Iron Mountain (NYSE:IRM) Stock Price Down 2.7% Following Insider Selling

Iron Mountain Incorporated (NYSE:IRM)’s share price was down 2.7% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $113.15 and last traded at $113.32. Approximately 659,175 shares changed hands during trading, a decline of 59% from the average daily volume of 1,624,280 shares. The stock had previously closed at $116.45.

Specifically, Director Wendy J. Murdock sold 8,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $116.38, for a total transaction of $989,230.00. Following the completion of the sale, the director now directly owns 14,829 shares in the company, valued at approximately $1,725,799.02. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on IRM shares. Wells Fargo & Company boosted their price objective on shares of Iron Mountain from $110.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Stifel Nicolaus increased their price objective on Iron Mountain from $86.00 to $103.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. The Goldman Sachs Group boosted their target price on Iron Mountain from $106.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Finally, JPMorgan Chase & Co. raised their price target on shares of Iron Mountain from $82.00 to $121.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Iron Mountain presently has a consensus rating of “Moderate Buy” and an average price target of $99.83.

Iron Mountain Stock Up 1.1 %

The company’s 50-day moving average price is $107.88 and its 200 day moving average price is $90.90. The company has a debt-to-equity ratio of 674.63, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a market cap of $33.82 billion, a PE ratio of 172.06, a price-to-earnings-growth ratio of 6.85 and a beta of 1.00.

Iron Mountain (NYSE:IRM) last announced its earnings results on Thursday, August 1st. The financial services provider reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.59). Iron Mountain had a net margin of 3.94% and a return on equity of 595.44%. The business had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the prior year, the company posted $0.94 earnings per share. The firm’s quarterly revenue was up 13.0% on a year-over-year basis. As a group, analysts forecast that Iron Mountain Incorporated will post 4.17 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Monday, September 16th will be issued a dividend of $0.715 per share. This represents a $2.86 annualized dividend and a yield of 2.48%. The ex-dividend date of this dividend is Monday, September 16th. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.65. Iron Mountain’s payout ratio is currently 433.33%.

Institutional Trading of Iron Mountain

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Cohen & Steers Inc. increased its holdings in Iron Mountain by 202.1% in the 4th quarter. Cohen & Steers Inc. now owns 22,475,614 shares of the financial services provider’s stock worth $1,572,936,000 after acquiring an additional 15,035,937 shares in the last quarter. Centersquare Investment Management LLC increased its stake in shares of Iron Mountain by 7,892.6% in the first quarter. Centersquare Investment Management LLC now owns 1,538,486 shares of the financial services provider’s stock worth $119,263,000 after purchasing an additional 1,519,237 shares in the last quarter. Legal & General Group Plc raised its position in shares of Iron Mountain by 49.2% during the 2nd quarter. Legal & General Group Plc now owns 3,899,276 shares of the financial services provider’s stock valued at $349,453,000 after purchasing an additional 1,286,694 shares during the period. AGF Management Ltd. lifted its stake in shares of Iron Mountain by 76.3% during the 2nd quarter. AGF Management Ltd. now owns 2,245,393 shares of the financial services provider’s stock valued at $201,232,000 after buying an additional 972,101 shares in the last quarter. Finally, Sei Investments Co. boosted its holdings in Iron Mountain by 278.3% in the 4th quarter. Sei Investments Co. now owns 875,092 shares of the financial services provider’s stock worth $61,239,000 after buying an additional 643,760 shares during the period. Hedge funds and other institutional investors own 80.13% of the company’s stock.

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.