Iron Mountain (NYSE:IRM) Hits New 1-Year Low – Here’s Why

Iron Mountain Incorporated (NYSE:IRM)’s share price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $72.33 and last traded at $73.09, with a volume of 196896 shares changing hands. The stock had previously closed at $77.19.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on IRM shares. JPMorgan Chase & Co. reduced their target price on shares of Iron Mountain from $125.00 to $112.00 and set an “overweight” rating for the company in a research note on Tuesday, February 18th. Wells Fargo & Company lowered their target price on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating on the stock in a report on Tuesday, February 4th. StockNews.com lowered Iron Mountain from a “hold” rating to a “sell” rating in a report on Monday, March 31st. Finally, Barclays decreased their price objective on Iron Mountain from $130.00 to $118.00 and set an “overweight” rating on the stock in a research note on Thursday, March 20th. One research analyst has rated the stock with a sell rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $125.67.

Iron Mountain Stock Performance

The firm has a market capitalization of $22.56 billion, a P/E ratio of 126.08, a PEG ratio of 5.15 and a beta of 0.97. The company has a 50-day simple moving average of $92.35 and a two-hundred day simple moving average of $107.17.

Iron Mountain (NYSE:IRM) last posted its quarterly earnings data on Thursday, February 13th. The financial services provider reported $0.50 EPS for the quarter, missing the consensus estimate of $1.20 by ($0.70). Iron Mountain had a negative return on equity of 401.83% and a net margin of 2.95%. The business had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same period in the previous year, the firm earned $0.52 EPS. As a group, research analysts forecast that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Monday, March 17th were issued a $0.785 dividend. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.72. This represents a $3.14 dividend on an annualized basis and a yield of 4.09%. The ex-dividend date was Monday, March 17th. Iron Mountain’s payout ratio is presently 514.75%.

Insider Transactions at Iron Mountain

In related news, CEO William L. Meaney sold 69,125 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $86.11, for a total value of $5,952,353.75. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mithu Bhargava sold 1,738 shares of Iron Mountain stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.84, for a total value of $161,355.92. Following the completion of the sale, the executive vice president now directly owns 13,054 shares of the company’s stock, valued at $1,211,933.36. The trade was a 11.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 318,973 shares of company stock worth $29,370,872 over the last quarter. 2.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Iron Mountain

Hedge funds have recently modified their holdings of the company. Merit Financial Group LLC lifted its holdings in Iron Mountain by 91.5% in the 4th quarter. Merit Financial Group LLC now owns 14,933 shares of the financial services provider’s stock worth $1,570,000 after purchasing an additional 7,137 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of Iron Mountain by 254.1% in the third quarter. Tidal Investments LLC now owns 20,536 shares of the financial services provider’s stock worth $2,440,000 after buying an additional 14,737 shares in the last quarter. Exchange Traded Concepts LLC boosted its position in shares of Iron Mountain by 151.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 9,147 shares of the financial services provider’s stock worth $961,000 after acquiring an additional 5,511 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in Iron Mountain during the fourth quarter valued at $102,000. Finally, Lord Abbett & CO. LLC bought a new stake in Iron Mountain in the 3rd quarter valued at $24,122,000. 80.13% of the stock is currently owned by institutional investors.

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.