Wells Fargo & Company Cuts Iron Mountain (NYSE:IRM) Price Target to $125.00

Iron Mountain (NYSE:IRM) had its price objective reduced by Wells Fargo & Company from $135.00 to $125.00 in a research note published on Tuesday,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

Several other equities research analysts have also weighed in on the company. StockNews.com lowered Iron Mountain from a “hold” rating to a “sell” rating in a report on Tuesday, January 28th. Royal Bank of Canada raised their target price on shares of Iron Mountain from $135.00 to $139.00 and gave the company an “outperform” rating in a research note on Wednesday, November 27th. BNP Paribas raised shares of Iron Mountain to a “strong-buy” rating in a research report on Wednesday, November 6th. Finally, Barclays lowered their price target on Iron Mountain from $131.00 to $130.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. One investment analyst has rated the stock with a sell rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $129.17.

Iron Mountain Price Performance

NYSE IRM opened at $106.14 on Tuesday. Iron Mountain has a fifty-two week low of $66.20 and a fifty-two week high of $130.24. The stock’s 50-day moving average is $107.66 and its two-hundred day moving average is $112.56. The firm has a market cap of $31.15 billion, a P/E ratio of 294.84, a price-to-earnings-growth ratio of 5.58 and a beta of 1.01.

Insiders Place Their Bets

In related news, EVP Mithu Bhargava sold 8,263 shares of the firm’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $104.49, for a total value of $863,400.87. Following the completion of the transaction, the executive vice president now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $99.83, for a total transaction of $6,900,748.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 178,266 shares of company stock worth $18,694,561. 2.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IRM. Raymond James Financial Inc. acquired a new position in shares of Iron Mountain in the 4th quarter worth approximately $55,271,000. Promus Capital LLC acquired a new position in Iron Mountain during the fourth quarter worth $60,000. Vision Financial Markets LLC acquired a new position in Iron Mountain during the fourth quarter worth $142,000. Arizona State Retirement System lifted its holdings in shares of Iron Mountain by 1.4% during the fourth quarter. Arizona State Retirement System now owns 85,199 shares of the financial services provider’s stock valued at $8,955,000 after acquiring an additional 1,216 shares during the period. Finally, Cbre Investment Management Listed Real Assets LLC grew its holdings in shares of Iron Mountain by 158.3% in the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 541,028 shares of the financial services provider’s stock worth $56,867,000 after purchasing an additional 331,536 shares during the last quarter. Institutional investors 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.