Iron Mountain (NYSE:IRM) Shares Down 2.7% After Insider Selling

Iron Mountain Incorporated (NYSE:IRM)’s share price dropped 2.7% on Thursday following insider selling activity. The stock traded as low as $113.15 and last traded at $113.32. Approximately 659,175 shares traded hands during trading, a decline of 59% from the average daily volume of 1,624,280 shares. The stock had previously closed at $116.45.

Specifically, Director Wendy J. Murdock sold 8,500 shares of the business’s stock in a transaction on 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 directly owns 14,829 shares of the company’s stock, valued at approximately $1,725,799.02. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Analysts Set New Price Targets

IRM has been the topic of several recent analyst reports. The Goldman Sachs Group boosted their target price on shares of Iron Mountain from $106.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Wells Fargo & Company boosted their target price on shares of Iron Mountain from $110.00 to $120.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Stifel Nicolaus boosted their target price on shares of Iron Mountain from $86.00 to $103.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Finally, JPMorgan Chase & Co. upped their price target on shares of Iron Mountain from $82.00 to $121.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Iron Mountain currently has an average rating of “Moderate Buy” and an average target price of $99.83.

Iron Mountain Trading Down 2.0 %

The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 674.63. The business’s fifty day moving average is $107.49 and its 200 day moving average is $90.73. The firm has a market capitalization of $33.46 billion, a price-to-earnings ratio of 175.47, a price-to-earnings-growth ratio of 6.85 and a beta of 1.00.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings results on Thursday, August 1st. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.59). Iron Mountain had a net margin of 3.94% and a return on equity of 595.44%. The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the previous year, the firm posted $0.94 earnings per share. The firm’s quarterly revenue was up 13.0% on a year-over-year basis. Equities analysts predict that Iron Mountain Incorporated will post 4.17 earnings per share for the current year.

Iron Mountain Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Monday, September 16th will be issued a $0.715 dividend. The ex-dividend date is Monday, September 16th. This represents a $2.86 dividend on an annualized basis and a yield of 2.51%. This is an increase from Iron Mountain’s previous quarterly dividend of $0.65. Iron Mountain’s payout ratio is currently 433.33%.

Hedge Funds Weigh In On Iron Mountain

Hedge funds and other institutional investors have recently made changes to their positions in the company. Csenge Advisory Group grew its holdings in Iron Mountain by 1.2% during the 2nd quarter. Csenge Advisory Group now owns 9,515 shares of the financial services provider’s stock worth $853,000 after acquiring an additional 114 shares during the period. Meiji Yasuda Asset Management Co Ltd. grew its stake in Iron Mountain by 2.8% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,241 shares of the financial services provider’s stock valued at $380,000 after buying an additional 117 shares in the last quarter. Perfromance Wealth Partners LLC grew its stake in Iron Mountain by 2.4% in the 2nd quarter. Perfromance Wealth Partners LLC now owns 5,007 shares of the financial services provider’s stock valued at $449,000 after buying an additional 118 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its stake in Iron Mountain by 9.8% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,347 shares of the financial services provider’s stock valued at $121,000 after buying an additional 120 shares in the last quarter. Finally, Terra Nova Asset Management LLC grew its stake in Iron Mountain by 0.4% in the 2nd quarter. Terra Nova Asset Management LLC now owns 32,409 shares of the financial services provider’s stock valued at $2,905,000 after buying an additional 120 shares in the last quarter. 80.13% of the stock is currently owned by institutional investors and hedge funds.

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.