Iron Mountain (NYSE:IRM) Price Target Cut to $112.00 by Analysts at JPMorgan Chase & Co.

Iron Mountain (NYSE:IRM) had its target price decreased by JPMorgan Chase & Co. from $125.00 to $112.00 in a research note published on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the financial services provider’s stock.

A number of other equities research analysts also recently weighed in on the stock. Wells Fargo & Company decreased their price target on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 4th. StockNews.com cut Iron Mountain from a “hold” rating to a “sell” rating in a report on Tuesday, January 28th. BNP Paribas upgraded shares of Iron Mountain to a “strong-buy” rating in a research report on Wednesday, November 6th. Barclays cut their target price on shares of Iron Mountain from $131.00 to $130.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. Finally, Royal Bank of Canada boosted their price target 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 investment analyst has rated the stock with a sell rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $127.67.

Iron Mountain Stock Down 1.4 %

Shares of IRM opened at $94.04 on Tuesday. The firm has a market cap of $27.60 billion, a price-to-earnings ratio of 261.22, a price-to-earnings-growth ratio of 5.84 and a beta of 1.01. Iron Mountain has a 12 month low of $67.09 and a 12 month high of $130.24. The company’s fifty day moving average is $104.71 and its 200-day moving average is $112.66.

Iron Mountain (NYSE:IRM) last posted its quarterly earnings results on Thursday, February 13th. The financial services provider reported $0.50 EPS for the quarter, missing the consensus estimate of $1.20 by ($0.70). Iron Mountain had a net margin of 1.77% and a negative return on equity of 44,660.04%. The firm had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same period last year, the company earned $0.52 EPS. As a group, research analysts predict that Iron Mountain will post 4.18 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Monday, March 17th will be given a $0.785 dividend. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date is Monday, March 17th. This is a boost from Iron Mountain’s previous quarterly dividend of $0.72. Iron Mountain’s payout ratio is presently 794.47%.

Insider Activity at Iron Mountain

In other news, EVP Mithu Bhargava sold 8,263 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $104.49, for a total value of $863,400.87. Following the completion of the transaction, the executive vice president now owns 13,054 shares of the company’s stock, valued at approximately $1,364,012.46. This represents a 38.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William L. Meaney sold 69,125 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $99.83, for a total value of $6,900,748.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 162,391 shares of company stock worth $16,805,912. Corporate insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in IRM. PNC Financial Services Group Inc. grew its holdings 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 worth $6,402,000 after acquiring an additional 1,446 shares during the last quarter. Merit Financial Group LLC lifted its holdings in shares of Iron Mountain by 91.5% during the fourth quarter. Merit Financial Group LLC now owns 14,933 shares of the financial services provider’s stock worth $1,570,000 after purchasing an additional 7,137 shares during the period. Tidal Investments LLC grew its stake in shares of Iron Mountain by 254.1% in the third quarter. Tidal Investments LLC now owns 20,536 shares of the financial services provider’s stock worth $2,440,000 after purchasing an additional 14,737 shares during the last quarter. Exchange Traded Concepts LLC raised its position in Iron Mountain by 151.6% during the 4th quarter. Exchange Traded Concepts LLC now owns 9,147 shares of the financial services provider’s stock worth $961,000 after purchasing an additional 5,511 shares during the last quarter. Finally, Lord Abbett & CO. LLC bought a new position in Iron Mountain during the 3rd quarter worth approximately $24,122,000. 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.