Iron Mountain Incorporated (NYSE:IRM) Receives Consensus Recommendation of “Buy” from Analysts

Iron Mountain Incorporated (NYSE:IRM) has been assigned an average rating of “Buy” from the eight brokerages that are covering the firm, Marketbeat.com reports. Seven investment analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $121.71.

IRM has been the topic of a number of recent research reports. JPMorgan Chase & Co. reduced their price target on shares of Iron Mountain from $125.00 to $112.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 18th. Barclays lifted their target price on shares of Iron Mountain from $118.00 to $121.00 and gave the company an “overweight” rating in a report on Tuesday, May 27th. Wall Street Zen raised shares of Iron Mountain from a “sell” rating to a “hold” rating in a research report on Friday, April 18th. Finally, Truist Financial initiated coverage on Iron Mountain in a research report on Tuesday, April 8th. They issued a “buy” rating and a $95.00 price objective on the stock.

Iron Mountain Stock Down 0.2%

Shares of NYSE IRM opened at $100.90 on Thursday. The stock has a market capitalization of $29.77 billion, a PE ratio of 165.41, a P/E/G ratio of 5.15 and a beta of 1.09. The firm has a fifty day moving average of $92.42 and a 200-day moving average of $97.91. Iron Mountain has a 52-week low of $72.33 and a 52-week high of $130.24.

Iron Mountain (NYSE:IRM) last issued its earnings results on Thursday, May 1st. The financial services provider reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.01. The firm had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.59 billion. Iron Mountain had a negative return on equity of 401.83% and a net margin of 2.95%. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.10 earnings per share. Equities research analysts expect that Iron Mountain will post 4.54 EPS for the current fiscal year.

Iron Mountain Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Monday, June 16th will be paid a dividend of $0.785 per share. This represents a $3.14 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend is Monday, June 16th. Iron Mountain’s dividend payout ratio (DPR) is 765.85%.

Insiders Place Their Bets

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $96.09, for a total transaction of $6,642,221.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Walter C. Rakowich sold 900 shares of the company’s stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $99.97, for a total value of $89,973.00. Following the completion of the transaction, the director now directly owns 36,515 shares in the company, valued at approximately $3,650,404.55. The trade was a 2.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 216,673 shares of company stock worth $20,319,408 in the last quarter. 1.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Iron Mountain

Hedge funds have recently added to or reduced their stakes in the business. Wealthfront Advisers LLC grew its position in shares of Iron Mountain by 9,843.3% during the 4th quarter. Wealthfront Advisers LLC now owns 6,864,832 shares of the financial services provider’s stock valued at $721,562,000 after buying an additional 6,795,792 shares during the last quarter. Norges Bank acquired a new position in Iron Mountain in the fourth quarter valued at approximately $348,249,000. Nuveen LLC bought a new position in shares of Iron Mountain during the first quarter valued at approximately $192,231,000. Northern Trust Corp grew its holdings in shares of Iron Mountain by 56.1% during the fourth quarter. Northern Trust Corp now owns 4,326,476 shares of the financial services provider’s stock valued at $454,756,000 after purchasing an additional 1,554,746 shares during the last quarter. Finally, Contour Asset Management LLC acquired a new stake in shares of Iron Mountain during the 1st quarter worth approximately $122,801,000. Institutional investors and hedge funds own 80.13% of the company’s stock.

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.