Iron Mountain Incorporated (NYSE:IRM) Receives $113.00 Average PT from Analysts

Shares of Iron Mountain Incorporated (NYSE:IRM) have been given a consensus rating of “Moderate Buy” by the six research firms that are covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $113.00.

A number of research firms have issued reports on IRM. JPMorgan Chase & Co. boosted their price objective on Iron Mountain from $100.00 to $111.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Barclays reiterated an “overweight” rating and set a $126.00 price target on shares of Iron Mountain in a report on Tuesday, January 13th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Iron Mountain in a research note on Thursday, January 22nd.

Iron Mountain Trading Up 2.3%

Shares of IRM stock opened at $108.23 on Tuesday. The firm has a fifty day simple moving average of $90.59 and a two-hundred day simple moving average of $94.00. Iron Mountain has a 12 month low of $72.33 and a 12 month high of $111.63. The firm has a market capitalization of $32.02 billion, a PE ratio of 225.48 and a beta of 1.16.

Iron Mountain Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 3rd. Investors of record on Monday, March 16th will be issued a dividend of $0.864 per share. The ex-dividend date is Monday, March 16th. This represents a $3.46 annualized dividend and a yield of 3.2%. Iron Mountain’s payout ratio is 720.83%.

Insider Activity at Iron Mountain

In other news, CEO William L. Meaney sold 69,125 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $83.34, for a total value of $5,760,877.50. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Mark Kidd sold 6,000 shares of the stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $83.10, for a total value of $498,600.00. Following the sale, the executive vice president directly owned 55,081 shares of the company’s stock, valued at $4,577,231.10. The trade was a 9.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 119,607 shares of company stock worth $9,970,025. Insiders own 1.90% of the company’s stock.

Institutional Trading of Iron Mountain

Large investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Iron Mountain during the 4th quarter worth approximately $368,890,000. Cohen & Steers Inc. lifted its position in shares of Iron Mountain by 20.0% during the 4th quarter. Cohen & Steers Inc. now owns 18,903,716 shares of the financial services provider’s stock valued at $1,568,110,000 after buying an additional 3,155,034 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Iron Mountain by 597.9% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,161,589 shares of the financial services provider’s stock worth $322,292,000 after acquiring an additional 2,708,560 shares during the period. Principal Financial Group Inc. increased its holdings in Iron Mountain by 66.5% in the 4th quarter. Principal Financial Group Inc. now owns 4,207,596 shares of the financial services provider’s stock worth $349,021,000 after acquiring an additional 1,680,438 shares during the last quarter. Finally, Invesco Ltd. raised its stake in Iron Mountain by 50.6% in the 2nd quarter. Invesco Ltd. now owns 4,289,583 shares of the financial services provider’s stock valued at $439,983,000 after acquiring an additional 1,440,629 shares during the period. Hedge funds and other institutional investors own 80.13% of the company’s stock.

About Iron Mountain

Iron Mountain Incorporated is a global information management company that helps organizations protect, store, and manage their physical and digital information. The firm provides a range of services including secure records storage, document imaging and digitization, secure shredding and destruction, and information governance solutions designed to support regulatory compliance and business continuity. Iron Mountain also offers specialized secure storage environments and logistics for sensitive assets such as art, medical records, and legal archives.

Beyond traditional records management, Iron Mountain has expanded into technology-driven services to support customers’ digital transformation.