Iron Mountain (NYSE:IRM) Reaches New 52-Week High on Analyst Upgrade

Iron Mountain Incorporated (NYSE:IRM) hit a new 52-week high on Monday after Stifel Nicolaus raised their price target on the stock from $117.00 to $140.00. Stifel Nicolaus currently has a buy rating on the stock. Iron Mountain traded as high as $118.74 and last traded at $116.50, with a volume of 98899 shares changing hands. The stock had previously closed at $115.36.

A number of other research firms have also recently commented on IRM. Wells Fargo & Company boosted their price target on Iron Mountain from $110.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. boosted their price target on Iron Mountain from $82.00 to $121.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Finally, The Goldman Sachs Group upped their target price on Iron Mountain from $106.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $106.00.

Insider Buying and Selling at Iron Mountain

In other Iron Mountain news, CEO William L. Meaney sold 15,875 shares of the company’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $91.59, for a total value of $1,453,991.25. Following the sale, the chief executive officer now owns 295,650 shares in the company, valued at approximately $27,078,583.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO William L. Meaney sold 15,875 shares of the company’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $91.59, for a total transaction of $1,453,991.25. Following the sale, the chief executive officer now owns 295,650 shares in the company, valued at approximately $27,078,583.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Wendy J. Murdock sold 8,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $116.38, for a total value of $989,230.00. Following the sale, the director now owns 14,829 shares in the company, valued at approximately $1,725,799.02. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,003 shares of company stock worth $3,352,406. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. raised its stake in Iron Mountain by 149.1% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,746 shares of the financial services provider’s stock worth $156,000 after buying an additional 1,045 shares during the period. Sanctuary Advisors LLC purchased a new stake in shares of Iron Mountain in the second quarter worth approximately $3,005,000. EP Wealth Advisors LLC raised its stake in shares of Iron Mountain by 12.2% in the second quarter. EP Wealth Advisors LLC now owns 14,558 shares of the financial services provider’s stock worth $1,305,000 after purchasing an additional 1,580 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Iron Mountain by 2.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 52,094 shares of the financial services provider’s stock worth $4,669,000 after purchasing an additional 1,213 shares during the last quarter. Finally, NewEdge Advisors LLC raised its stake in shares of Iron Mountain by 49.7% in the second quarter. NewEdge Advisors LLC now owns 44,040 shares of the financial services provider’s stock worth $3,947,000 after purchasing an additional 14,625 shares during the last quarter. 80.13% of the stock is owned by institutional investors and hedge funds.

Iron Mountain Trading Up 1.4 %

The stock has a market capitalization of $34.30 billion, a PE ratio of 174.79, a P/E/G ratio of 6.85 and a beta of 1.00. The firm has a 50 day moving average price of $108.27 and a 200 day moving average price of $91.31. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 674.63.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings results on Thursday, August 1st. The financial services provider reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.59). The business had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Iron Mountain had a net margin of 3.94% and a return on equity of 595.44%. The business’s revenue was up 13.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.94 earnings per share. Equities analysts expect that Iron Mountain Incorporated will post 4.17 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Monday, September 16th will be given a dividend of $0.715 per share. This represents a $2.86 dividend on an annualized basis and a dividend yield of 2.44%. This is an increase from Iron Mountain’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Monday, September 16th. Iron Mountain’s dividend payout ratio (DPR) is presently 433.33%.

Iron Mountain Company Profile

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.