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 published on Monday,Zacks.com reports.

IRM has been the topic of a number of other reports. Barclays raised their price target on Iron Mountain from $126.00 to $127.00 and gave the stock an “overweight” rating in a research note on Monday, February 23rd. Weiss Ratings restated a “hold (c)” rating on shares of Iron Mountain in a research note on Thursday, January 22nd. Finally, Loop Capital set a $130.00 price target on Iron Mountain in a research note on Wednesday, March 4th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Iron Mountain currently has an average rating of “Hold” and a consensus price target of $122.00.

Iron Mountain Stock Performance

NYSE IRM opened at $113.58 on Monday. Iron Mountain has a one year low of $77.77 and a one year high of $115.24. The stock has a 50-day moving average of $105.54 and a 200 day moving average of $97.18. The company has a market capitalization of $33.79 billion, a price-to-earnings ratio of 236.63 and a beta of 1.13.

Iron Mountain Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 3rd. Stockholders of record on Monday, March 16th were given a dividend of $0.864 per share. This represents a $3.46 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, March 16th. Iron Mountain’s payout ratio is presently 720.83%.

Insider Buying and Selling

In other news, CEO William L. Meaney sold 137,133 shares of Iron Mountain stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $109.39, for a total transaction of $15,000,978.87. Following the transaction, the chief executive officer directly owned 295,975 shares of the company’s stock, valued at $32,376,705.25. The trade was a 31.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mithu Bhargava sold 59,725 shares of Iron Mountain stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $104.62, for a total value of $6,248,429.50. Following the transaction, the executive vice president directly owned 16,054 shares in the company, valued at approximately $1,679,569.48. The trade was a 78.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 451,648 shares of company stock valued at $48,297,449 in the last 90 days. Corporate insiders own 1.70% of the company’s stock.

Institutional Trading of Iron Mountain

Several institutional investors and hedge funds have recently added to or reduced their stakes in IRM. Norges Bank bought a new stake in Iron Mountain during the 4th quarter valued at approximately $368,890,000. Cohen & Steers Inc. raised its stake in Iron Mountain by 20.0% during the 4th quarter. Cohen & Steers Inc. now owns 18,903,716 shares of the financial services provider’s stock valued at $1,568,110,000 after purchasing an additional 3,155,034 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Iron Mountain by 597.9% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,161,589 shares of the financial services provider’s stock valued at $322,292,000 after purchasing an additional 2,708,560 shares during the period. Principal Financial Group Inc. raised its stake in Iron Mountain by 66.5% during the 4th quarter. Principal Financial Group Inc. now owns 4,207,596 shares of the financial services provider’s stock valued at $349,021,000 after purchasing an additional 1,680,438 shares during the period. Finally, Vontobel Holding Ltd. bought a new stake in Iron Mountain during the 3rd quarter valued at approximately $109,941,000. Institutional investors own 80.13% of the company’s stock.

About Iron Mountain

Iron Mountain Incorporated is a global information management company that helps organizations protect, store, and manage their physical and digital information. The firm provides a range of services including secure records storage, document imaging and digitization, secure shredding and destruction, and information governance solutions designed to support regulatory compliance and business continuity. Iron Mountain also offers specialized secure storage environments and logistics for sensitive assets such as art, medical records, and legal archives.

Beyond traditional records management, Iron Mountain has expanded into technology-driven services to support customers’ digital transformation.