Iron Mountain (NYSE:IRM) Reaches New 1-Year High – Time to Buy?

Iron Mountain Incorporated (NYSE:IRM) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $125.84 and last traded at $125.53, with a volume of 123982 shares changing hands. The stock had previously closed at $123.87.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on IRM. The Goldman Sachs Group boosted their price target on Iron Mountain from $106.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Stifel Nicolaus lifted their price target on Iron Mountain from $117.00 to $140.00 and gave the company a “buy” rating in a report on Monday, September 23rd. Barclays upped their price objective on shares of Iron Mountain from $91.00 to $133.00 and gave the company an “overweight” rating in a research note on Wednesday, October 9th. Wells Fargo & Company raised their target price on shares of Iron Mountain from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Finally, JPMorgan Chase & Co. upped their price target on shares of Iron Mountain from $82.00 to $121.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $115.50.

Iron Mountain Stock Performance

The company has a debt-to-equity ratio of 674.63, a current ratio of 0.79 and a quick ratio of 0.79. The company has a market cap of $36.93 billion, a P/E ratio of 190.86, a PEG ratio of 7.22 and a beta of 1.00. The stock has a fifty day moving average price of $116.73 and a two-hundred day moving average price of $97.98.

Iron Mountain (NYSE:IRM) last announced its quarterly earnings data on Thursday, August 1st. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.59). Iron Mountain had a return on equity of 595.44% and a net margin of 3.94%. The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the firm earned $0.94 EPS. The business’s revenue for the quarter was up 13.0% on a year-over-year basis. On average, equities analysts forecast that Iron Mountain Incorporated will post 4.17 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Monday, September 16th were issued a dividend of $0.715 per share. This represents a $2.86 dividend on an annualized basis and a yield of 2.27%. This is a boost from Iron Mountain’s previous quarterly dividend of $0.65. The ex-dividend date was Monday, September 16th. Iron Mountain’s dividend payout ratio is 433.33%.

Insider Transactions at Iron Mountain

In other news, COO John Tomovcsik sold 2,866 shares of the stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $105.00, for a total value of $300,930.00. Following the completion of the transaction, the chief operating officer now owns 15,000 shares in the company, valued at approximately $1,575,000. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, COO John Tomovcsik sold 2,866 shares of Iron Mountain stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $105.00, for a total transaction of $300,930.00. Following the completion of the transaction, the chief operating officer now directly owns 15,000 shares of the company’s stock, valued at $1,575,000. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William L. Meaney sold 15,875 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $117.36, for a total value of $1,863,090.00. Following the sale, the chief executive officer now owns 295,650 shares in the company, valued at approximately $34,697,484. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,503 shares of company stock worth $3,511,505 over the last three months. 2.10% of the stock is currently owned by insiders.

Institutional Trading of Iron Mountain

A number of hedge funds have recently modified their holdings of the company. Daiwa Securities Group Inc. grew its holdings in shares of Iron Mountain by 11.6% during the first quarter. Daiwa Securities Group Inc. now owns 4,562,165 shares of the financial services provider’s stock worth $365,931,000 after buying an additional 475,849 shares in the last quarter. Legal & General Group Plc boosted its stake in Iron Mountain by 49.2% in the second quarter. Legal & General Group Plc now owns 3,899,276 shares of the financial services provider’s stock valued at $349,453,000 after buying an additional 1,286,694 shares in the last quarter. AGF Management Ltd. grew its holdings in shares of Iron Mountain by 76.3% during the 2nd quarter. AGF Management Ltd. now owns 2,245,393 shares of the financial services provider’s stock valued at $201,232,000 after purchasing an additional 972,101 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Iron Mountain by 0.3% during the second quarter. Bank of New York Mellon Corp now owns 2,126,237 shares of the financial services provider’s stock worth $190,553,000 after buying an additional 6,562 shares during the last quarter. Finally, Centersquare Investment Management LLC grew its position in Iron Mountain by 7,892.6% during the 1st quarter. Centersquare Investment Management LLC now owns 1,538,486 shares of the financial services provider’s stock worth $119,263,000 after acquiring an additional 1,519,237 shares during the last quarter. 80.13% of the stock is currently owned by institutional investors and hedge funds.

About Iron Mountain

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.