Iron Mountain (NYSE:IRM) Hits New 52-Week High Following Analyst Upgrade

Shares of Iron Mountain Incorporated (NYSE:IRM) hit a new 52-week high on Friday after The Goldman Sachs Group raised their price target on the stock from $89.00 to $101.00. The Goldman Sachs Group currently has a buy rating on the stock. Iron Mountain traded as high as $90.40 and last traded at $90.19, with a volume of 114157 shares trading hands. The stock had previously closed at $89.21.

IRM has been the subject of several other research reports. Barclays upped their target price on shares of Iron Mountain from $79.00 to $91.00 and gave the company an “overweight” rating in a report on Tuesday, March 5th. Wells Fargo & Company upped their price objective on shares of Iron Mountain from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, March 15th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.33.

Insider Activity

In other news, EVP Mark Kidd sold 4,458 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $80.21, for a total value of $357,576.18. Following the completion of the transaction, the executive vice president now owns 62,938 shares in the company, valued at approximately $5,048,256.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Mark Kidd sold 4,458 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $80.21, for a total value of $357,576.18. Following the sale, the executive vice president now directly owns 62,938 shares of the company’s stock, valued at approximately $5,048,256.98. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO William L. Meaney sold 15,875 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $76.68, for a total transaction of $1,217,295.00. Following the completion of the sale, the chief executive officer now directly owns 295,650 shares in the company, valued at $22,670,442. The disclosure for this sale can be found here. Insiders sold 104,511 shares of company stock worth $8,787,218 in the last 90 days. 2.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Iron Mountain

Hedge funds have recently modified their holdings of the company. Blue Trust Inc. boosted its stake in shares of Iron Mountain by 201.7% during the 4th quarter. Blue Trust Inc. now owns 362 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 242 shares during the last quarter. Exchange Traded Concepts LLC purchased a new position in shares of Iron Mountain during the 4th quarter worth about $26,000. CVA Family Office LLC purchased a new position in shares of Iron Mountain during the 4th quarter worth about $32,000. Headlands Technologies LLC purchased a new position in shares of Iron Mountain during the 1st quarter worth about $38,000. Finally, Transcendent Capital Group LLC purchased a new position in shares of Iron Mountain during the 4th quarter worth about $36,000. 80.13% of the stock is owned by institutional investors and hedge funds.

Iron Mountain Stock Performance

The firm has a market capitalization of $26.32 billion, a PE ratio of 135.18, a price-to-earnings-growth ratio of 5.24 and a beta of 0.95. The company has a debt-to-equity ratio of 674.63, a quick ratio of 0.86 and a current ratio of 0.86. The company’s fifty day moving average price is $81.96 and its two-hundred day moving average price is $75.76.

Iron Mountain Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Monday, June 17th will be issued a dividend of $0.65 per share. The ex-dividend date of this dividend is Monday, June 17th. This represents a $2.60 annualized dividend and a dividend yield of 2.90%. Iron Mountain’s payout ratio is currently 393.95%.

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.