Iron Mountain (NYSE:IRM) Shares Gap Up – Here’s What Happened

Shares of Iron Mountain Incorporated (NYSE:IRM) gapped up prior to trading on Tuesday . The stock had previously closed at $86.04, but opened at $88.30. Iron Mountain shares last traded at $84.46, with a volume of 205,382 shares traded.

Analysts Set New Price Targets

A number of research firms have recently commented on IRM. JPMorgan Chase & Co. lowered their target price on Iron Mountain from $125.00 to $112.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 18th. Wells Fargo & Company decreased their target price on Iron Mountain from $135.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday, February 4th. StockNews.com cut Iron Mountain from a “hold” rating to a “sell” rating in a research report on Monday. Finally, Barclays lowered their price objective on Iron Mountain from $130.00 to $118.00 and set an “overweight” rating on the stock in a research note on Thursday, March 20th. One research analyst has rated the stock with a sell rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $125.67.

Iron Mountain Stock Performance

The company’s 50-day moving average price is $94.51 and its two-hundred day moving average price is $108.10. The stock has a market cap of $25.19 billion, a PE ratio of 140.59, a PEG ratio of 5.15 and a beta of 1.04.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings results on Thursday, February 13th. The financial services provider reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.70). Iron Mountain had a net margin of 2.95% and a negative return on equity of 401.83%. The business had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the previous year, the business earned $0.52 earnings per share. Equities research analysts forecast that Iron Mountain Incorporated will post 4.54 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 paid a $0.785 dividend. This is a boost from Iron Mountain’s previous quarterly dividend of $0.72. This represents a $3.14 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date is Monday, March 17th. Iron Mountain’s payout ratio is 514.75%.

Insider Activity

In other Iron Mountain news, CEO William L. Meaney sold 69,131 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $104.85, for a total transaction of $7,248,385.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William L. Meaney sold 172,552 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $91.33, for a total value of $15,759,174.16. Following the transaction, the chief executive officer now directly owns 237,402 shares in the company, valued at $21,681,924.66. This trade represents a 42.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 318,979 shares of company stock valued at $30,666,904. 2.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Iron Mountain

Several institutional investors and hedge funds have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd purchased a new position in shares of Iron Mountain during the 3rd quarter worth approximately $271,000. Townsquare Capital LLC boosted its position in shares of Iron Mountain by 72.9% during the third quarter. Townsquare Capital LLC now owns 10,129 shares of the financial services provider’s stock valued at $1,204,000 after purchasing an additional 4,271 shares in the last quarter. CreativeOne Wealth LLC purchased a new stake in Iron Mountain in the third quarter worth $358,000. Erste Asset Management GmbH bought a new position in Iron Mountain in the third quarter worth $9,506,000. Finally, Bamco Inc. NY purchased a new position in Iron Mountain during the third quarter valued at $18,908,000. 80.13% of the stock is owned by hedge funds and other 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.