Iron Mountain (NYSE:IRM) Shares Down 4% After Analyst Downgrade

Iron Mountain Incorporated (NYSE:IRM)’s stock price traded down 4% during mid-day trading on Tuesday after Barclays lowered their price target on the stock from $131.00 to $130.00. Barclays currently has an overweight rating on the stock. Iron Mountain traded as low as $101.27 and last traded at $99.80. 116,689 shares changed hands during trading, a decline of 93% from the average session volume of 1,764,132 shares. The stock had previously closed at $103.99.

IRM has been the subject of several other reports. BNP Paribas upgraded shares of Iron Mountain to a “strong-buy” rating in a research report on Wednesday, November 6th. Wells Fargo & Company raised their price target on shares of Iron Mountain from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Finally, Royal Bank of Canada increased their price objective on shares of Iron Mountain from $135.00 to $139.00 and gave the company an “outperform” rating in a research note on Wednesday, November 27th. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $130.83.

Insider Transactions at Iron Mountain

In other news, CEO William L. Meaney sold 69,131 shares of the business’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 filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Mithu Bhargava sold 8,263 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $104.49, for a total transaction of $863,400.87. Following the sale, the executive vice president now owns 13,054 shares of the company’s stock, valued at $1,364,012.46. This trade represents a 38.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 125,016 shares of company stock worth $13,666,427 over the last three months. 2.10% of the stock is owned by company insiders.

Institutional Trading of Iron Mountain

A number of institutional investors and hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. boosted its holdings in shares of Iron Mountain by 2.8% in the third quarter. PNC Financial Services Group Inc. now owns 53,877 shares of the financial services provider’s stock worth $6,402,000 after acquiring an additional 1,446 shares during the period. Friedenthal Financial bought a new stake in shares of Iron Mountain during the third quarter valued at about $824,000. Merit Financial Group LLC boosted its position in shares of Iron Mountain by 91.5% in the fourth quarter. Merit Financial Group LLC now owns 14,933 shares of the financial services provider’s stock valued at $1,570,000 after acquiring an additional 7,137 shares during the period. Tidal Investments LLC grew its stake in Iron Mountain by 254.1% during the third quarter. Tidal Investments LLC now owns 20,536 shares of the financial services provider’s stock valued at $2,440,000 after acquiring an additional 14,737 shares in the last quarter. Finally, Lord Abbett & CO. LLC bought a new stake in Iron Mountain during the 3rd quarter worth approximately $24,122,000. 80.13% of the stock is owned by hedge funds and other institutional investors.

Iron Mountain Stock Performance

The company’s 50 day simple moving average is $110.65 and its 200-day simple moving average is $112.56. The firm has a market capitalization of $29.19 billion, a PE ratio of 276.25, a PEG ratio of 6.05 and a beta of 1.02.

Iron Mountain Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Monday, December 16th were paid a dividend of $0.715 per share. This represents a $2.86 annualized dividend and a yield of 2.88%. The ex-dividend date was Monday, December 16th. Iron Mountain’s dividend payout ratio (DPR) is currently 794.47%.

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.