Iron Mountain Incorporated (NYSE:IRM) Sees Large Decrease in Short Interest

Iron Mountain Incorporated (NYSE:IRM) was the recipient of a large drop in short interest during the month of December. As of December 31st, there was short interest totalling 7,540,000 shares, a drop of 5.4% from the December 15th total of 7,970,000 shares. Based on an average trading volume of 1,610,000 shares, the days-to-cover ratio is currently 4.7 days.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on IRM shares. Wells Fargo & Company lifted their price objective on shares of Iron Mountain from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Barclays cut their price objective on shares of Iron Mountain from $133.00 to $131.00 and set an “overweight” rating on the stock in a research report on Monday, November 18th. BNP Paribas raised shares of Iron Mountain to a “strong-buy” rating in a research report on Wednesday, November 6th. Stifel Nicolaus boosted their target price on shares of Iron Mountain from $117.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, September 23rd. Finally, Royal Bank of Canada boosted their target price on shares of Iron Mountain from $135.00 to $139.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 27th. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Iron Mountain presently has a consensus rating of “Buy” and a consensus price target of $131.00.

Insider Transactions at Iron Mountain

In related news, CEO William L. Meaney sold 69,131 shares of Iron Mountain stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $104.85, for a total transaction of $7,248,385.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mithu Bhargava sold 8,263 shares of Iron Mountain stock in a transaction dated 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. The trade was a 38.76 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 125,016 shares of company stock worth $13,666,427. 2.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Iron Mountain

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ashton Thomas Securities LLC purchased a new stake in shares of Iron Mountain during the third quarter worth $31,000. West Branch Capital LLC purchased a new stake in shares of Iron Mountain during the third quarter worth $33,000. Teachers Insurance & Annuity Association of America purchased a new stake in shares of Iron Mountain during the third quarter worth $36,000. Dunhill Financial LLC grew its holdings in shares of Iron Mountain by 50.5% during the third quarter. Dunhill Financial LLC now owns 453 shares of the financial services provider’s stock worth $54,000 after buying an additional 152 shares in the last quarter. Finally, Quarry LP grew its holdings in shares of Iron Mountain by 86.5% during the third quarter. Quarry LP now owns 496 shares of the financial services provider’s stock worth $59,000 after buying an additional 230 shares in the last quarter. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Iron Mountain Price Performance

IRM opened at $109.19 on Friday. The firm has a fifty day moving average price of $111.35 and a 200 day moving average price of $111.74. Iron Mountain has a 1 year low of $65.01 and a 1 year high of $130.24. The stock has a market cap of $32.04 billion, a P/E ratio of 303.31, a P/E/G ratio of 5.56 and a beta of 1.02.

Iron Mountain Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Monday, December 16th were issued a $0.715 dividend. This represents a $2.86 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend was Monday, December 16th. Iron Mountain’s payout ratio is presently 794.47%.

About Iron Mountain

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.