Iron Mountain Incorporated (NYSE:IRM) Given Average Rating of "Buy" by Brokerages

Iron Mountain Incorporated (NYSE:IRM - Get Free Report) has earned an average recommendation of "Buy" from the eight brokerages that are covering the firm, Marketbeat reports. Seven equities research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $121.71.

Several research analysts have weighed in on IRM shares. Barclays upped their price objective on shares of Iron Mountain from $118.00 to $121.00 and gave the company an "overweight" rating in a research note on Tuesday, May 27th. Wall Street Zen raised shares of Iron Mountain from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. Finally, Truist Financial initiated coverage on Iron Mountain in a research report on Tuesday, April 8th. They issued a "buy" rating and a $95.00 price target for the company.

Insider Activity at Iron Mountain

In other Iron Mountain news, Director Walter C. Rakowich sold 900 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $99.97, for a total value of $89,973.00. Following the completion of the transaction, the director owned 36,515 shares of the company's stock, valued at $3,650,404.55. This represents a 2.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mark Kidd sold 6,000 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $102.02, for a total value of $612,120.00. Following the sale, the executive vice president owned 91,081 shares in the company, valued at approximately $9,292,083.62. This represents a 6.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 240,007 shares of company stock worth $23,649,959 in the last three months. Corporate insiders own 1.90% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in IRM. Wealthfront Advisers LLC grew its position in Iron Mountain by 9,843.3% in the fourth quarter. Wealthfront Advisers LLC now owns 6,864,832 shares of the financial services provider's stock valued at $721,562,000 after acquiring an additional 6,795,792 shares during the period. Norges Bank acquired a new stake in shares of Iron Mountain during the fourth quarter worth approximately $348,249,000. Nuveen LLC bought a new position in shares of Iron Mountain in the first quarter valued at approximately $192,231,000. Northern Trust Corp grew its position in Iron Mountain by 56.1% during the 4th quarter. Northern Trust Corp now owns 4,326,476 shares of the financial services provider's stock worth $454,756,000 after acquiring an additional 1,554,746 shares during the last quarter. Finally, Contour Asset Management LLC bought a new position in Iron Mountain in the 1st quarter valued at $122,801,000. Institutional investors and hedge funds own 80.13% of the company's stock.

Iron Mountain Stock Up 1.9%

Shares of NYSE IRM opened at $101.53 on Monday. The stock's fifty day simple moving average is $99.01 and its 200 day simple moving average is $95.98. The stock has a market capitalization of $29.95 billion, a price-to-earnings ratio of 247.62 and a beta of 1.08. Iron Mountain has a 52-week low of $72.33 and a 52-week high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last released its earnings results on Thursday, May 1st. The financial services provider reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.01. Iron Mountain had a net margin of 1.97% and a negative return on equity of 201.62%. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.59 billion. During the same period last year, the firm posted $1.10 earnings per share. The firm's quarterly revenue was up 7.9% compared to the same quarter last year. As a group, analysts anticipate that Iron Mountain will post 4.54 earnings per share for the current year.

Iron Mountain Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Monday, June 16th were given a $0.785 dividend. The ex-dividend date of this dividend was Monday, June 16th. This represents a $3.14 annualized dividend and a dividend yield of 3.09%. Iron Mountain's dividend payout ratio is 765.85%.

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.

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