Iron Mountain Incorporated (NYSE:IRM) Receives $121.29 Average Price Target from Brokerages

Shares of Iron Mountain Incorporated (NYSE:IRM) have earned an average recommendation of “Buy” from the eight brokerages that are currently covering the company, Marketbeat reports. Seven equities research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $121.29.

Several equities analysts have issued reports on IRM shares. Wells Fargo & Company dropped their price target on Iron Mountain from $135.00 to $125.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 4th. JPMorgan Chase & Co. dropped their price target on Iron Mountain from $125.00 to $112.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 18th. Truist Financial initiated coverage on Iron Mountain in a research report on Tuesday, April 8th. They set a “buy” rating and a $95.00 target price on the stock. Barclays reduced their price target 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. Finally, StockNews.com upgraded shares of Iron Mountain from a “sell” rating to a “hold” rating in a research note on Friday, April 18th.

Iron Mountain Price Performance

Iron Mountain stock opened at $88.29 on Wednesday. The stock’s 50 day moving average is $85.89 and its 200 day moving average is $102.72. The firm has a market cap of $26.04 billion, a P/E ratio of 144.74, a P/E/G ratio of 5.15 and a beta of 0.97. Iron Mountain has a one year low of $72.33 and a one year high of $130.24.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings results on Thursday, February 13th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same period last year, the firm posted $0.52 earnings per share. Equities analysts anticipate that Iron Mountain will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Monday, March 17th were given a dividend of $0.785 per share. This is a positive change 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 3.56%. The ex-dividend date of this dividend was Monday, March 17th. Iron Mountain’s dividend payout ratio (DPR) is presently 514.75%.

Insider Activity at Iron Mountain

In related 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 transaction of $15,759,174.16. Following the transaction, the chief executive officer now directly owns 237,402 shares of the company’s stock, valued at $21,681,924.66. This trade represents a 42.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William L. Meaney sold 69,125 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $86.11, for a total transaction of $5,952,353.75. The disclosure for this sale can be found here. Insiders have sold 318,973 shares of company stock valued at $29,370,872 over the last ninety days. Corporate insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Oregon Public Employees Retirement Fund raised its position in Iron Mountain by 0.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 25,159 shares of the financial services provider’s stock worth $2,644,000 after acquiring an additional 100 shares during the period. Premier Path Wealth Partners LLC raised its position in Iron Mountain by 3.9% in the fourth quarter. Premier Path Wealth Partners LLC now owns 2,844 shares of the financial services provider’s stock worth $299,000 after acquiring an additional 106 shares during the period. Belpointe Asset Management LLC raised its position in Iron Mountain by 1.6% in the fourth quarter. Belpointe Asset Management LLC now owns 7,250 shares of the financial services provider’s stock worth $821,000 after acquiring an additional 112 shares during the period. Mather Group LLC. raised its position in Iron Mountain by 4.6% in the fourth quarter. Mather Group LLC. now owns 2,582 shares of the financial services provider’s stock worth $271,000 after acquiring an additional 113 shares during the period. Finally, DoubleLine ETF Adviser LP raised its position in Iron Mountain by 0.5% in the fourth quarter. DoubleLine ETF Adviser LP now owns 21,064 shares of the financial services provider’s stock worth $2,214,000 after acquiring an additional 114 shares during the period. 80.13% of the stock is owned by institutional investors.

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.