Iron Mountain (NYSE:IRM) Trading Down 5.8% – Here’s What Happened

Shares of Iron Mountain Incorporated (NYSE:IRM) traded down 5.8% during trading on Wednesday . The stock traded as low as $97.50 and last traded at $100.01. 744,007 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 1,763,176 shares. The stock had previously closed at $106.21.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. StockNews.com cut Iron Mountain from a “hold” rating to a “sell” rating in a report on Tuesday, January 28th. BNP Paribas upgraded Iron Mountain to a “strong-buy” rating in a research report on Wednesday, November 6th. Wells Fargo & Company lowered their price objective on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating for the company in a research note on Tuesday, February 4th. Royal Bank of Canada increased their target price on shares of Iron Mountain from $135.00 to $139.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 27th. Finally, Barclays cut their price objective 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, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $129.17.

Iron Mountain Price Performance

The firm has a market capitalization of $30.23 billion, a PE ratio of 285.91, a price-to-earnings-growth ratio of 5.84 and a beta of 1.01. The stock has a 50-day moving average price of $106.72 and a 200-day moving average price of $112.92.

Insider Transactions at Iron Mountain

In other news, EVP Mithu Bhargava sold 8,263 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were 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 in the company, valued at approximately $1,364,012.46. This represents a 38.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William L. Meaney sold 15,872 shares of Iron Mountain stock in a transaction dated 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. Over the last quarter, insiders sold 162,391 shares of company stock valued at $16,805,912. 2.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Livforsakringsbolaget Skandia Omsesidigt lifted its stake in Iron Mountain by 689.7% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 2,061 shares of the financial services provider’s stock worth $245,000 after purchasing an additional 1,800 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Iron Mountain by 4,950.0% in the 3rd quarter. Exchange Traded Concepts LLC now owns 3,636 shares of the financial services provider’s stock worth $432,000 after buying an additional 3,564 shares during the last quarter. ORG Wealth Partners LLC acquired a new position in shares of Iron Mountain in the 3rd quarter valued at about $98,000. ORG Partners LLC grew its position in shares of Iron Mountain by 248.2% during the 3rd quarter. ORG Partners LLC now owns 5,603 shares of the financial services provider’s stock valued at $666,000 after buying an additional 3,994 shares during the last quarter. Finally, Wesbanco Bank Inc. bought a new stake in shares of Iron Mountain during the 3rd quarter valued at about $236,000. 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.