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

Key Points

• Iron Mountain has received an average recommendation of "Buy" from seven analysts, with an average price target of $120.17.
• The company announced a quarterly dividend of $0.785 per share, representing an annual yield of 3.1%.
• Iron Mountain reported earnings of $1.24 per share for the last quarter, exceeding analysts' expectations of $1.19, with a year-over-year revenue increase of 11.6%.

Iron Mountain Incorporated (NYSE:IRM - Get Free Report) has been given a consensus recommendation of "Buy" by the seven ratings firms that are currently covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $116.8333.

A number of equities analysts have weighed in on the stock. Jefferies Financial Group began coverage on shares of Iron Mountain in a research report on Monday. They issued a "buy" rating and a $120.00 price objective for the company. Barclays increased their price target on Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a report on Wednesday, August 20th. Finally, JPMorgan Chase & Co. dropped their price objective on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th.

Iron Mountain Price Performance

NYSE IRM traded down $0.28 on Friday, reaching $104.19. The company had a trading volume of 105,640 shares, compared to its average volume of 1,783,511. Iron Mountain has a 1 year low of $72.33 and a 1 year high of $130.24. The firm has a 50-day moving average of $95.10 and a 200-day moving average of $93.92. The firm has a market capitalization of $30.77 billion, a PE ratio of 744.89 and a beta of 1.08.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 EPS for the quarter, topping analysts' consensus estimates of $1.19 by $0.05. The business had revenue of $1.68 billion for the quarter, compared to analysts' expectations of $1.68 billion. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. The business's revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.08 earnings per share. As a group, sell-side analysts expect that Iron Mountain will post 4.54 EPS for the current fiscal year.

Iron Mountain Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 15th will be paid a dividend of $0.785 per share. This represents a $3.14 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Monday, September 15th. Iron Mountain's dividend payout ratio is 2,242.86%.

Insider Activity at Iron Mountain

In other news, CEO William L. Meaney sold 69,125 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $94.55, for a total value of $6,535,768.75. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Greg W. Mcintosh sold 17,334 shares of the stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $100.00, for a total transaction of $1,733,400.00. Following the transaction, the executive vice president directly owned 35,446 shares in the company, valued at $3,544,600. The trade was a 32.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 236,709 shares of company stock worth $22,555,809 over the last quarter. Company insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On Iron Mountain

Institutional investors and hedge funds have recently made changes to their positions in the company. Whittier Trust Co. boosted its holdings in Iron Mountain by 3.4% in the first quarter. Whittier Trust Co. now owns 3,265 shares of the financial services provider's stock worth $281,000 after purchasing an additional 108 shares during the period. Cooper Financial Group lifted its position in shares of Iron Mountain by 3.7% in the 2nd quarter. Cooper Financial Group now owns 3,155 shares of the financial services provider's stock worth $324,000 after buying an additional 113 shares during the last quarter. Stratos Wealth Partners LTD. boosted its holdings in shares of Iron Mountain by 3.7% in the 1st quarter. Stratos Wealth Partners LTD. now owns 3,312 shares of the financial services provider's stock valued at $285,000 after buying an additional 118 shares during the period. Diversify Advisory Services LLC grew its position in shares of Iron Mountain by 1.9% during the 1st quarter. Diversify Advisory Services LLC now owns 6,480 shares of the financial services provider's stock valued at $572,000 after buying an additional 123 shares during the last quarter. Finally, Fidelis Capital Partners LLC raised its stake in Iron Mountain by 2.3% during the second quarter. Fidelis Capital Partners LLC now owns 5,700 shares of the financial services provider's stock worth $585,000 after acquiring an additional 128 shares during the period. 80.13% of the stock is owned by institutional investors and hedge funds.

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.