Iron Mountain (NYSE:IRM) Downgraded by Zacks Research to Strong Sell

Iron Mountain (NYSE:IRM) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Monday,Zacks.com reports.

A number of other analysts have also weighed in on the stock. Barclays upped their price target on shares of Iron Mountain from $126.00 to $127.00 and gave the stock an “overweight” rating in a research note on Monday, February 23rd. Loop Capital set a $130.00 price target on shares of Iron Mountain in a research note on Wednesday, March 4th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Iron Mountain in a research note on Thursday, January 22nd. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $122.00.

Iron Mountain Trading Up 2.0%

Shares of NYSE:IRM opened at $114.08 on Monday. The company has a 50 day moving average of $105.06 and a 200-day moving average of $97.07. The firm has a market cap of $33.94 billion, a P/E ratio of 237.67 and a beta of 1.13. Iron Mountain has a twelve month low of $77.77 and a twelve month high of $115.24.

Insider Buying and Selling at Iron Mountain

In other news, Director Jennifer Allerton sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $108.88, for a total transaction of $762,160.00. Following the sale, the director owned 11,541 shares in the company, valued at $1,256,584.08. The trade was a 37.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William L. Meaney sold 38,474 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $102.71, for a total transaction of $3,951,664.54. Following the sale, the chief executive officer owned 38,474 shares in the company, valued at $3,951,664.54. This represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 451,648 shares of company stock valued at $48,297,449 over the last quarter. Company insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Iron Mountain

Large investors have recently made changes to their positions in the company. Intact Investment Management Inc. acquired a new stake in shares of Iron Mountain during the third quarter valued at approximately $3,588,000. NewSquare Capital LLC raised its holdings in shares of Iron Mountain by 4,867.6% during the third quarter. NewSquare Capital LLC now owns 11,823 shares of the financial services provider’s stock valued at $1,205,000 after acquiring an additional 11,585 shares during the period. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in shares of Iron Mountain by 17.2% during the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 103,960 shares of the financial services provider’s stock valued at $10,598,000 after acquiring an additional 15,225 shares during the period. AGF Management Ltd. raised its holdings in shares of Iron Mountain by 178.0% during the third quarter. AGF Management Ltd. now owns 22,185 shares of the financial services provider’s stock valued at $2,262,000 after acquiring an additional 14,205 shares during the period. Finally, Nisa Investment Advisors LLC increased its stake in Iron Mountain by 47.6% in the 3rd quarter. Nisa Investment Advisors LLC now owns 125,142 shares of the financial services provider’s stock valued at $12,863,000 after buying an additional 40,341 shares during the period. Institutional investors and hedge funds own 80.13% of the company’s stock.

About Iron Mountain

Iron Mountain Incorporated is a global information management company that helps organizations protect, store, and manage their physical and digital information. The firm provides a range of services including secure records storage, document imaging and digitization, secure shredding and destruction, and information governance solutions designed to support regulatory compliance and business continuity. Iron Mountain also offers specialized secure storage environments and logistics for sensitive assets such as art, medical records, and legal archives.

Beyond traditional records management, Iron Mountain has expanded into technology-driven services to support customers’ digital transformation.