Iron Mountain (NYSE:IRM) Trading Down 4% on Analyst Downgrade

Shares of Iron Mountain Incorporated (NYSE:IRM - Get Free Report) dropped 4% during trading on Tuesday after StockNews.com downgraded the stock from a hold rating to a sell rating. The stock traded as low as $101.27 and last traded at $99.80. Approximately 116,689 shares traded hands during trading, a decline of 93% from the average daily volume of 1,764,132 shares. The stock had previously closed at $103.99.

Several other brokerages also recently weighed in on IRM. BNP Paribas upgraded Iron Mountain to a "strong-buy" rating in a research note on Wednesday, November 6th. Barclays lowered their price objective on shares of Iron Mountain from $131.00 to $130.00 and set an "overweight" rating on the stock in a research note on Tuesday. Royal Bank of Canada upped 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. Finally, Wells Fargo & Company raised their price target on shares of Iron Mountain from $120.00 to $135.00 and gave the stock an "overweight" rating in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Iron Mountain has a consensus rating of "Moderate Buy" and an average target price of $130.83.

Insiders Place Their Bets

In related news, EVP Mithu Bhargava sold 8,263 shares of the business'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 sale, the executive vice president now owns 13,054 shares of the company's stock, valued at $1,364,012.46. The trade was a 38.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William L. Meaney sold 15,872 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $112.99, for a total value of $1,793,377.28. The disclosure for this sale can be found here. Insiders have sold 125,016 shares of company stock worth $13,666,427 over the last 90 days. Corporate insiders own 2.10% of the company's stock.

Institutional Investors Weigh In On Iron Mountain

Several institutional investors and hedge funds have recently made changes to their positions in IRM. AQR Capital Management LLC boosted its position in Iron Mountain by 0.6% in the second quarter. AQR Capital Management LLC now owns 50,238 shares of the financial services provider's stock valued at $4,502,000 after buying an additional 322 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Iron Mountain by 2.4% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 52,094 shares of the financial services provider's stock valued at $4,669,000 after purchasing an additional 1,213 shares in the last quarter. Sanctuary Advisors LLC bought a new position in Iron Mountain in the 2nd quarter valued at $3,005,000. Czech National Bank grew its holdings in shares of Iron Mountain by 7.0% during the third quarter. Czech National Bank now owns 59,755 shares of the financial services provider's stock worth $7,101,000 after purchasing an additional 3,896 shares during the last quarter. Finally, Curbstone Financial Management Corp acquired a new stake in shares of Iron Mountain in the third quarter valued at $427,000. Institutional investors and hedge funds own 80.13% of the company's stock.

Iron Mountain Stock Down 0.6 %

The stock has a fifty day moving average of $109.28 and a 200-day moving average of $112.54. The firm has a market capitalization of $29.75 billion, a P/E ratio of 281.58, a PEG ratio of 5.53 and a beta of 1.02.

Iron Mountain Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Monday, December 16th were issued a $0.715 dividend. This represents a $2.86 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date of this dividend was Monday, December 16th. Iron Mountain's dividend payout ratio is currently 794.47%.

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.