Iron Mountain (NYSE:IRM) Trading Up 7.6% After Dividend Announcement

Iron Mountain Incorporated (NYSE:IRM) was up 7.6% on Thursday following a dividend announcement from the company. The company traded as high as $110.48 and last traded at $110.34. Approximately 2,564,260 shares were traded during trading, an increase of 57% from the average daily volume of 1,628,202 shares. The stock had previously closed at $102.56.

The newly announced dividend which will be paid on Thursday, October 3rd. Stockholders of record on Monday, September 16th will be paid a $0.715 dividend. This represents a $2.86 dividend on an annualized basis and a dividend yield of 2.59%. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.65. Iron Mountain’s dividend payout ratio is presently 393.95%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on IRM shares. The Goldman Sachs Group increased their price objective on shares of Iron Mountain from $89.00 to $101.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. Stifel Nicolaus raised their price target on shares of Iron Mountain from $86.00 to $103.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Finally, Wells Fargo & Company raised their price target on shares of Iron Mountain from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $86.17.

Iron Mountain Trading Up 7.6 %

The company has a debt-to-equity ratio of 674.63, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $32.34 billion, a PE ratio of 166.21, a P/E/G ratio of 6.00 and a beta of 0.98. The company’s fifty day simple moving average is $90.31 and its 200-day simple moving average is $80.50.

Insider Buying and Selling at Iron Mountain

In other Iron Mountain news, EVP Deborah Marson sold 2,000 shares of the stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $77.80, for a total transaction of $155,600.00. Following the transaction, the executive vice president now directly owns 63,286 shares of the company’s stock, valued at $4,923,650.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, EVP Deborah Marson sold 2,000 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $77.80, for a total value of $155,600.00. Following the transaction, the executive vice president now directly owns 63,286 shares of the company’s stock, valued at $4,923,650.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Wendy J. Murdock sold 1,500 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $75.35, for a total transaction of $113,025.00. Following the completion of the transaction, the director now directly owns 24,491 shares in the company, valued at $1,845,396.85. The disclosure for this sale can be found here. Insiders have sold a total of 100,553 shares of company stock valued at $8,759,378 over the last ninety days. Corporate insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Iron Mountain

Hedge funds and other institutional investors have recently modified their holdings of the business. Cohen & Steers Inc. increased its position in Iron Mountain by 202.1% during the fourth quarter. Cohen & Steers Inc. now owns 22,475,614 shares of the financial services provider’s stock worth $1,572,936,000 after purchasing an additional 15,035,937 shares during the last quarter. Daiwa Securities Group Inc. increased its position in Iron Mountain by 11.6% during the first quarter. Daiwa Securities Group Inc. now owns 4,562,165 shares of the financial services provider’s stock worth $365,931,000 after purchasing an additional 475,849 shares during the last quarter. Norges Bank acquired a new stake in Iron Mountain during the fourth quarter worth about $228,391,000. Charles Schwab Investment Management Inc. increased its position in Iron Mountain by 2.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,157,681 shares of the financial services provider’s stock worth $220,975,000 after purchasing an additional 81,741 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Iron Mountain by 0.3% during the second quarter. Bank of New York Mellon Corp now owns 2,126,237 shares of the financial services provider’s stock worth $190,553,000 after purchasing an additional 6,562 shares during the last quarter. 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.