Iron Mountain (NYSE:IRM) Given New $124.00 Price Target at JPMorgan Chase & Co.

Iron Mountain (NYSE:IRM) had its target price lowered by JPMorgan Chase & Co. from $147.00 to $124.00 in a report released on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the financial services provider’s stock.

A number of other research analysts also recently issued reports on the company. Weiss Ratings downgraded Iron Mountain from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, August 25th. Jefferies Financial Group decreased their price objective on Iron Mountain from $147.00 to $135.00 and set a “buy” rating for the company in a research note on Monday, October 12th. BNP Paribas Exane raised their price objective on Iron Mountain from $138.00 to $145.00 and gave the company an “outperform” rating in a research report on Wednesday, August 5th. Wall Street Zen lowered Iron Mountain from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Finally, 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 report on Tuesday, September 8th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $141.33.

Iron Mountain Stock Up 0.1%

Shares of IRM stock opened at $106.62 on Friday. The firm has a market cap of $31.74 billion, a price-to-earnings ratio of 69.68 and a beta of 1.18. The company’s 50 day moving average is $113.75 and its 200 day moving average is $115.38. Iron Mountain has a 52-week low of $77.77 and a 52-week high of $134.68.

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

Iron Mountain Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 6th. Shareholders of record on Tuesday, December 15th will be given a dividend of $0.9930 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $3.97 annualized dividend and a yield of 3.7%. This is a boost from Iron Mountain’s previous quarterly dividend of $0.8640. Iron Mountain’s payout ratio is presently 259.48%.

Insider Buying and Selling at Iron Mountain

In other news, CEO William L. Meaney sold 38,474 shares of Iron Mountain stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $114.08, for a total transaction of $4,389,113.92. Following the completion of the sale, the chief executive officer directly owned 38,474 shares in the company, valued at approximately $4,389,113.92. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $115.60, for a total transaction of $693,600.00. Following the sale, the executive vice president owned 95,507 shares of the company’s stock, valued at $11,040,609.20. The trade was a 5.91% 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 quarter, insiders have sold 97,948 shares of company stock worth $11,048,567. 1.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Iron Mountain

Hedge funds have recently made changes to their positions in the company. RB Capital Management LLC purchased a new position in Iron Mountain during the second quarter worth approximately $5,907,000. Canada Pension Plan Investment Board acquired a new stake in Iron Mountain in the second quarter valued at approximately $3,709,000. Glenview Trust Co purchased a new stake in shares of Iron Mountain in the second quarter valued at approximately $1,391,000. Sanctuary Advisors LLC purchased a new stake in shares of Iron Mountain in the second quarter valued at approximately $17,300,000. Finally, Deutsche Bank AG purchased a new stake in shares of Iron Mountain in the second quarter valued at approximately $385,129,000. 80.13% of the stock is owned by institutional investors and hedge funds.

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.