Iron Mountain (NYSE:IRM) Reaches New 12-Month High – Should You Buy?

Shares of Iron Mountain Incorporated (NYSE:IRM) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $112.88 and last traded at $112.30, with a volume of 140786 shares. The stock had previously closed at $111.19.

Analysts Set New Price Targets

Several research firms have issued reports on IRM. JPMorgan Chase & Co. raised their price target on shares of Iron Mountain from $100.00 to $111.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Iron Mountain in a research note on Thursday, January 22nd. Finally, Barclays boosted their price target on Iron Mountain from $126.00 to $127.00 and gave the company an “overweight” rating in a research note on Monday. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $113.25.

Iron Mountain Stock Up 0.4%

The company has a market capitalization of $33.04 billion, a price-to-earnings ratio of 233.33 and a beta of 1.16. The business has a fifty day simple moving average of $91.71 and a two-hundred day simple moving average of $94.26.

Iron Mountain Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 3rd. Shareholders of record on Monday, March 16th will be given a $0.864 dividend. This represents a $3.46 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Monday, March 16th. Iron Mountain’s dividend payout ratio is 720.83%.

Insiders Place Their Bets

In other news, CEO William L. Meaney sold 69,125 shares of the business’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $83.34, for a total value of $5,760,877.50. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Mark Kidd sold 6,000 shares of the company’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $83.10, for a total transaction of $498,600.00. Following the completion of the sale, the executive vice president directly owned 55,081 shares in the company, valued at approximately $4,577,231.10. The trade was a 9.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 119,607 shares of company stock valued at $9,970,025. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Intact Investment Management Inc. bought a new position in Iron Mountain in the 3rd quarter worth approximately $3,588,000. Sei Investments Co. increased its stake in shares of Iron Mountain by 4.2% in the 2nd quarter. Sei Investments Co. now owns 885,080 shares of the financial services provider’s stock valued at $90,783,000 after buying an additional 35,301 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Iron Mountain by 11.9% during the second quarter. PNC Financial Services Group Inc. now owns 65,386 shares of the financial services provider’s stock worth $6,707,000 after acquiring an additional 6,937 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its stake in shares of Iron Mountain by 17.2% during the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 103,960 shares of the financial services provider’s stock valued at $10,598,000 after acquiring an additional 15,225 shares during the period. Finally, AGF Management Ltd. boosted its holdings in Iron Mountain by 178.0% in the third quarter. AGF Management Ltd. now owns 22,185 shares of the financial services provider’s stock valued at $2,262,000 after acquiring an additional 14,205 shares during the last quarter. 80.13% of the stock is owned by institutional investors and hedge funds.

Iron Mountain Company Profile

Iron Mountain Incorporated is a global information management company that helps organizations protect, store, and manage their physical and digital information. The firm provides a range of services including secure records storage, document imaging and digitization, secure shredding and destruction, and information governance solutions designed to support regulatory compliance and business continuity. Iron Mountain also offers specialized secure storage environments and logistics for sensitive assets such as art, medical records, and legal archives.

Beyond traditional records management, Iron Mountain has expanded into technology-driven services to support customers’ digital transformation.