Iron Mountain Incorporated (NYSE:IRM) Sees Large Increase in Short Interest

by · The Cerbat Gem

Iron Mountain Incorporated (NYSE:IRM – Get Free Report) was the target of a large increase in short interest in June. As of June 15th, there was short interest totalling 12,470,000 shares, an increase of 17.3% from the May 31st total of 10,630,000 shares. Based on an average trading volume of 1,620,000 shares, the days-to-cover ratio is currently 7.7 days.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company lifted their price objective on shares of Iron Mountain from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, March 15th. Barclays lifted their price objective on shares of Iron Mountain from $79.00 to $91.00 and gave the company an “overweight” rating in a research note on Tuesday, March 5th. Finally, The Goldman Sachs Group lifted their target price on shares of Iron Mountain from $89.00 to $101.00 and gave the stock a “buy” rating in a report on Thursday. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $78.33.

Get Our Latest Stock Report on Iron Mountain

Iron Mountain Stock Performance

IRM traded up $0.41 during trading on Friday, hitting $89.62. The stock had a trading volume of 3,284,005 shares, compared to its average volume of 2,524,909. The firm has a market cap of $26.27 billion, a PE ratio of 135.79, a P/E/G ratio of 5.31 and a beta of 0.95. Iron Mountain has a 12 month low of $55.02 and a 12 month high of $90.40. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 674.63. The company has a 50 day simple moving average of $82.25 and a 200-day simple moving average of $75.99.

Iron Mountain Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Monday, June 17th will be issued a dividend of $0.65 per share. The ex-dividend date of this dividend is Monday, June 17th. This represents a $2.60 annualized dividend and a dividend yield of 2.90%. Iron Mountain’s payout ratio is 393.95%.

Insider Activity at Iron Mountain

In other Iron Mountain news, CAO Daniel Borges sold 3,095 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $86.83, for a total value of $268,738.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Iron Mountain news, EVP Mark Kidd sold 4,458 shares of Iron Mountain stock in a transaction on Monday, April 1st. The shares were sold at an average price of $80.21, for a total transaction of $357,576.18. Following the completion of the sale, the executive vice president now owns 62,938 shares of the company’s stock, valued at approximately $5,048,256.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Daniel Borges sold 3,095 shares of Iron Mountain stock in a transaction on Monday, June 17th. The shares were sold at an average price of $86.83, for a total transaction of $268,738.85. The disclosure for this sale can be found here. In the last 90 days, insiders sold 104,511 shares of company stock worth $8,787,218. 2.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. increased its holdings in shares of Iron Mountain by 201.7% during the 4th quarter. Blue Trust Inc. now owns 362 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 242 shares during the period. Exchange Traded Concepts LLC bought a new position in shares of Iron Mountain during the 4th quarter worth about $26,000. CVA Family Office LLC bought a new position in shares of Iron Mountain during the 4th quarter worth about $32,000. Transcendent Capital Group LLC bought a new position in shares of Iron Mountain during the 4th quarter worth about $36,000. Finally, Heritage Wealth Advisors bought a new position in shares of Iron Mountain during the 4th quarter worth about $38,000. Institutional investors own 80.13% of the company’s stock.

Iron Mountain Company Profile

(Get Free Report)

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.

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