Iron Mountain Incorporated (NYSE:IRM) Given Average Recommendation of “Buy” by Brokerages

Shares of Iron Mountain Incorporated (NYSE:IRM) have been given an average rating of “Buy” by the eight brokerages that are covering the stock, MarketBeat.com reports. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $121.71.

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. lowered their price target on Iron Mountain from $125.00 to $112.00 and set an “overweight” rating for the company in a research report on Tuesday, February 18th. Truist Financial began coverage on Iron Mountain in a research note on Tuesday, April 8th. They issued a “buy” rating and a $95.00 price target on the stock. Wall Street Zen upgraded Iron Mountain from a “sell” rating to a “hold” rating in a research note on Friday, April 18th. Finally, Barclays upped their price objective on Iron Mountain from $118.00 to $121.00 and gave the company an “overweight” rating in a research note on Tuesday, May 27th.

Iron Mountain Price Performance

IRM opened at $102.07 on Thursday. The business has a 50 day simple moving average of $93.92 and a 200-day simple moving average of $97.10. The stock has a market capitalization of $30.11 billion, a P/E ratio of 167.33, a P/E/G ratio of 5.15 and a beta of 1.09. Iron Mountain has a 12 month low of $72.33 and a 12 month high of $130.24.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings data on Thursday, May 1st. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.01. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.59 billion. Iron Mountain had a negative return on equity of 401.83% and a net margin of 2.95%. Iron Mountain’s revenue was up 7.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.10 earnings per share. Research analysts anticipate that Iron Mountain will post 4.54 EPS for the current year.

Iron Mountain Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Shareholders of record on Monday, June 16th will be given a dividend of $0.785 per share. This represents a $3.14 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend is Monday, June 16th. Iron Mountain’s payout ratio is 765.85%.

Insider Activity

In other news, Director Walter C. Rakowich sold 900 shares of the company’s stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $99.97, for a total value of $89,973.00. Following the sale, the director now directly owns 36,515 shares of the company’s stock, valued at approximately $3,650,404.55. This represents a 2.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Greg W. Mcintosh sold 8,398 shares of the company’s stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $96.14, for a total transaction of $807,383.72. Following the completion of the sale, the executive vice president now directly owns 70,114 shares in the company, valued at approximately $6,740,759.96. The trade was a 10.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 216,673 shares of company stock valued at $20,319,408. 1.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. BROOKFIELD Corp ON increased its holdings in shares of Iron Mountain by 26.1% during the first quarter. BROOKFIELD Corp ON now owns 14,022 shares of the financial services provider’s stock worth $1,206,000 after purchasing an additional 2,898 shares during the period. Strs Ohio bought a new stake in shares of Iron Mountain in the first quarter worth $16,416,000. Ellsworth Advisors LLC grew its stake in shares of Iron Mountain by 0.9% in the first quarter. Ellsworth Advisors LLC now owns 25,194 shares of the financial services provider’s stock worth $2,168,000 after purchasing an additional 216 shares during the last quarter. Advisors Capital Management LLC grew its stake in shares of Iron Mountain by 13.6% in the first quarter. Advisors Capital Management LLC now owns 4,612 shares of the financial services provider’s stock worth $397,000 after purchasing an additional 553 shares during the last quarter. Finally, Intech Investment Management LLC boosted its position in Iron Mountain by 6.8% during the first quarter. Intech Investment Management LLC now owns 448,761 shares of the financial services provider’s stock valued at $38,611,000 after acquiring an additional 28,561 shares during the last quarter. 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.