Iron Mountain (NYSE:IRM) Hits New 12-Month High – Still a Buy?

Iron Mountain Incorporated (NYSE:IRM)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $121.00 and last traded at $117.9670, with a volume of 1526779 shares trading hands. The stock had previously closed at $120.53.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Barclays increased their price objective on shares of Iron Mountain from $126.00 to $127.00 and gave the company an “overweight” rating in a research report on Monday, February 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Iron Mountain in a research report on Tuesday. Zacks Research cut Iron Mountain from a “hold” rating to a “strong sell” rating in a research note on Monday, April 13th. Loop Capital set a $130.00 price objective on Iron Mountain in a research note on Wednesday, March 4th. Finally, Wells Fargo & Company raised their price objective on Iron Mountain from $125.00 to $135.00 and gave the stock an “overweight” rating in a research note on Tuesday. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $124.60.

Iron Mountain Stock Performance

The stock has a 50 day simple moving average of $107.94 and a two-hundred day simple moving average of $97.86. The firm has a market cap of $34.58 billion, a PE ratio of 242.16 and a beta of 1.13.

Iron Mountain Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 3rd. Shareholders of record on Monday, March 16th were issued a $0.864 dividend. The ex-dividend date of this dividend was Monday, March 16th. This represents a $3.46 dividend on an annualized basis and a yield of 3.0%. Iron Mountain’s payout ratio is presently 720.83%.

Insider Activity

In related news, EVP Mithu Bhargava sold 59,725 shares of the business’s stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $104.62, for a total value of $6,248,429.50. Following the completion of the sale, the executive vice president owned 16,054 shares of the company’s stock, valued at approximately $1,679,569.48. The trade was a 78.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William L. Meaney sold 137,133 shares of the business’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $109.39, for a total transaction of $15,000,978.87. Following the completion of the sale, the chief executive officer directly owned 295,975 shares of the company’s stock, valued at approximately $32,376,705.25. The trade was a 31.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 451,648 shares of company stock worth $48,297,449 over the last three months. Corporate insiders own 1.70% of the company’s stock.

Institutional Trading of Iron Mountain

Large investors have recently made changes to their positions in the company. Intact Investment Management Inc. purchased a new stake in shares of Iron Mountain during the third quarter worth approximately $3,588,000. NewSquare Capital LLC grew its position in shares of Iron Mountain by 4,867.6% in the third quarter. NewSquare Capital LLC now owns 11,823 shares of the financial services provider’s stock valued at $1,205,000 after purchasing an additional 11,585 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in Iron Mountain by 17.2% in the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 103,960 shares of the financial services provider’s stock valued at $10,598,000 after buying an additional 15,225 shares in the last quarter. AGF Management Ltd. grew its holdings in Iron Mountain by 178.0% in the 3rd quarter. AGF Management Ltd. now owns 22,185 shares of the financial services provider’s stock valued at $2,262,000 after buying an additional 14,205 shares in the last quarter. Finally, J.W. Cole Advisors Inc. grew its holdings in Iron Mountain by 54.8% in the 3rd quarter. J.W. Cole Advisors Inc. now owns 33,596 shares of the financial services provider’s stock valued at $3,425,000 after buying an additional 11,893 shares in the last quarter. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

About Iron Mountain

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.