Iron Mountain Incorporated (NYSE:IRM) Receives $116.83 Consensus Target Price from Brokerages

Iron Mountain Incorporated (NYSE:IRM) has earned an average rating of “Moderate Buy” from the nine ratings firms that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, six have given a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $116.8333.

Several research firms recently issued reports on IRM. Barclays lifted their price target on shares of Iron Mountain from $121.00 to $122.00 and gave the company an “overweight” rating in a research report on Wednesday, August 20th. Zacks Research downgraded shares of Iron Mountain from a “hold” rating to a “strong sell” rating in a report on Monday, October 13th. JPMorgan Chase & Co. cut their price objective on shares of Iron Mountain from $112.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, August 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Iron Mountain in a report on Wednesday, October 8th. Finally, Jefferies Financial Group assumed coverage on shares of Iron Mountain in a report on Monday, September 22nd. They set a “buy” rating and a $120.00 price objective on the stock.

Iron Mountain Stock Down 1.1%

NYSE:IRM opened at $104.60 on Wednesday. The company has a fifty day moving average of $97.67 and a 200-day moving average of $96.01. The firm has a market capitalization of $30.89 billion, a P/E ratio of 747.20 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 released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, beating 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 company had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the previous year, the business posted $1.08 EPS. Iron Mountain’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, analysts anticipate that Iron Mountain will post 4.54 EPS for the current fiscal year.

Iron Mountain Dividend Announcement

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

Insider Buying and Selling

In related news, EVP Mark Kidd sold 6,000 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $91.05, for a total value of $546,300.00. Following the transaction, the executive vice president directly owned 79,081 shares of the company’s stock, valued at approximately $7,200,325.05. The trade was a 7.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the business’s stock in a transaction dated 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. In the last ninety days, insiders have sold 213,375 shares of company stock valued at $20,347,156. 1.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Iron Mountain

Several institutional investors have recently added to or reduced their stakes in IRM. Norges Bank purchased a new stake in Iron Mountain during the second quarter valued at about $419,457,000. Nuveen LLC purchased a new stake in Iron Mountain during the first quarter valued at about $192,231,000. Invesco Ltd. lifted its holdings in Iron Mountain by 50.6% during the second quarter. Invesco Ltd. now owns 4,289,583 shares of the financial services provider’s stock valued at $439,983,000 after purchasing an additional 1,440,629 shares during the last quarter. Contour Asset Management LLC purchased a new stake in Iron Mountain during the first quarter valued at about $122,801,000. Finally, Vontobel Holding Ltd. purchased a new stake in Iron Mountain during the third quarter valued at about $109,941,000. 80.13% of the stock is owned by hedge funds and other institutional investors.

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.