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

Shares of Iron Mountain Incorporated (NYSE:IRMGet Free Report) traded down 4% during mid-day 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. 116,689 shares were traded during trading, a decline of 93% from the average session 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. Wells Fargo & Company increased their price objective on Iron Mountain from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. BNP Paribas raised shares of Iron Mountain to a “strong-buy” rating in a research note on Wednesday, November 6th. Barclays cut their price objective 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. Finally, Royal Bank of Canada increased their target price on shares of Iron Mountain from $135.00 to $139.00 and gave the stock an “outperform” rating in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $130.83.

Read Our Latest Report on IRM

Insider Buying and Selling

In other Iron Mountain news, EVP Mithu Bhargava sold 8,263 shares of the 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 transaction, the executive vice president now directly owns 13,054 shares in the company, valued at approximately $1,364,012.46. This trade represents a 38.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William L. Meaney sold 15,872 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $112.99, for a total transaction of $1,793,377.28. The disclosure for this sale can be found here. Insiders sold a total of 125,016 shares of company stock worth $13,666,427 in the last ninety days. 2.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

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

Iron Mountain Stock Performance

The firm has a market capitalization of $28.92 billion, a P/E ratio of 273.71, a PEG ratio of 6.05 and a beta of 1.02. The firm has a 50 day simple moving average of $110.29 and a two-hundred day simple moving average of $112.58.

Iron Mountain Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Monday, December 16th were paid a dividend of $0.715 per share. This represents a $2.86 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date of this dividend was Monday, December 16th. Iron Mountain’s payout ratio is 794.47%.

About Iron Mountain

(Get Free Report)

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.

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