JPMorgan Chase & Co. Issues Pessimistic Forecast for Iron Mountain (NYSE:IRM) Stock Price

Iron Mountain (NYSE:IRM) had its target price reduced by analysts at JPMorgan Chase & Co. from $147.00 to $124.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 16.31% from the stock’s current price.

A number of other research analysts have also issued reports on the stock. Truist Financial raised their target price on shares of Iron Mountain from $140.00 to $155.00 and gave the company a “buy” rating in a research note on Thursday, August 27th. Weiss Ratings downgraded shares of Iron Mountain from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, August 25th. Barclays boosted their target price on shares of Iron Mountain from $143.00 to $144.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 8th. The Goldman Sachs Group upped their price target on shares of Iron Mountain from $153.00 to $155.00 and gave the company a “buy” rating in a report on Tuesday, October 6th. Finally, BNP Paribas Exane lifted their price objective on Iron Mountain from $138.00 to $145.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 5th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $141.33.

Iron Mountain Stock Up 0.1%

Shares of IRM stock opened at $106.62 on Friday. Iron Mountain has a 12 month low of $77.77 and a 12 month high of $134.68. The business’s 50 day moving average is $113.75 and its two-hundred day moving average is $115.38. The company has a market cap of $31.74 billion, a PE ratio of 69.68 and a beta of 1.18.

Iron Mountain (NYSE:IRM) last released its quarterly earnings results on Thursday, November 5th. The financial services provider reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.03. Iron Mountain had a net margin of 5.88% and a negative return on equity of 79.98%. The company had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.99 billion. During the same quarter last year, the firm posted $1.32 earnings per share. The company’s quarterly revenue was up 13.5% compared to the same quarter last year. As a group, equities analysts expect that Iron Mountain will post 5.42 EPS for the current fiscal year.

Insider Activity

In other news, EVP Greg McIntosh sold 5,000 shares of the firm’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $116.96, for a total value of $584,800.00. Following the sale, the executive vice president owned 65,634 shares in the company, valued at approximately $7,676,552.64. This trade represents a 7.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Meaney sold 38,474 shares of the business’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $110.45, for a total transaction of $4,249,453.30. Following the transaction, the chief executive officer directly owned 38,474 shares in the company, valued at $4,249,453.30. This trade represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 97,948 shares of company stock valued at $11,048,567. 1.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Brown Financial Advisors grew its position in Iron Mountain by 3.6% during the second quarter. Brown Financial Advisors now owns 2,580 shares of the financial services provider’s stock worth $326,000 after buying an additional 90 shares in the last quarter. Crown Wealth Group LLC raised its holdings in Iron Mountain by 3.0% in the 3rd quarter. Crown Wealth Group LLC now owns 3,086 shares of the financial services provider’s stock valued at $342,000 after acquiring an additional 91 shares in the last quarter. Compass Financial Management LLC raised its holdings in Iron Mountain by 18.6% in the 3rd quarter. Compass Financial Management LLC now owns 625 shares of the financial services provider’s stock valued at $69,000 after acquiring an additional 98 shares in the last quarter. Yousif Capital Management LLC raised its holdings in Iron Mountain by 0.3% in the 3rd quarter. Yousif Capital Management LLC now owns 38,379 shares of the financial services provider’s stock valued at $4,258,000 after acquiring an additional 102 shares in the last quarter. Finally, Eastern Bank lifted its position in shares of Iron Mountain by 14.4% in the 3rd quarter. Eastern Bank now owns 841 shares of the financial services provider’s stock worth $93,000 after acquiring an additional 106 shares during the period. Institutional investors and hedge funds own 80.13% of the company’s stock.

Iron Mountain Company Profile

Iron Mountain Incorporated is an information management and storage company that helps organizations protect, manage and access physical and digital assets. Its services include records storage and management, secure document shredding, digitization and other information-management solutions.

The company also operates data centers and provides services for businesses moving, storing and managing data. Its offerings extend to specialized storage and care for items such as artwork and other valuable collections.

Founded in 1951, Iron Mountain began as a records-storage business in a former iron ore mine in New York.