JPMorgan Chase & Co. Raises Iron Mountain (NYSE:IRM) Price Target to $121.00

Iron Mountain (NYSE:IRM) had its price objective hoisted by JPMorgan Chase & Co. from $82.00 to $121.00 in a research note released on Friday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the financial services provider’s stock.

IRM has been the subject of several other research reports. Wells Fargo & Company upped their target price on shares of Iron Mountain from $110.00 to $120.00 and gave the company an overweight rating in a research report on Friday. Stifel Nicolaus raised their target price on Iron Mountain from $86.00 to $103.00 and gave the stock a buy rating in a report on Wednesday, July 10th. Finally, The Goldman Sachs Group increased their price target on shares of Iron Mountain from $106.00 to $120.00 and gave the company a buy rating in a research report on Friday. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $95.29.

Iron Mountain Stock Performance

Shares of IRM traded down $2.28 during mid-day trading on Friday, reaching $104.41. 2,829,571 shares of the company’s stock traded hands, compared to its average volume of 1,665,008. The business’s 50-day moving average price is $91.45 and its 200-day moving average price is $81.19. The company has a debt-to-equity ratio of 674.63, a quick ratio of 0.86 and a current ratio of 0.79. The stock has a market capitalization of $30.61 billion, a P/E ratio of 161.65, a price-to-earnings-growth ratio of 6.49 and a beta of 0.98. Iron Mountain has a 12 month low of $56.51 and a 12 month high of $112.79.

Iron Mountain (NYSE:IRM) last posted its earnings results on Thursday, August 1st. The financial services provider reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.59). Iron Mountain had a return on equity of 595.44% and a net margin of 3.94%. The company had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter last year, the firm posted $0.94 earnings per share. The firm’s revenue for the quarter was up 13.0% compared to the same quarter last year. Equities analysts predict that Iron Mountain will post 4.22 earnings per share for the current year.

Iron Mountain Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Monday, September 16th will be issued a $0.715 dividend. This is an increase from Iron Mountain’s previous quarterly dividend of $0.65. This represents a $2.86 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend is Monday, September 16th. Iron Mountain’s payout ratio is currently 433.33%.

Insider Transactions at Iron Mountain

In related news, COO John Tomovcsik sold 2,866 shares of the business’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $105.00, for a total value of $300,930.00. Following the completion of the sale, the chief operating officer now directly owns 15,000 shares in the company, valued at approximately $1,575,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO John Tomovcsik sold 2,866 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $105.00, for a total value of $300,930.00. Following the transaction, the chief operating officer now owns 15,000 shares in the company, valued at $1,575,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William L. Meaney sold 15,875 shares of Iron Mountain stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $81.03, for a total transaction of $1,286,351.25. Following the completion of the transaction, the chief executive officer now directly owns 295,650 shares in the company, valued at $23,956,519.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 99,919 shares of company stock worth $8,791,683. 2.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of IRM. State Board of Administration of Florida Retirement System lifted its stake in shares of Iron Mountain by 2.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 321,492 shares of the financial services provider’s stock valued at $25,787,000 after acquiring an additional 7,486 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Iron Mountain during the fourth quarter valued at about $16,590,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Iron Mountain by 22.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 592,773 shares of the financial services provider’s stock worth $47,547,000 after purchasing an additional 110,551 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Iron Mountain by 6.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 940,090 shares of the financial services provider’s stock valued at $65,787,000 after buying an additional 59,381 shares during the period. Finally, Handelsbanken Fonder AB increased its position in Iron Mountain by 42.3% in the 4th quarter. Handelsbanken Fonder AB now owns 162,087 shares of the financial services provider’s stock valued at $11,343,000 after acquiring an additional 48,170 shares during the period. Institutional investors own 80.13% of the company’s stock.

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.