Iron Mountain (NYSE:IRM) Stock Price Down 5.8% – Here’s What Happened

Iron Mountain Incorporated (NYSE:IRM)’s share price was down 5.8% on Wednesday . The stock traded as low as $97.50 and last traded at $100.01. Approximately 744,007 shares changed hands during trading, a decline of 58% from the average daily volume of 1,763,176 shares. The stock had previously closed at $106.21.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on IRM shares. BNP Paribas upgraded Iron Mountain to a “strong-buy” rating in a report on Wednesday, November 6th. Barclays dropped their price objective on shares of Iron Mountain from $131.00 to $130.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. Wells Fargo & Company dropped their price objective on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating for the company in a report on Tuesday, February 4th. StockNews.com lowered shares of Iron Mountain from a “hold” rating to a “sell” rating in a report on Tuesday, January 28th. Finally, Royal Bank of Canada upped their price objective on shares of Iron Mountain from $135.00 to $139.00 and gave the company an “outperform” rating in a report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $129.17.

Iron Mountain Trading Down 7.3 %

The firm’s fifty day moving average price is $105.94 and its 200 day moving average price is $112.73. The stock has a market capitalization of $27.94 billion, a price-to-earnings ratio of 264.44, a price-to-earnings-growth ratio of 5.84 and a beta of 1.01.

Iron Mountain Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Monday, March 17th will be issued a $0.785 dividend. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.72. This represents a $3.14 annualized dividend and a dividend yield of 3.30%. Iron Mountain’s dividend payout ratio is currently 794.47%.

Insider Activity at Iron Mountain

In related news, CEO William L. Meaney sold 69,125 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $99.83, for a total transaction of $6,900,748.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mithu Bhargava sold 8,263 shares of the firm’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $104.49, for a total value of $863,400.87. Following the transaction, the executive vice president now owns 13,054 shares of the company’s stock, valued at $1,364,012.46. This trade represents a 38.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 162,391 shares of company stock worth $16,805,912 in the last three months. 2.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Iron Mountain

Several institutional investors have recently modified their holdings of the business. MetLife Investment Management LLC grew its stake in shares of Iron Mountain by 0.9% in the fourth quarter. MetLife Investment Management LLC now owns 93,569 shares of the financial services provider’s stock worth $9,835,000 after acquiring an additional 865 shares in the last quarter. Norinchukin Bank The increased its stake in shares of Iron Mountain by 3.2% during the fourth quarter. Norinchukin Bank The now owns 26,091 shares of the financial services provider’s stock worth $2,742,000 after buying an additional 803 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Iron Mountain by 0.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,219,263 shares of the financial services provider’s stock worth $443,476,000 after buying an additional 15,097 shares during the period. GeoWealth Management LLC increased its stake in shares of Iron Mountain by 25.3% during the fourth quarter. GeoWealth Management LLC now owns 27,229 shares of the financial services provider’s stock worth $2,862,000 after buying an additional 5,490 shares during the period. Finally, CANADA LIFE ASSURANCE Co increased its stake in shares of Iron Mountain by 3.6% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 435,397 shares of the financial services provider’s stock worth $45,741,000 after buying an additional 15,140 shares during the period. Institutional investors and hedge funds own 80.13% of the company’s stock.

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.