Iron Mountain Incorporated (NYSE:IRM) Sees Large Increase in Short Interest

Iron Mountain Incorporated (NYSE:IRM) was the target of a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 12,470,000 shares, a growth of 17.3% from the May 31st total of 10,630,000 shares. Based on an average daily volume of 1,620,000 shares, the days-to-cover ratio is currently 7.7 days.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Barclays increased their price objective on shares of Iron Mountain from $79.00 to $91.00 and gave the company an “overweight” rating in a research report on Tuesday, March 5th. The Goldman Sachs Group raised their price target on shares of Iron Mountain from $89.00 to $101.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Wells Fargo & Company raised their price target on shares of Iron Mountain from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, March 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $78.33.

Iron Mountain Price Performance

IRM stock traded up $0.41 during mid-day trading on Friday, hitting $89.62. The stock had a trading volume of 3,284,005 shares, compared to its average volume of 2,524,909. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 674.63. Iron Mountain has a 52 week low of $55.02 and a 52 week high of $90.40. The firm has a market capitalization of $26.27 billion, a P/E ratio of 135.79, a P/E/G ratio of 5.31 and a beta of 0.95. The firm has a fifty day simple moving average of $82.25 and a 200 day simple moving average of $75.99.

Iron Mountain Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Monday, June 17th will be issued a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 2.90%. The ex-dividend date of this dividend is Monday, June 17th. Iron Mountain’s dividend payout ratio is currently 393.95%.

Insider Buying and Selling

In related news, Director Wendy J. Murdock sold 1,500 shares of the stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $75.35, for a total transaction of $113,025.00. Following the completion of the transaction, the director now owns 24,491 shares in the company, valued at $1,845,396.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Iron Mountain news, CEO William L. Meaney sold 15,875 shares of the stock in a transaction on Monday, April 15th. The shares were sold at an average price of $76.68, for a total value of $1,217,295.00. Following the completion of the sale, the chief executive officer now owns 295,650 shares in the company, valued at $22,670,442. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Wendy J. Murdock sold 1,500 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $75.35, for a total transaction of $113,025.00. Following the completion of the transaction, the director now directly owns 24,491 shares in the company, valued at $1,845,396.85. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 104,511 shares of company stock worth $8,787,218. 2.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Iron Mountain

Several hedge funds have recently bought and sold shares of IRM. Cohen & Steers Inc. increased its holdings in Iron Mountain by 202.1% in the 4th quarter. Cohen & Steers Inc. now owns 22,475,614 shares of the financial services provider’s stock valued at $1,572,936,000 after buying an additional 15,035,937 shares during the period. Norges Bank bought a new position in Iron Mountain in the 4th quarter valued at about $228,391,000. Wellington Management Group LLP boosted its stake in shares of Iron Mountain by 315.2% in the 3rd quarter. Wellington Management Group LLP now owns 3,012,260 shares of the financial services provider’s stock valued at $179,079,000 after purchasing an additional 2,286,711 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Iron Mountain by 60.9% in the 4th quarter. Daiwa Securities Group Inc. now owns 4,086,316 shares of the financial services provider’s stock valued at $285,960,000 after purchasing an additional 1,546,592 shares in the last quarter. Finally, Centersquare Investment Management LLC boosted its stake in shares of Iron Mountain by 7,892.6% in the 1st quarter. Centersquare Investment Management LLC now owns 1,538,486 shares of the financial services provider’s stock valued at $119,263,000 after purchasing an additional 1,519,237 shares in the last quarter. 80.13% of the stock is owned by 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.