Iron Mountain (NYSE:IRM) Price Target Raised to $121.00

Iron Mountain (NYSE:IRM) had its target price hoisted by JPMorgan Chase & Co. from $82.00 to $121.00 in a research note published on Friday morning, Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

A number of other equities analysts 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. Stifel Nicolaus upped their price objective on shares of Iron Mountain from $86.00 to $103.00 and gave the stock a buy rating in a research report on Wednesday, July 10th. Finally, The Goldman Sachs Group lifted their target price on shares of Iron Mountain from $106.00 to $120.00 and gave the stock a buy rating in a research report on Friday. One 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 stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $95.29.

Iron Mountain Price Performance

Shares of IRM stock traded down $2.28 during trading on Friday, hitting $104.41. The company had a trading volume of 2,829,571 shares, compared to its average volume of 1,665,008. The stock’s 50-day moving average price is $91.45 and its 200 day moving average price is $81.19. Iron Mountain has a one year low of $56.51 and a one year high of $112.79. The company has a debt-to-equity ratio of 674.63, a quick ratio of 0.86 and a current ratio of 0.79. The firm has a market capitalization of $30.61 billion, a P/E ratio of 161.65, a price-to-earnings-growth ratio of 6.49 and a beta of 0.98.

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 analysts’ consensus estimates of $1.01 by ($0.59). The company had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.50 billion. Iron Mountain had a net margin of 3.94% and a return on equity of 595.44%. The firm’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same period last year, the firm earned $0.94 EPS. Equities analysts expect that Iron Mountain will post 4.22 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Monday, September 16th will be paid a $0.715 dividend. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.65. The ex-dividend date is Monday, September 16th. This represents a $2.86 annualized dividend and a yield of 2.74%. Iron Mountain’s dividend payout ratio (DPR) is 433.33%.

Insider Transactions at Iron Mountain

In other news, Director Wendy J. Murdock sold 3,547 shares of Iron Mountain stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $77.60, for a total transaction of $275,247.20. Following the sale, the director now directly owns 20,944 shares in the company, valued at approximately $1,625,254.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO John Tomovcsik sold 35,084 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $88.76, for a total transaction of $3,114,055.84. Following the completion of the transaction, 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 filing with the SEC, which is available through this hyperlink. Also, Director Wendy J. Murdock sold 3,547 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $77.60, for a total value of $275,247.20. Following the completion of the sale, the director now owns 20,944 shares in the company, valued at approximately $1,625,254.40. The disclosure for this sale can be found here. Insiders have sold 99,919 shares of company stock worth $8,791,683 in the last 90 days. Insiders own 2.10% of the company’s stock.

Institutional Trading of Iron Mountain

Hedge funds have recently made changes to their positions in the stock. Csenge Advisory Group lifted its stake in shares of Iron Mountain by 1.2% in the 2nd quarter. Csenge Advisory Group now owns 9,515 shares of the financial services provider’s stock valued at $853,000 after acquiring an additional 114 shares during the last quarter. Perfromance Wealth Partners LLC boosted its stake in shares of Iron Mountain by 2.4% during the second quarter. Perfromance Wealth Partners LLC now owns 5,007 shares of the financial services provider’s stock valued at $449,000 after purchasing an additional 118 shares during the period. Massmutual Trust Co. FSB ADV grew its holdings in shares of Iron Mountain by 9.8% in the second quarter. Massmutual Trust Co. FSB ADV now owns 1,347 shares of the financial services provider’s stock worth $121,000 after purchasing an additional 120 shares during the last quarter. Terra Nova Asset Management LLC raised its holdings in Iron Mountain by 0.4% during the 2nd quarter. Terra Nova Asset Management LLC now owns 32,409 shares of the financial services provider’s stock valued at $2,905,000 after buying an additional 120 shares during the last quarter. Finally, Jaffetilchin Investment Partners LLC boosted its position in Iron Mountain by 1.1% during the 1st quarter. Jaffetilchin Investment Partners LLC now owns 11,432 shares of the financial services provider’s stock valued at $917,000 after buying an additional 122 shares during the period. 80.13% of the stock is owned by institutional investors.

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.