Iron Mountain (NYSE:IRM) PT Raised to $120.00 at Wells Fargo & Company

Iron Mountain (NYSE:IRM) had its target price upped by Wells Fargo & Company from $110.00 to $120.00 in a research note published on Friday, Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

A number of other equities analysts have also recently weighed in on the company. Stifel Nicolaus boosted their price target on Iron Mountain from $86.00 to $103.00 and gave the stock a buy rating in a report on Wednesday, July 10th. The Goldman Sachs Group raised 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. 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 company. According to data from MarketBeat, Iron Mountain currently has a consensus rating of Moderate Buy and an average price target of $95.29.

Iron Mountain Price Performance

Shares of Iron Mountain stock traded up $3.87 during trading on Friday, reaching $108.20. The company’s stock had a trading volume of 1,138,730 shares, compared to its average volume of 1,666,435. The business has a 50 day moving average price of $91.93 and a 200-day moving average price of $81.46. The company has a quick ratio of 0.86, a current ratio of 0.79 and a debt-to-equity ratio of 674.63. The company has a market capitalization of $31.72 billion, a P/E ratio of 162.67, a price-to-earnings-growth ratio of 6.49 and a beta of 0.98. Iron Mountain has a 12-month low of $56.51 and a 12-month high of $112.79.

Iron Mountain (NYSE:IRM) last issued its earnings results on Thursday, August 1st. The financial services provider reported $0.42 earnings per share (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 analysts’ expectations of $1.50 billion. Iron Mountain had a net margin of 3.94% and a return on equity of 595.44%. The company’s quarterly revenue was up 13.0% on a year-over-year basis. During the same period last year, the business posted $0.94 earnings per share. As a group, sell-side analysts anticipate that Iron Mountain will post 4.22 EPS for the current year.

Iron Mountain Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Monday, September 16th will be issued a dividend of $0.715 per share. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.65. This represents a $2.86 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date is Monday, September 16th. Iron Mountain’s payout ratio is presently 433.33%.

Insider Activity

In other news, EVP Greg W. Mcintosh sold 13,923 shares of the stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $87.41, for a total transaction of $1,217,009.43. Following the completion of the sale, the executive vice president now owns 18,107 shares in the company, valued at approximately $1,582,732.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Greg W. Mcintosh sold 13,923 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $87.41, for a total value of $1,217,009.43. Following the completion of the transaction, the executive vice president now owns 18,107 shares of the company’s stock, valued at approximately $1,582,732.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Walter C. Rakowich sold 954 shares of the stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $81.33, for a total value of $77,588.82. Following the completion of the sale, the director now directly owns 35,166 shares of the company’s stock, valued at $2,860,050.78. The disclosure for this sale can be found here. In the last quarter, insiders sold 96,372 shares of company stock worth $8,516,435. Corporate insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Iron Mountain

A number of institutional investors have recently modified their holdings of IRM. Csenge Advisory Group lifted its stake in Iron Mountain by 1.2% in the second 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 lifted its stake in shares of Iron Mountain by 2.4% in the 2nd 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 last quarter. Massmutual Trust Co. FSB ADV raised its holdings in Iron Mountain by 9.8% during the second quarter. Massmutual Trust Co. FSB ADV now owns 1,347 shares of the financial services provider’s stock valued at $121,000 after buying an additional 120 shares in the last quarter. Terra Nova Asset Management LLC boosted its stake in shares of 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 worth $2,905,000 after acquiring an additional 120 shares in the last quarter. Finally, Jaffetilchin Investment Partners LLC lifted its holdings in Iron Mountain by 1.1% in the 1st quarter. Jaffetilchin Investment Partners LLC now owns 11,432 shares of the financial services provider’s stock worth $917,000 after purchasing an additional 122 shares during the last quarter. Institutional investors and hedge funds own 80.13% of the company’s stock.

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.