

Iron Mountain (NYSE:IRM) last released its quarterly earnings data on Thursday, August 1st. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.59). Iron Mountain had a return on equity of 595.44% and a net margin of 3.94%. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the company earned $0.94 earnings per share. Iron Mountain’s revenue for the quarter was up 13.0% compared to the same quarter last year. As a group, equities research analysts predict that Iron Mountain Incorporated will post 4.17 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Stockholders of record on Monday, September 16th were given a dividend of $0.715 per share. This is an increase from Iron Mountain’s previous quarterly dividend of $0.65. The ex-dividend date was Monday, September 16th. This represents a $2.86 annualized dividend and a dividend yield of 2.37%. Iron Mountain’s dividend payout ratio (DPR) is 433.33%.

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.