Iron Mountain (NYSE:IRM) Price Target Raised to $140.00

Iron Mountain (NYSE:IRM) had its price objective upped by Stifel Nicolaus from $117.00 to $140.00 in a research report released on Monday, Benzinga reports. Stifel Nicolaus currently has a buy rating on the financial services provider’s stock.

A number of other research analysts also recently issued reports on IRM. JPMorgan Chase & Co. boosted their target price on shares of Iron Mountain from $82.00 to $121.00 and gave the company an overweight rating in a research report on Friday, August 2nd. Wells Fargo & Company raised their price objective on shares of Iron Mountain from $110.00 to $120.00 and gave the company an overweight rating in a research note on Friday, August 2nd. Finally, The Goldman Sachs Group lifted their target price on Iron Mountain from $106.00 to $120.00 and gave the stock a buy rating in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Iron Mountain presently has an average rating of Moderate Buy and a consensus price target of $106.00.

Iron Mountain Trading Up 0.1 %

Shares of Iron Mountain stock opened at $119.32 on Monday. The company’s fifty day simple moving average is $109.47 and its 200-day simple moving average is $92.03. The stock has a market capitalization of $35.00 billion, a PE ratio of 180.79, a P/E/G ratio of 7.09 and a beta of 1.00. The company has a debt-to-equity ratio of 674.63, a current ratio of 0.79 and a quick ratio of 0.79. Iron Mountain has a 1-year low of $56.51 and a 1-year high of $120.54.

Iron Mountain (NYSE:IRM) last released its quarterly earnings results on Thursday, August 1st. The financial services provider reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.59). Iron Mountain had a net margin of 3.94% and a return on equity of 595.44%. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the previous year, the company posted $0.94 EPS. The business’s quarterly revenue was up 13.0% on a year-over-year basis. As a group, equities analysts anticipate that Iron Mountain will post 4.17 earnings per share for the current year.

Iron Mountain Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Monday, September 16th will be given a dividend of $0.715 per share. This is a boost from Iron Mountain’s previous quarterly dividend of $0.65. This represents a $2.86 annualized dividend and a dividend yield of 2.40%. The ex-dividend date of this dividend is Monday, September 16th. Iron Mountain’s dividend payout ratio is currently 433.34%.

Insider Activity

In related news, CEO William L. Meaney sold 15,875 shares of Iron Mountain stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $91.59, for a total transaction of $1,453,991.25. Following the sale, the chief executive officer now directly owns 295,650 shares in the company, valued at approximately $27,078,583.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, COO John Tomovcsik sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $110.00, for a total value of $110,000.00. Following the completion of the sale, the chief operating officer now owns 14,000 shares in the company, valued at approximately $1,540,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William L. Meaney sold 15,875 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $91.59, for a total value of $1,453,991.25. Following the transaction, the chief executive officer now owns 295,650 shares in the company, valued at approximately $27,078,583.50. The disclosure for this sale can be found here. Insiders have sold 33,003 shares of company stock valued at $3,352,406 over the last ninety days. 2.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Iron Mountain

A number of institutional investors have recently bought and sold shares of IRM. Cohen & Steers Inc. boosted its holdings in shares of Iron Mountain by 202.1% in the fourth quarter. Cohen & Steers Inc. now owns 22,475,614 shares of the financial services provider’s stock valued at $1,572,936,000 after purchasing an additional 15,035,937 shares during the period. Daiwa Securities Group Inc. lifted its position in shares of Iron Mountain by 11.6% in the first quarter. Daiwa Securities Group Inc. now owns 4,562,165 shares of the financial services provider’s stock valued at $365,931,000 after acquiring an additional 475,849 shares in the last quarter. Legal & General Group Plc grew its position in shares of Iron Mountain by 49.2% in the second quarter. Legal & General Group Plc now owns 3,899,276 shares of the financial services provider’s stock valued at $349,453,000 after purchasing an additional 1,286,694 shares in the last quarter. AGF Management Ltd. increased its holdings in shares of Iron Mountain by 76.3% during the 2nd quarter. AGF Management Ltd. now owns 2,245,393 shares of the financial services provider’s stock worth $201,232,000 after buying an additional 972,101 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Iron Mountain by 0.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,126,237 shares of the financial services provider’s stock valued at $190,553,000 after acquiring an additional 6,562 shares during the period. Hedge funds and other 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.