Iron Mountain (NYSE:IRM) Stock Price Down 4% on Analyst Downgrade

Shares of Iron Mountain Incorporated (NYSE:IRM) were down 4% during trading on Tuesday after StockNews.com downgraded the stock from a hold rating to a sell rating. The company traded as low as $101.27 and last traded at $99.80. Approximately 116,689 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 1,764,132 shares. The stock had previously closed at $103.99.

IRM has been the subject of a number of other reports. BNP Paribas raised Iron Mountain to a “strong-buy” rating in a research report on Wednesday, November 6th. Wells Fargo & Company raised their price target on Iron Mountain from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Barclays decreased their price objective on shares of Iron Mountain from $131.00 to $130.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, Royal Bank of Canada raised their target price on shares of Iron Mountain from $135.00 to $139.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 27th. One analyst has rated the stock with a sell rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $130.83.

Insider Activity

In related news, CEO William L. Meaney sold 69,131 shares of Iron Mountain stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $104.85, for a total value of $7,248,385.35. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Mithu Bhargava sold 8,263 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $104.49, for a total value of $863,400.87. Following the completion of the sale, the executive vice president now directly owns 13,054 shares in the company, valued at $1,364,012.46. The trade was a 38.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 125,016 shares of company stock worth $13,666,427. 2.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. raised its stake in Iron Mountain by 2.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 53,877 shares of the financial services provider’s stock valued at $6,402,000 after buying an additional 1,446 shares during the last quarter. Friedenthal Financial purchased a new stake in Iron Mountain during the third quarter valued at $824,000. Merit Financial Group LLC lifted its holdings in Iron Mountain by 91.5% in the fourth quarter. Merit Financial Group LLC now owns 14,933 shares of the financial services provider’s stock valued at $1,570,000 after acquiring an additional 7,137 shares during the period. Tidal Investments LLC grew its stake in shares of Iron Mountain by 254.1% during the 3rd quarter. Tidal Investments LLC now owns 20,536 shares of the financial services provider’s stock valued at $2,440,000 after purchasing an additional 14,737 shares during the period. Finally, Lord Abbett & CO. LLC purchased a new stake in shares of Iron Mountain during the 3rd quarter valued at about $24,122,000. 80.13% of the stock is owned by hedge funds and other institutional investors.

Iron Mountain Trading Up 1.8 %

The stock has a market cap of $29.51 billion, a P/E ratio of 279.34, a PEG ratio of 6.05 and a beta of 1.02. The company’s 50 day moving average price is $109.98 and its two-hundred day moving average price is $112.50.

Iron Mountain Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Monday, December 16th were paid a $0.715 dividend. This represents a $2.86 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date of this dividend was Monday, December 16th. Iron Mountain’s dividend payout ratio (DPR) is 794.47%.

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.