Iron Mountain (NYSE:IRM) Hits New 1-Year High After Analyst Upgrade

Iron Mountain Incorporated (NYSE:IRM) shares hit a new 52-week high on Monday after Stifel Nicolaus raised their price target on the stock from $117.00 to $140.00. Stifel Nicolaus currently has a buy rating on the stock. Iron Mountain traded as high as $118.74 and last traded at $116.50, with a volume of 98899 shares. The stock had previously closed at $115.36.

A number of other equities research analysts have also commented on the company. Wells Fargo & Company raised their price objective on Iron Mountain from $110.00 to $120.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. The Goldman Sachs Group lifted their price target on Iron Mountain from $106.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Finally, JPMorgan Chase & Co. lifted their price target on Iron Mountain from $82.00 to $121.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $106.00.

Insider Buying and Selling at Iron Mountain

In other Iron Mountain news, EVP Edward Baker-Greene sold 2,262 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $109.75, for a total value of $248,254.50. Following the transaction, the executive vice president now owns 9,049 shares of the company’s stock, valued at $993,127.75. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Iron Mountain news, Director Wendy J. Murdock sold 8,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $116.38, for a total transaction of $989,230.00. Following the transaction, the director now owns 14,829 shares in the company, valued at $1,725,799.02. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Edward Baker-Greene sold 2,262 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $109.75, for a total value of $248,254.50. Following the transaction, the executive vice president now owns 9,049 shares in the company, valued at approximately $993,127.75. The disclosure for this sale can be found here. Insiders have sold 33,003 shares of company stock worth $3,352,406 over the last three months. Company insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Iron Mountain

A number of hedge funds have recently modified their holdings of IRM. Brown Advisory Inc. raised its position in shares of Iron Mountain by 2.3% during the fourth quarter. Brown Advisory Inc. now owns 10,094 shares of the financial services provider’s stock worth $706,000 after purchasing an additional 224 shares during the period. PNC Financial Services Group Inc. grew its stake in Iron Mountain by 1.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 48,996 shares of the financial services provider’s stock valued at $3,429,000 after purchasing an additional 748 shares in the last quarter. CreativeOne Wealth LLC bought a new position in Iron Mountain in the fourth quarter valued at approximately $210,000. Cambridge Investment Research Advisors Inc. grew its stake in Iron Mountain by 25.1% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 163,998 shares of the financial services provider’s stock valued at $11,477,000 after purchasing an additional 32,937 shares in the last quarter. Finally, Commerce Bank grew its stake in Iron Mountain by 2.1% in the fourth quarter. Commerce Bank now owns 22,247 shares of the financial services provider’s stock valued at $1,557,000 after purchasing an additional 450 shares in the last quarter. Institutional investors and hedge funds own 80.13% of the company’s stock.

Iron Mountain Price Performance

The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 674.63. The company has a 50 day moving average price of $108.27 and a 200 day moving average price of $91.31. The company has a market capitalization of $34.30 billion, a P/E ratio of 174.79, a P/E/G ratio of 6.85 and a beta of 1.00.

Iron Mountain (NYSE:IRM) last released 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). The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.50 billion. Iron Mountain had a net margin of 3.94% and a return on equity of 595.44%. The business’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.94 earnings per share. On average, equities analysts predict that Iron Mountain Incorporated will post 4.17 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Monday, September 16th will be paid a $0.715 dividend. The ex-dividend date of this dividend is Monday, September 16th. This is an increase from Iron Mountain’s previous quarterly dividend of $0.65. This represents a $2.86 annualized dividend and a yield of 2.44%. Iron Mountain’s payout ratio is 433.33%.

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.