Iron Mountain (NYSE:IRM) Price Target Raised to $111.00

Iron Mountain (NYSE:IRM) had its price objective lifted by analysts at JPMorgan Chase & Co. from $100.00 to $111.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 10.13% from the stock’s current price.

IRM has been the topic of a number of other reports. Zacks Research upgraded shares of Iron Mountain from a “strong sell” rating to a “hold” rating in a research note on Monday, October 20th. Barclays increased their price objective on shares of Iron Mountain from $121.00 to $122.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 20th. Jefferies Financial Group began coverage on shares of Iron Mountain in a research note on Monday, September 22nd. They issued a “buy” rating and a $120.00 price target on the stock. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Iron Mountain in a research note on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $118.67.

Iron Mountain Stock Performance

Shares of IRM stock traded up $0.32 on Thursday, hitting $100.79. The company’s stock had a trading volume of 1,494,578 shares, compared to its average volume of 1,722,411. The stock’s 50 day moving average is $100.77 and its 200-day moving average is $98.15. Iron Mountain has a fifty-two week low of $72.33 and a fifty-two week high of $125.38. The company has a market capitalization of $29.77 billion, a PE ratio of 719.99 and a beta of 1.06.

Iron Mountain (NYSE:IRM) last released its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $1.32 EPS for the quarter, beating the consensus estimate of $1.29 by $0.03. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. The business had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.75 billion. During the same period in the prior year, the company posted $1.13 earnings per share. Iron Mountain’s revenue was up 12.7% compared to the same quarter last year. Iron Mountain has set its FY 2025 guidance at 5.040-5.130 EPS. On average, research analysts forecast that Iron Mountain will post 4.54 earnings per share for the current year.

Insider Activity at Iron Mountain

In related news, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $102.51, for a total transaction of $615,060.00. Following the sale, the executive vice president directly owned 67,081 shares in the company, valued at $6,876,473.31. This trade represents a 8.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $102.75, for a total transaction of $7,102,593.75. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 226,681 shares of company stock worth $22,265,632. 1.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Iron Mountain

Several hedge funds have recently added to or reduced their stakes in the business. Assetmark Inc. boosted its position in Iron Mountain by 8.0% during the 3rd quarter. Assetmark Inc. now owns 2,900 shares of the financial services provider’s stock worth $296,000 after buying an additional 214 shares during the period. Public Sector Pension Investment Board boosted its position in Iron Mountain by 5.0% during the 3rd quarter. Public Sector Pension Investment Board now owns 63,680 shares of the financial services provider’s stock worth $6,492,000 after buying an additional 3,008 shares during the period. Varma Mutual Pension Insurance Co boosted its position in Iron Mountain by 8.6% during the 3rd quarter. Varma Mutual Pension Insurance Co now owns 80,938 shares of the financial services provider’s stock worth $8,251,000 after buying an additional 6,400 shares during the period. Cibc World Market Inc. boosted its position in Iron Mountain by 27.2% during the 3rd quarter. Cibc World Market Inc. now owns 172,450 shares of the financial services provider’s stock worth $17,580,000 after buying an additional 36,859 shares during the period. Finally, Caprock Group LLC bought a new position in Iron Mountain during the 3rd quarter worth approximately $416,000. 80.13% of the stock is currently owned by institutional investors and hedge funds.

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.