JPMorgan Chase & Co. Cuts Iron Mountain (NYSE:IRM) Price Target to $100.00

Key Points

• JPMorgan Chase & Co. has lowered its price target for Iron Mountain (NYSE:IRM) from $112.00 to $100.00, maintaining an "overweight" rating, indicating potential upside of 8.80% from the current price.
• Iron Mountain's 1-year stock performance shows a decline of 23% from its peak, with the current price at $91.91 and a market capitalization of $27.12 billion.
• Institutional investors collectively hold 80.13% of Iron Mountain’s stock, with significant recent investments from companies like Vanguard Group and Northern Trust Corp.

Iron Mountain (NYSE:IRM - Get Free Report) had its target price cut by equities research analysts at JPMorgan Chase & Co. from $112.00 to $100.00 in a report released on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 8.80% from the company's current price.

IRM has been the subject of several other research reports. Barclays boosted their price objective on Iron Mountain from $118.00 to $121.00 and gave the company an "overweight" rating in a report on Tuesday, May 27th. Wall Street Zen upgraded Iron Mountain from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Iron Mountain currently has a consensus rating of "Buy" and a consensus target price of $120.00.

Iron Mountain Price Performance

Iron Mountain stock traded up $1.87 during trading hours on Thursday, hitting $91.91. 3,068,563 shares of the stock traded hands, compared to its average volume of 1,863,895. Iron Mountain has a 1 year low of $72.33 and a 1 year high of $130.24. The stock has a market capitalization of $27.12 billion, a price-to-earnings ratio of 224.18 and a beta of 1.07. The firm's 50 day moving average price is $99.78 and its 200-day moving average price is $95.02.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 EPS for the quarter, beating the consensus estimate of $1.19 by $0.05. Iron Mountain had a net margin of 1.97% and a negative return on equity of 201.62%. The business had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the previous year, the business posted $1.08 EPS. The business's quarterly revenue was up 11.6% compared to the same quarter last year. Research analysts forecast that Iron Mountain will post 4.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $100.36, for a total value of $6,937,385.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Walter C. Rakowich sold 900 shares of the business's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $99.97, for a total transaction of $89,973.00. Following the completion of the sale, the director owned 36,515 shares in the company, valued at approximately $3,650,404.55. This trade represents a 2.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 240,007 shares of company stock worth $23,543,507 in the last quarter. 1.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Iron Mountain

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Iron Mountain by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 46,825,734 shares of the financial services provider's stock worth $4,028,886,000 after purchasing an additional 220,564 shares during the period. Northern Trust Corp boosted its position in shares of Iron Mountain by 56.1% during the fourth quarter. Northern Trust Corp now owns 4,326,476 shares of the financial services provider's stock worth $454,756,000 after buying an additional 1,554,746 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Iron Mountain by 0.9% during the first quarter. Dimensional Fund Advisors LP now owns 4,256,417 shares of the financial services provider's stock worth $366,210,000 after buying an additional 37,154 shares during the period. Invesco Ltd. grew its stake in shares of Iron Mountain by 14.7% in the first quarter. Invesco Ltd. now owns 2,848,954 shares of the financial services provider's stock valued at $245,124,000 after buying an additional 366,134 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its holdings in shares of Iron Mountain by 39.0% in the 4th quarter. Nuveen Asset Management LLC now owns 2,548,970 shares of the financial services provider's stock valued at $267,922,000 after buying an additional 715,024 shares during the period. 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.

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