Iron Mountain (NYSE:IRM) Upgraded at StockNews.com

StockNews.com upgraded shares of Iron Mountain (NYSE:IRM) from a sell rating to a hold rating in a research note released on Saturday morning.

Several other research analysts have also issued reports on IRM. Wells Fargo & Company dropped their price objective on Iron Mountain from $135.00 to $125.00 and set an “overweight” rating for the company in a research note on Tuesday, February 4th. Barclays dropped their target price on shares of Iron Mountain from $130.00 to $118.00 and set an “overweight” rating for the company in a research report on Thursday, March 20th. JPMorgan Chase & Co. reduced their price target on shares of Iron Mountain from $125.00 to $112.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 18th. Finally, Royal Bank of Canada upped their price objective 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 equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Iron Mountain presently has a consensus rating of “Buy” and a consensus price target of $125.67.

Iron Mountain Stock Performance

Shares of Iron Mountain stock opened at $90.14 on Friday. The firm has a market cap of $26.48 billion, a P/E ratio of 147.77, a price-to-earnings-growth ratio of 5.15 and a beta of 1.04. The firm’s 50-day simple moving average is $96.65 and its 200-day simple moving average is $109.03. Iron Mountain has a twelve month low of $73.53 and a twelve month high of $130.24.

Iron Mountain (NYSE:IRM) last released its quarterly earnings data on Thursday, February 13th. The financial services provider reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.70). Iron Mountain had a net margin of 2.95% and a negative return on equity of 401.83%. The company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.60 billion. During the same period in the previous year, the firm posted $0.52 earnings per share. On average, equities analysts forecast that Iron Mountain will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Monday, March 17th will be paid a $0.785 dividend. The ex-dividend date is Monday, March 17th. This is an increase from Iron Mountain’s previous quarterly dividend of $0.72. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.48%. Iron Mountain’s payout ratio is currently 514.75%.

Insider Transactions at Iron Mountain

In other news, CEO William L. Meaney sold 172,552 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $91.33, for a total value of $15,759,174.16. Following the transaction, the chief executive officer now owns 237,402 shares of the company’s stock, valued at approximately $21,681,924.66. This trade represents a 42.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $99.83, for a total transaction of $6,900,748.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 318,979 shares of company stock worth $30,666,904. Corporate insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Caprock Group LLC grew its position in shares of Iron Mountain by 26.3% in the 3rd quarter. Caprock Group LLC now owns 5,049 shares of the financial services provider’s stock valued at $605,000 after purchasing an additional 1,051 shares during the period. Prospera Financial Services Inc boosted its holdings in shares of Iron Mountain by 11.3% in the third quarter. Prospera Financial Services Inc now owns 2,808 shares of the financial services provider’s stock valued at $334,000 after buying an additional 285 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Iron Mountain by 2.8% during the third 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 in the last quarter. Segall Bryant & Hamill LLC acquired a new stake in shares of Iron Mountain during the third quarter worth $1,427,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Iron Mountain by 4.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,386,315 shares of the financial services provider’s stock valued at $402,396,000 after acquiring an additional 141,675 shares in the last quarter. 80.13% of the stock is owned by institutional investors and hedge funds.

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.