Iron Mountain (NYSE:IRM) Given New $120.00 Price Target at The Goldman Sachs Group

Iron Mountain (NYSE:IRM) had its price objective lifted by The Goldman Sachs Group from $106.00 to $120.00 in a report published on Friday, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the financial services provider’s stock.

Several other brokerages also recently commented on IRM. Stifel Nicolaus raised their target price on shares of Iron Mountain from $86.00 to $103.00 and gave the stock a buy rating in a report on Wednesday, July 10th. Wells Fargo & Company raised their target price on shares of Iron Mountain from $90.00 to $110.00 and gave the stock an overweight rating in a report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $95.29.

Iron Mountain Stock Down 2.6 %

IRM stock traded down $2.85 during mid-day trading on Friday, hitting $106.69. 3,465,848 shares of the company were exchanged, compared to its average volume of 2,003,669. 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 cap of $31.27 billion, a P/E ratio of 161.65, a P/E/G ratio of 6.49 and a beta of 0.98. The firm’s 50 day simple moving average is $91.45 and its 200 day simple moving average is $80.98. Iron Mountain has a 1-year low of $56.51 and a 1-year high of $112.79.

Iron Mountain Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Monday, September 16th will be issued a $0.715 dividend. The ex-dividend date is Monday, September 16th. This is an increase from Iron Mountain’s previous quarterly dividend of $0.65. This represents a $2.86 dividend on an annualized basis and a dividend yield of 2.68%. Iron Mountain’s dividend payout ratio (DPR) is 393.95%.

Insider Activity

In other news, COO John Tomovcsik sold 35,084 shares of Iron Mountain stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $88.76, for a total value of $3,114,055.84. Following the sale, the chief operating officer now directly owns 20,366 shares in the company, valued at $1,807,686.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO William L. Meaney sold 15,875 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $81.03, for a total value of $1,286,351.25. Following the completion of the transaction, the chief executive officer now directly owns 295,650 shares of the company’s stock, valued at $23,956,519.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO John Tomovcsik sold 35,084 shares of the firm’s stock in a transaction 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 directly owns 20,366 shares of the company’s stock, valued at $1,807,686.16. The disclosure for this sale can be found here. Insiders have sold 99,919 shares of company stock worth $8,791,683 over the last ninety days. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Iron Mountain

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. boosted its position in Iron Mountain by 201.7% during the fourth quarter. Blue Trust Inc. now owns 362 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 242 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in Iron Mountain during the second quarter worth $32,000. Transcendent Capital Group LLC bought a new position in Iron Mountain during the fourth quarter worth $36,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Iron Mountain during the second quarter worth $36,000. Finally, Heritage Wealth Advisors bought a new position in Iron Mountain during the fourth quarter worth $38,000. 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.