Iron Mountain (NYSE:IRM) Stock Price Target Cut by JPMorgan Chase & Co.

Iron Mountain (NYSE:IRM) had its price target cut by research analysts at JPMorgan Chase & Co. from $147.00 to $124.00 in a report released on Friday, Benzinga reports. The brokerage 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 company’s current price.

A number of other research analysts have also commented on the stock. Wall Street Zen lowered shares of Iron Mountain from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Weiss Ratings cut shares of Iron Mountain from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, August 25th. BNP Paribas Exane increased their price objective on Iron Mountain from $138.00 to $145.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 5th. The Goldman Sachs Group lifted their price objective on Iron Mountain from $153.00 to $155.00 and gave the company a “buy” rating in a research note on Tuesday, October 6th. Finally, Jefferies Financial Group dropped 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. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Iron Mountain currently has an average rating of “Moderate Buy” and a consensus target price of $141.33.

Iron Mountain Trading Up 0.1%

Shares of NYSE:IRM opened at $106.62 on Friday. The company has a 50 day moving average of $113.75 and a 200 day moving average of $115.38. The stock has a market cap of $31.74 billion, a P/E ratio of 69.68 and a beta of 1.18. Iron Mountain has a 12 month low of $77.77 and a 12 month high of $134.68.

Iron Mountain (NYSE:IRM) last posted its earnings results on Thursday, November 5th. The financial services provider reported $0.64 earnings per share for the quarter, topping 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 business had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.99 billion. During the same quarter in the prior year, the firm posted $1.32 EPS. Iron Mountain’s revenue was up 13.5% on a year-over-year basis. On average, equities analysts forecast that Iron Mountain will post 5.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Iron Mountain

In other news, EVP Mark Kidd sold 6,000 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $115.60, for a total value of $693,600.00. Following the completion of the sale, the executive vice president owned 95,507 shares of the company’s stock, valued at approximately $11,040,609.20. This represents a 5.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 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 of the company’s stock, valued at $4,389,113.92. This trade represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 97,948 shares of company stock worth $11,048,567 over the last ninety days. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Iron Mountain

Large investors have recently added to or reduced their stakes in the business. Bell Investment Advisors Inc purchased a new position in Iron Mountain during the 2nd quarter valued at $26,000. Meeder Asset Management Inc. purchased a new stake in shares of Iron Mountain in the 2nd quarter worth about $27,000. Wellington Altus USA Inc. purchased a new stake in shares of Iron Mountain in the 2nd quarter worth about $27,000. Sawyer & Company Inc bought a new stake in shares of Iron Mountain during the 3rd quarter valued at about $27,000. Finally, Dynamic Wealth Strategies LLC bought a new stake in shares of Iron Mountain during the 1st quarter valued at about $31,000. Hedge funds and other institutional investors own 80.13% of the company’s stock.

About Iron Mountain

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.