Iron Mountain Incorporated (NYSE:IRM) Short Interest Down 13.6% in July

Iron Mountain Incorporated (NYSE:IRM) saw a significant decline in short interest in the month of July. As of July 31st, there was short interest totalling 12,760,000 shares, a decline of 13.6% from the July 15th total of 14,760,000 shares. Based on an average daily trading volume, of 2,000,000 shares, the days-to-cover ratio is currently 6.4 days.

Iron Mountain Stock Performance

NYSE:IRM traded down $0.28 during trading hours on Friday, reaching $108.30. 1,996,318 shares of the stock were exchanged, compared to its average volume of 1,661,263. The stock has a market capitalization of $31.75 billion, a P/E ratio of 164.09, a P/E/G ratio of 6.49 and a beta of 0.98. The firm has a 50 day simple moving average of $96.67 and a 200-day simple moving average of $84.01. The company has a quick ratio of 0.86, a current ratio of 0.79 and a debt-to-equity ratio of 674.63. Iron Mountain has a 52 week low of $56.51 and a 52 week high of $112.79.

Iron Mountain (NYSE:IRM) last posted its quarterly earnings results on Thursday, August 1st. The financial services provider reported $0.42 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.59). Iron Mountain had a net margin of 3.94% and a return on equity of 595.44%. The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the firm posted $0.94 earnings per share. The company’s quarterly revenue was up 13.0% on a year-over-year basis. As a group, sell-side analysts forecast that Iron Mountain will post 4.22 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Monday, September 16th. This represents a $2.86 dividend on an annualized basis and a yield of 2.64%. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.65. Iron Mountain’s payout ratio is currently 433.33%.

Insiders Place Their Bets

In other news, COO John Tomovcsik sold 35,084 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $88.76, for a total value of $3,114,055.84. Following the transaction, the chief operating officer now owns 20,366 shares of the company’s stock, valued at approximately $1,807,686.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, COO John Tomovcsik sold 35,084 shares of the company’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $88.76, for a total value of $3,114,055.84. Following the completion of the sale, the chief operating officer now owns 20,366 shares of the company’s stock, valued at $1,807,686.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William L. Meaney sold 15,875 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $81.03, for a total value of $1,286,351.25. Following the sale, the chief executive officer now owns 295,650 shares in the company, valued at $23,956,519.50. The disclosure for this sale can be found here. Insiders sold a total of 96,372 shares of company stock worth $8,516,435 over the last ninety days. 2.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Iron Mountain

Several large investors have recently added to or reduced their stakes in the stock. State Board of Administration of Florida Retirement System increased its holdings in shares of Iron Mountain by 2.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 321,492 shares of the financial services provider’s stock worth $25,787,000 after acquiring an additional 7,486 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Iron Mountain by 22.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 592,773 shares of the financial services provider’s stock worth $47,547,000 after buying an additional 110,551 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Iron Mountain by 6.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 940,090 shares of the financial services provider’s stock worth $65,787,000 after buying an additional 59,381 shares during the period. Handelsbanken Fonder AB grew its holdings in Iron Mountain by 42.3% in the 4th quarter. Handelsbanken Fonder AB now owns 162,087 shares of the financial services provider’s stock worth $11,343,000 after buying an additional 48,170 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Iron Mountain by 6.3% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 462,652 shares of the financial services provider’s stock valued at $30,637,000 after acquiring an additional 27,551 shares during the period. 80.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

IRM has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their price objective on shares of Iron Mountain from $110.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. The Goldman Sachs Group boosted their price target on Iron Mountain from $106.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Stifel Nicolaus lifted their price objective on Iron Mountain from $86.00 to $103.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. increased their target price on Iron Mountain from $82.00 to $121.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Iron Mountain currently has an average rating of “Moderate Buy” and a consensus target price of $95.29.

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.