Iron Mountain (NYSE:IRM) Stock Price Target Cut by JPMorgan Chase & Co.

Iron Mountain (NYSE:IRM) had its price objective lowered by JPMorgan Chase & Co. from $147.00 to $124.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 16.31% from the stock’s previous close.

IRM has been the topic of several other reports. Rothschild & Co Redburn assumed coverage on Iron Mountain in a research note on Monday, September 21st. They set a “buy” rating and a $132.00 target price on the stock. Barclays raised their price target on Iron Mountain from $143.00 to $144.00 and gave the stock an “overweight” rating in a report on Tuesday, September 8th. BNP Paribas Exane boosted their price target on Iron Mountain from $138.00 to $145.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 5th. Wells Fargo & Company boosted their price target on Iron Mountain from $135.00 to $140.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Finally, Wall Street Zen downgraded shares of Iron Mountain from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Iron Mountain presently has an average rating of “Moderate Buy” and a consensus price target of $141.33.

Iron Mountain Stock Performance

NYSE IRM opened at $106.62 on Friday. Iron Mountain has a one year low of $77.77 and a one year high of $134.68. The company has a market capitalization of $31.74 billion, a price-to-earnings ratio of 69.68 and a beta of 1.18. The company’s 50-day simple moving average is $113.75 and its two-hundred day simple moving average is $115.38.

Iron Mountain (NYSE:IRM) last released its quarterly earnings data on Thursday, November 5th. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.03. The firm had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.99 billion. Iron Mountain had a net margin of 5.88% and a negative return on equity of 79.98%. The company’s quarterly revenue was up 13.5% on a year-over-year basis. During the same period last year, the firm earned $1.32 earnings per share. Equities analysts expect that Iron Mountain will post 5.42 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Iron Mountain news, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $115.60, for a total transaction of $693,600.00. Following the completion of the transaction, the executive vice president owned 95,507 shares in the company, valued at approximately $11,040,609.20. This trade represents a 5.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Meaney sold 38,474 shares of the business’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $110.45, for a total value of $4,249,453.30. Following the completion of the transaction, the chief executive officer directly owned 38,474 shares of the company’s stock, valued at approximately $4,249,453.30. This trade represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 97,948 shares of company stock valued at $11,048,567. Company insiders own 1.70% of the company’s stock.

Institutional Trading of Iron Mountain

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Optas LLC grew its stake in Iron Mountain by 63.4% in the third quarter. Optas LLC now owns 2,730 shares of the financial services provider’s stock valued at $303,000 after purchasing an additional 1,059 shares in the last quarter. Danske Bank A S boosted its holdings in Iron Mountain by 17.3% in the third quarter. Danske Bank A S now owns 188,770 shares of the financial services provider’s stock worth $20,944,000 after purchasing an additional 27,808 shares in the last quarter. Aberdeen Group plc increased its position in Iron Mountain by 1.0% during the third quarter. Aberdeen Group plc now owns 698,722 shares of the financial services provider’s stock worth $77,523,000 after buying an additional 7,208 shares during the last quarter. Compass Capital Management Inc. increased its position in Iron Mountain by 26.3% during the third quarter. Compass Capital Management Inc. now owns 4,800 shares of the financial services provider’s stock worth $533,000 after buying an additional 1,000 shares during the last quarter. Finally, Allworth Financial LP raised its holdings in Iron Mountain by 4.1% during the third quarter. Allworth Financial LP now owns 77,649 shares of the financial services provider’s stock valued at $8,615,000 after buying an additional 3,090 shares in the last quarter. Institutional investors and hedge funds own 80.13% of the company’s stock.

About Iron Mountain

Iron Mountain Incorporated is an information management and storage company that helps organizations protect, manage and access physical and digital assets. Its services include records storage and management, secure document shredding, digitization and other information-management solutions.

The company also operates data centers and provides services for businesses moving, storing and managing data. Its offerings extend to specialized storage and care for items such as artwork and other valuable collections.

Founded in 1951, Iron Mountain began as a records-storage business in a former iron ore mine in New York.