Iron Mountain (NYSE:IRM) Given New $122.00 Price Target at Barclays

Iron Mountain (NYSE:IRM) had its price objective increased by Barclays from $121.00 to $122.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

Separately, JPMorgan Chase & Co. dropped their price objective on Iron Mountain from $112.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. Based on data from MarketBeat.com, Iron Mountain currently has a consensus rating of “Buy” and an average target price of $120.17.

Iron Mountain Trading Down 0.3%

Shares of NYSE IRM opened at $91.2860 on Wednesday. The business has a fifty day simple moving average of $98.02 and a 200 day simple moving average of $94.02. The firm has a market capitalization of $26.96 billion, a price-to-earnings ratio of 652.09 and a beta of 1.07. Iron Mountain has a one year low of $72.33 and a one year high of $130.24.

Iron Mountain (NYSE:IRM) last released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.05. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The firm had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the company posted $1.08 earnings per share. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, research analysts anticipate that Iron Mountain will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be issued a $0.785 dividend. The ex-dividend date is Monday, September 15th. This represents a $3.14 annualized dividend and a yield of 3.4%. Iron Mountain’s dividend payout ratio (DPR) is currently 2,242.86%.

Insider Transactions at Iron Mountain

In related news, Director Walter C. Rakowich sold 900 shares of the firm’s stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $99.97, for a total value of $89,973.00. Following the transaction, the director owned 36,515 shares in the company, valued at $3,650,404.55. This trade represents a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark Kidd sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $102.02, for a total value of $612,120.00. Following the completion of the transaction, the executive vice president owned 91,081 shares in the company, valued at approximately $9,292,083.62. This represents a 6.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 231,609 shares of company stock worth $22,736,123 in the last ninety days. 1.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Iron Mountain

Several hedge funds have recently added to or reduced their stakes in IRM. Cranbrook Wealth Management LLC bought a new position in Iron Mountain during the first quarter worth about $26,000. Financial Network Wealth Advisors LLC bought a new position in Iron Mountain during the first quarter worth about $26,000. Golden State Wealth Management LLC bought a new position in Iron Mountain during the first quarter worth about $30,000. Ramirez Asset Management Inc. bought a new position in Iron Mountain during the first quarter worth about $34,000. Finally, Wayfinding Financial LLC bought a new position in Iron Mountain during the first quarter worth about $37,000. Institutional investors 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.