Barclays Issues Pessimistic Forecast for Iron Mountain (NYSE:IRM) Stock Price

Iron Mountain (NYSE:IRM) had its target price lowered by research analysts at Barclays from $130.00 to $118.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s target price points to a potential upside of 33.43% from the company’s previous close.

IRM has been the topic of several other research reports. Royal Bank of Canada boosted their price objective on shares of Iron Mountain from $135.00 to $139.00 and gave the stock an “outperform” rating in a report on Wednesday, November 27th. Wells Fargo & Company dropped their price objective on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating on the stock in a report on Tuesday, February 4th. JPMorgan Chase & Co. lowered their target price on shares of Iron Mountain from $125.00 to $112.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 18th. Finally, StockNews.com cut shares of Iron Mountain from a “hold” rating to a “sell” rating in a research note on Friday, March 14th. One investment analyst has rated the stock with a sell rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Iron Mountain has a consensus rating of “Moderate Buy” and an average target price of $125.67.

Iron Mountain Price Performance

Iron Mountain stock opened at $88.44 on Thursday. The firm has a market cap of $25.98 billion, a price-to-earnings ratio of 145.07, a P/E/G ratio of 5.15 and a beta of 1.04. Iron Mountain has a fifty-two week low of $73.53 and a fifty-two week high of $130.24. The firm has a fifty day moving average price of $97.45 and a two-hundred day moving average price of $109.54.

Iron Mountain (NYSE:IRM) last released its earnings results on Thursday, February 13th. The financial services provider reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.70). Iron Mountain had a negative return on equity of 401.83% and a net margin of 2.95%. The firm had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.60 billion. During the same period in the prior year, the firm earned $0.52 EPS. As a group, sell-side analysts expect that Iron Mountain will post 4.54 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Mithu Bhargava sold 8,263 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was 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 in the company, valued at $1,364,012.46. This trade represents a 38.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William L. Meaney sold 69,131 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $104.85, for a total value of $7,248,385.35. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 327,242 shares of company stock valued at $31,530,305. 2.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Iron Mountain

Several institutional investors have recently modified their holdings of IRM. PNC Financial Services Group Inc. raised its position in Iron Mountain by 2.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 53,877 shares of the financial services provider’s stock valued at $6,402,000 after buying an additional 1,446 shares during the last quarter. Merit Financial Group LLC raised its position in Iron Mountain by 91.5% in the 4th quarter. Merit Financial Group LLC now owns 14,933 shares of the financial services provider’s stock valued at $1,570,000 after buying an additional 7,137 shares during the last quarter. Tidal Investments LLC raised its position in Iron Mountain by 254.1% in the 3rd quarter. Tidal Investments LLC now owns 20,536 shares of the financial services provider’s stock valued at $2,440,000 after buying an additional 14,737 shares during the last quarter. Exchange Traded Concepts LLC raised its position in Iron Mountain by 151.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 9,147 shares of the financial services provider’s stock valued at $961,000 after buying an additional 5,511 shares during the last quarter. Finally, Lord Abbett & CO. LLC acquired a new stake in Iron Mountain in the 3rd quarter valued at approximately $24,122,000. Institutional investors own 80.13% of the company’s stock.

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.