Iron Mountain (NYSE:IRM) Shares Gap Up – Here’s What Happened

Shares of Iron Mountain Incorporated (NYSE:IRM) gapped up prior to trading on Tuesday . The stock had previously closed at $86.04, but opened at $88.30. Iron Mountain shares last traded at $84.46, with a volume of 205,382 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on IRM shares. JPMorgan Chase & Co. cut their price target on Iron Mountain from $125.00 to $112.00 and set an “overweight” rating for the company in a research note on Tuesday, February 18th. Wells Fargo & Company cut their price objective on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 4th. StockNews.com downgraded shares of Iron Mountain from a “hold” rating to a “sell” rating in a research report on Monday. Finally, Barclays cut their price target on shares of Iron Mountain from $130.00 to $118.00 and set an “overweight” rating on the stock in a report on Thursday, March 20th. One equities research analyst has rated the stock with a sell rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $125.67.

Iron Mountain Trading Up 1.5 %

The firm’s fifty day moving average is $93.59 and its 200 day moving average is $107.75. The stock has a market cap of $25.90 billion, a P/E ratio of 144.52, a P/E/G ratio of 5.15 and a beta of 1.04.

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

Iron Mountain Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Monday, March 17th will be given a $0.785 dividend. This represents a $3.14 annualized dividend and a yield of 3.56%. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend is Monday, March 17th. Iron Mountain’s dividend payout ratio (DPR) is currently 514.75%.

Insider Activity

In other Iron Mountain news, CEO William L. Meaney sold 172,552 shares of Iron Mountain stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $91.33, for a total transaction of $15,759,174.16. Following the sale, the chief executive officer now owns 237,402 shares in the company, valued at $21,681,924.66. The trade was a 42.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Daniel Borges sold 6,433 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.84, for a total transaction of $597,239.72. Following the transaction, the chief accounting officer now directly owns 288 shares of the company’s stock, valued at $26,737.92. The trade was a 95.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 249,848 shares of company stock valued at $23,418,519. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. IMG Wealth Management Inc. acquired a new position in shares of Iron Mountain in the 4th quarter worth approximately $26,000. Halbert Hargrove Global Advisors LLC bought a new stake in Iron Mountain in the fourth quarter valued at $26,000. Key Financial Inc raised its stake in Iron Mountain by 25,100.0% during the fourth quarter. Key Financial Inc now owns 252 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 251 shares in the last quarter. Dunhill Financial LLC lifted its holdings in shares of Iron Mountain by 50.5% during the third quarter. Dunhill Financial LLC now owns 453 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 152 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Iron Mountain by 46.4% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 489 shares of the financial services provider’s stock valued at $51,000 after purchasing an additional 155 shares in the last quarter. Institutional investors own 80.13% of the company’s stock.

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.