Iron Mountain (NYSE:IRM) Cut to “Strong Sell” at Zacks Research

Zacks Research lowered shares of Iron Mountain (NYSE:IRM) from a hold rating to a strong sell rating in a research note released on Monday morning,Zacks.com reports.

A number of other equities analysts also recently commented on the stock. JPMorgan Chase & Co. reduced their target price on shares of Iron Mountain from $112.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday, August 7th. Barclays lifted their target price on shares of Iron Mountain from $121.00 to $122.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 20th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Iron Mountain in a research note on Wednesday, October 8th. Finally, Jefferies Financial Group initiated coverage on shares of Iron Mountain in a research note on Monday, September 22nd. They set a “buy” rating and a $120.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $116.83.

Iron Mountain Trading Up 2.4%

NYSE:IRM opened at $105.80 on Monday. The company’s 50-day moving average price is $97.10 and its 200-day moving average price is $95.75. The company has a market cap of $31.25 billion, a P/E ratio of 755.75 and a beta of 1.06. Iron Mountain has a twelve month low of $72.33 and a twelve month high of $130.24.

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

Iron Mountain Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 3rd. Investors of record on Monday, September 15th were issued a $0.785 dividend. The ex-dividend date was Monday, September 15th. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.0%. Iron Mountain’s payout ratio is 2,242.86%.

Insider Activity at Iron Mountain

In other Iron Mountain news, EVP Mark Kidd sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were 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 in the company, valued at $7,200,325.05. The trade was a 7.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William L. Meaney sold 69,125 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $102.34, for a total transaction of $7,074,252.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 213,375 shares of company stock worth $20,347,156. Corporate insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Iron Mountain by 0.5% during the 2nd quarter. Vanguard Group Inc. now owns 47,064,887 shares of the financial services provider’s stock worth $4,827,445,000 after acquiring an additional 239,153 shares in the last quarter. State Street Corp grew its holdings in Iron Mountain by 0.6% during the 2nd quarter. State Street Corp now owns 16,809,643 shares of the financial services provider’s stock worth $1,737,002,000 after acquiring an additional 104,524 shares in the last quarter. Invesco Ltd. grew its holdings in Iron Mountain by 50.6% during the 2nd quarter. Invesco Ltd. now owns 4,289,583 shares of the financial services provider’s stock worth $439,983,000 after acquiring an additional 1,440,629 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Iron Mountain by 0.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,256,417 shares of the financial services provider’s stock worth $366,210,000 after buying an additional 37,154 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Iron Mountain during the 2nd quarter worth approximately $419,457,000. 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.