Iron Mountain (NYSE:IRM) Shares Down 5.8% - Here's Why

Iron Mountain Incorporated (NYSE:IRM - Get Free Report) shares fell 5.8% during trading on Wednesday . The stock traded as low as $97.50 and last traded at $100.01. 744,007 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 1,763,176 shares. The stock had previously closed at $106.21.

Analysts Set New Price Targets

Several research firms recently commented on IRM. Wells Fargo & Company cut their price objective on shares of Iron Mountain from $135.00 to $125.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 4th. Barclays decreased their price target on shares of Iron Mountain from $131.00 to $130.00 and set an "overweight" rating on the stock in a research note on Tuesday, January 28th. BNP Paribas upgraded shares of Iron Mountain to a "strong-buy" rating in a research report on Wednesday, November 6th. Royal Bank of Canada upped their price target on shares of Iron Mountain from $135.00 to $139.00 and gave the stock an "outperform" rating in a report on Wednesday, November 27th. Finally, StockNews.com downgraded shares of Iron Mountain from a "hold" rating to a "sell" rating in a research note on Tuesday, January 28th. One investment analyst has rated the stock with a sell rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Iron Mountain currently has a consensus rating of "Moderate Buy" and an average price target of $129.17.

Iron Mountain Trading Up 0.1 %

The company's 50-day simple moving average is $105.45 and its 200-day simple moving average is $112.78. The stock has a market capitalization of $27.98 billion, a price-to-earnings ratio of 264.85, a PEG ratio of 5.84 and a beta of 1.01.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The financial services provider reported $0.50 earnings per share for the quarter, missing the consensus estimate of $1.20 by ($0.70). Iron Mountain had a negative return on equity of 44,660.04% and a net margin of 1.77%. The firm had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.60 billion. During the same quarter last year, the company earned $0.52 earnings per share. On average, equities research analysts expect that Iron Mountain Incorporated will post 4.18 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Monday, March 17th will be issued a $0.785 dividend. This represents a $3.14 dividend on an annualized basis and a yield of 3.29%. This is a boost from Iron Mountain's previous quarterly dividend of $0.72. The ex-dividend date is Monday, March 17th. Iron Mountain's dividend payout ratio (DPR) is presently 514.75%.

Insiders Place Their Bets

In other Iron Mountain news, EVP Mithu Bhargava sold 8,263 shares of the firm's stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $104.49, for a total value of $863,400.87. Following the transaction, the executive vice president now directly owns 13,054 shares of the company's stock, valued at approximately $1,364,012.46. This trade represents a 38.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William L. Meaney sold 15,872 shares of the firm's stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $112.99, for a total transaction of $1,793,377.28. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 162,391 shares of company stock worth $16,805,912. 2.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in IRM. Exchange Traded Concepts LLC lifted its position in shares of Iron Mountain by 4,950.0% during the third quarter. Exchange Traded Concepts LLC now owns 3,636 shares of the financial services provider's stock valued at $432,000 after purchasing an additional 3,564 shares in the last quarter. Creative Planning grew its stake in Iron Mountain by 2.2% during the third quarter. Creative Planning now owns 98,905 shares of the financial services provider's stock valued at $11,753,000 after acquiring an additional 2,083 shares in the last quarter. Vontobel Holding Ltd. purchased a new position in Iron Mountain during the third quarter valued at approximately $535,000. Good Life Advisors LLC grew its stake in Iron Mountain by 58.9% during the third quarter. Good Life Advisors LLC now owns 3,646 shares of the financial services provider's stock valued at $433,000 after acquiring an additional 1,352 shares in the last quarter. Finally, Bleakley Financial Group LLC grew its stake in Iron Mountain by 45.8% during the third quarter. Bleakley Financial Group LLC now owns 22,987 shares of the financial services provider's stock valued at $2,732,000 after acquiring an additional 7,221 shares in the last quarter. 80.13% of the stock is owned by institutional investors.

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.