Iron Mountain Incorporated (NYSE:IRM) Given Average Rating of “Buy” by Brokerages

Iron Mountain Incorporated (NYSE:IRM) has been assigned a consensus rating of “Buy” from the eight analysts that are covering the stock, MarketBeat reports. Seven equities research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $121.29.

A number of research firms have recently issued reports on IRM. Wells Fargo & Company dropped their price target on Iron Mountain from $135.00 to $125.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 4th. StockNews.com upgraded Iron Mountain from a “sell” rating to a “hold” rating in a research note on Friday, April 18th. Barclays dropped their price objective on shares of Iron Mountain from $130.00 to $118.00 and set an “overweight” rating on the stock in a report on Thursday, March 20th. Truist Financial began coverage on shares of Iron Mountain in a report on Tuesday, April 8th. They issued a “buy” rating and a $95.00 price target on the stock. Finally, JPMorgan Chase & Co. decreased their price target on Iron Mountain from $125.00 to $112.00 and set an “overweight” rating for the company in a report on Tuesday, February 18th.

Iron Mountain Trading Up 3.1 %

Shares of IRM opened at $87.97 on Wednesday. The firm has a fifty day moving average price of $86.08 and a 200-day moving average price of $103.04. The firm has a market capitalization of $25.95 billion, a P/E ratio of 144.21, a P/E/G ratio of 5.15 and a beta of 0.97. Iron Mountain has a 12-month low of $72.33 and a 12-month high of $130.24.

Iron Mountain (NYSE:IRM) last released its quarterly earnings data on Thursday, February 13th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($0.70). Iron Mountain had a net margin of 2.95% and a negative return on equity of 401.83%. The company had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.60 billion. During the same period last year, the firm earned $0.52 earnings per share. Analysts predict that Iron Mountain will post 4.54 earnings per share for the current year.

Iron Mountain Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Monday, March 17th were paid a $0.785 dividend. This is an increase from Iron Mountain’s previous quarterly dividend of $0.72. This represents a $3.14 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend was Monday, March 17th. Iron Mountain’s dividend payout ratio is currently 514.75%.

Insider Buying and Selling

In other Iron Mountain news, EVP Mithu Bhargava sold 1,738 shares of Iron Mountain stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.84, for a total value of $161,355.92. Following the sale, the executive vice president now owns 13,054 shares in the company, valued at $1,211,933.36. The trade was a 11.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William L. Meaney sold 69,125 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $86.11, for a total value of $5,952,353.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 318,973 shares of company stock worth $29,370,872. 2.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Iron Mountain

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Canandaigua National Bank & Trust Co. grew its position in Iron Mountain by 25.6% in the 1st quarter. Canandaigua National Bank & Trust Co. now owns 2,700 shares of the financial services provider’s stock valued at $232,000 after acquiring an additional 550 shares in the last quarter. IRON Financial LLC purchased a new stake in Iron Mountain during the 1st quarter worth about $214,000. Amalgamated Bank lifted its stake in Iron Mountain by 2.7% during the first quarter. Amalgamated Bank now owns 60,085 shares of the financial services provider’s stock worth $5,170,000 after purchasing an additional 1,571 shares during the last quarter. Augustine Asset Management Inc. raised its holdings in Iron Mountain by 4.0% during the first quarter. Augustine Asset Management Inc. now owns 5,178 shares of the financial services provider’s stock worth $446,000 after purchasing an additional 201 shares in the last quarter. Finally, Naviter Wealth LLC raised its stake in Iron Mountain by 3.8% during the 1st quarter. Naviter Wealth LLC now owns 20,769 shares of the financial services provider’s stock worth $1,784,000 after acquiring an additional 753 shares in the last quarter. 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.