Iron Mountain (NYSE:IRM) Stock Gets Price Target Reduction from JPMorgan Chase & Co.

Iron Mountain (NYSE:IRM) had its target price cut by JPMorgan Chase & Co. from $147.00 to $124.00 in a report released on Friday morning,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

IRM has been the subject of a number of other reports. Jefferies Financial Group reduced their target price on shares of Iron Mountain from $147.00 to $135.00 and set a “buy” rating for the company in a research note on Monday, October 12th. Weiss Ratings cut shares of Iron Mountain from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, August 25th. BNP Paribas Exane boosted their target price on shares of Iron Mountain from $138.00 to $145.00 and gave the stock an “outperform” rating in a report on Wednesday, August 5th. Truist Financial upped their price target on shares of Iron Mountain from $140.00 to $155.00 and gave the stock a “buy” rating in a research report on Thursday, August 27th. Finally, The Goldman Sachs Group increased their price target on shares of Iron Mountain from $153.00 to $155.00 and gave the company a “buy” rating in a research note on Tuesday, October 6th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $141.33.

Iron Mountain Stock Performance

IRM opened at $106.62 on Friday. The firm’s fifty day moving average is $113.75 and its two-hundred day moving average is $115.38. The firm has a market cap of $31.74 billion, a PE ratio of 69.68 and a beta of 1.18. Iron Mountain has a twelve month low of $77.77 and a twelve month high of $134.68.

Iron Mountain (NYSE:IRM) last announced its quarterly earnings results on Thursday, November 5th. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.03. The company had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.99 billion. Iron Mountain had a net margin of 5.88% and a negative return on equity of 79.98%. The firm’s revenue was up 13.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.32 EPS. Equities analysts forecast that Iron Mountain will post 5.42 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 6th. Shareholders of record on Tuesday, December 15th will be paid a $0.9930 dividend. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.8640. This represents a $3.97 annualized dividend and a yield of 3.7%. The ex-dividend date is Tuesday, December 15th. Iron Mountain’s dividend payout ratio is currently 259.48%.

Insider Activity

In other news, EVP Greg McIntosh sold 5,000 shares of Iron Mountain stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $116.96, for a total transaction of $584,800.00. Following the completion of the transaction, the executive vice president directly owned 65,634 shares in the company, valued at approximately $7,676,552.64. The trade was a 7.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Mark Kidd sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $115.60, for a total value of $693,600.00. Following the transaction, the executive vice president directly owned 95,507 shares in the company, valued at $11,040,609.20. The trade was a 5.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 97,948 shares of company stock valued at $11,048,567 over the last three months. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Iron Mountain

Several large investors have recently modified their holdings of IRM. BlackRock Inc. acquired a new stake in Iron Mountain in the second quarter valued at about $4,240,342,000. Principal Financial Group Inc. lifted its holdings in shares of Iron Mountain by 8.5% in the first quarter. Principal Financial Group Inc. now owns 4,566,093 shares of the financial services provider’s stock worth $466,382,000 after acquiring an additional 358,497 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Iron Mountain by 2.8% in the first quarter. Dimensional Fund Advisors LP now owns 4,552,286 shares of the financial services provider’s stock worth $464,931,000 after acquiring an additional 122,927 shares during the last quarter. Legal & General Group Plc acquired a new stake in shares of Iron Mountain in the 2nd quarter valued at approximately $409,843,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Iron Mountain by 29,674.0% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,193,560 shares of the financial services provider’s stock valued at $403,379,000 after purchasing an additional 3,182,834 shares during the last quarter. 80.13% of the stock is owned by institutional investors.

Iron Mountain Company Profile

Iron Mountain Incorporated is an information management and storage company that helps organizations protect, manage and access physical and digital assets. Its services include records storage and management, secure document shredding, digitization and other information-management solutions.

The company also operates data centers and provides services for businesses moving, storing and managing data. Its offerings extend to specialized storage and care for items such as artwork and other valuable collections.

Founded in 1951, Iron Mountain began as a records-storage business in a former iron ore mine in New York.