Analysts Set Iron Mountain Incorporated (NYSE:IRM) Target Price at $135.17

Iron Mountain Incorporated (NYSE:IRM) has received an average recommendation of “Moderate Buy” from the six analysts that are presently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $135.1667.

IRM has been the topic of several analyst reports. Wells Fargo & Company upped their price target on shares of Iron Mountain from $135.00 to $140.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. JPMorgan Chase & Co. raised their price objective on shares of Iron Mountain from $121.00 to $138.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. Weiss Ratings upgraded Iron Mountain from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday. Truist Financial set a $140.00 target price on Iron Mountain in a research note on Friday, May 1st. Finally, Zacks Research upgraded Iron Mountain from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th.

Insiders Place Their Bets

In other news, CAO Daniel Borges sold 7,189 shares of the company’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $125.50, for a total value of $902,219.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William L. Meaney sold 38,474 shares of the company’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $121.67, for a total transaction of $4,681,131.58. Following the completion of the transaction, the chief executive officer owned 38,474 shares in the company, valued at approximately $4,681,131.58. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 135,368 shares of company stock worth $16,807,080. 1.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Iron Mountain

Several large investors have recently added to or reduced their stakes in IRM. Bell Investment Advisors Inc bought a new stake in shares of Iron Mountain during the second quarter valued at approximately $26,000. Meeder Asset Management Inc. bought a new position in Iron Mountain in the second quarter worth approximately $27,000. IMG Wealth Management Inc. bought a new position in Iron Mountain in the second quarter worth approximately $34,000. Elevation Wealth Partners LLC increased its holdings in Iron Mountain by 444.2% during the 2nd quarter. Elevation Wealth Partners LLC now owns 283 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 231 shares during the period. Finally, Dynamic Wealth Strategies LLC purchased a new position in Iron Mountain during the 1st quarter worth $31,000. 80.13% of the stock is owned by hedge funds and other institutional investors.

Iron Mountain Stock Up 2.3%

IRM stock opened at $129.49 on Tuesday. Iron Mountain has a twelve month low of $77.77 and a twelve month high of $134.68. The stock has a market capitalization of $38.55 billion, a price-to-earnings ratio of 92.49 and a beta of 1.20. The firm’s fifty day simple moving average is $124.57 and its two-hundred day simple moving average is $115.95.

Iron Mountain Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Tuesday, September 15th will be given a $0.864 dividend. This represents a $3.46 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Iron Mountain’s dividend payout ratio is 247.14%.

About Iron Mountain

Iron Mountain Incorporated is a global information management company that helps organizations protect, store, and manage their physical and digital information. The firm provides a range of services including secure records storage, document imaging and digitization, secure shredding and destruction, and information governance solutions designed to support regulatory compliance and business continuity. Iron Mountain also offers specialized secure storage environments and logistics for sensitive assets such as art, medical records, and legal archives.

Beyond traditional records management, Iron Mountain has expanded into technology-driven services to support customers’ digital transformation.