Iron Mountain (NYSE:IRM) Price Target Raised to $111.00

Iron Mountain (NYSE:IRM) had its target price lifted by analysts at JPMorgan Chase & Co. from $100.00 to $111.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 10.13% from the company’s previous close.

Several other equities analysts have also recently issued reports on IRM. Jefferies Financial Group assumed coverage on Iron Mountain in a report on Monday, September 22nd. They issued a “buy” rating and a $120.00 price target on the stock. Zacks Research upgraded Iron Mountain from a “strong sell” rating to a “hold” rating in a report on Monday, October 20th. Weiss Ratings restated a “hold (c)” rating on shares of Iron Mountain in a report on Wednesday, October 8th. Finally, Barclays boosted their price objective on Iron Mountain from $121.00 to $122.00 and gave the company an “overweight” rating in a research report on Wednesday, August 20th. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Iron Mountain presently has a consensus rating of “Moderate Buy” and an average target price of $118.67.

Iron Mountain Price Performance

Shares of IRM stock traded up $0.32 during trading hours on Thursday, hitting $100.79. 1,494,578 shares of the company’s stock were exchanged, compared to its average volume of 1,722,411. The stock’s 50-day moving average is $100.77 and its 200-day moving average is $98.15. The stock has a market cap of $29.77 billion, a price-to-earnings ratio of 719.99 and a beta of 1.06. Iron Mountain has a 52 week low of $72.33 and a 52 week high of $125.38.

Iron Mountain (NYSE:IRM) last announced its earnings results on Wednesday, November 5th. The financial services provider reported $1.32 EPS for the quarter, topping the consensus estimate of $1.29 by $0.03. The company had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.75 billion. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The business’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.13 earnings per share. Iron Mountain has set its FY 2025 guidance at 5.040-5.130 EPS. Equities research analysts forecast that Iron Mountain will post 4.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Iron Mountain news, EVP Mark Kidd sold 7,306 shares of the company’s stock in a transaction on Friday, October 31st. The shares were sold at an average price of $100.82, for a total value of $736,590.92. Following the transaction, the executive vice president directly owned 73,081 shares in the company, valued at $7,368,026.42. The trade was a 9.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the company’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $102.34, for a total transaction of $7,074,252.50. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 226,681 shares of company stock worth $22,265,632. 1.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Iron Mountain

Institutional investors and hedge funds have recently modified their holdings of the stock. Financial Network Wealth Advisors LLC acquired a new position in shares of Iron Mountain in the first quarter valued at $26,000. Quent Capital LLC acquired a new position in shares of Iron Mountain in the third quarter valued at $27,000. Ramirez Asset Management Inc. acquired a new position in shares of Iron Mountain in the first quarter valued at $34,000. Richards Merrill & Peterson Inc. acquired a new position in shares of Iron Mountain in the first quarter valued at $43,000. Finally, Zions Bancorporation National Association UT acquired a new position in shares of Iron Mountain in the first quarter valued at $46,000. 80.13% of the stock is currently owned by institutional investors and hedge funds.

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.