Barclays Forecasts Strong Price Appreciation for Iron Mountain (NYSE:IRM) Stock

Iron Mountain (NYSE:IRM) had its price target hoisted by investment analysts at Barclays from $121.00 to $122.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price target indicates a potential upside of 34.79% from the stock’s previous close.

Separately, JPMorgan Chase & Co. lowered their target price on Iron Mountain from $112.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company’s stock. According to data from MarketBeat.com, Iron Mountain presently has a consensus rating of “Buy” and a consensus price target of $120.17.

Iron Mountain Trading Down 0.9%

Shares of NYSE:IRM opened at $90.5140 on Wednesday. The business has a 50-day moving average price of $97.78 and a 200 day moving average price of $93.95. The company has a market capitalization of $26.73 billion, a price-to-earnings ratio of 646.57 and a beta of 1.07. Iron Mountain has a 12-month low of $72.33 and a 12-month high of $130.24.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.05. The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.68 billion. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The company’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period last year, the company earned $1.08 EPS. As a group, equities research analysts predict that Iron Mountain will post 4.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Walter C. Rakowich sold 900 shares of Iron Mountain stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $99.97, for a total value of $89,973.00. Following the completion of the transaction, the director owned 36,515 shares in the company, valued at approximately $3,650,404.55. This trade represents a 2.41% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Mark Kidd sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $102.02, for a total value of $612,120.00. Following the sale, the executive vice president directly owned 91,081 shares in the company, valued at $9,292,083.62. This trade represents a 6.18% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 231,609 shares of company stock worth $22,736,123. 1.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Iron Mountain

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Coppell Advisory Solutions LLC acquired a new stake in shares of Iron Mountain during the 2nd quarter worth about $1,336,000. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Iron Mountain during the 2nd quarter worth about $416,000. Hudson Bay Capital Management LP acquired a new stake in shares of Iron Mountain during the 2nd quarter worth about $626,000. Tyler Stone Wealth Management raised its position in shares of Iron Mountain by 1.0% during the 2nd quarter. Tyler Stone Wealth Management now owns 18,607 shares of the financial services provider’s stock worth $1,909,000 after acquiring an additional 184 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its position in Iron Mountain by 145.3% during the second quarter. Geneos Wealth Management Inc. now owns 2,399 shares of the financial services provider’s stock worth $246,000 after buying an additional 1,421 shares during the period. Institutional investors and hedge funds own 80.13% of the company’s stock.

Iron Mountain Company 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.