Iron Mountain (NYSE:IRM) Issues FY24 Earnings Guidance

Iron Mountain (NYSE:IRM) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $4.39-4.51 for the period, compared to the consensus EPS estimate of $4.49. The company issued revenue guidance of $6.00-6.15 billion, compared to the consensus revenue estimate of $6.14 billion. Iron Mountain also updated its FY 2024 guidance to EPS.

Analysts Set New Price Targets

Several research firms recently weighed in on IRM. Stifel Nicolaus lifted their price target on Iron Mountain from $117.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, September 23rd. The Goldman Sachs Group raised their price objective on Iron Mountain from $106.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Wells Fargo & Company raised their price objective on Iron Mountain from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Barclays raised their price objective on Iron Mountain from $91.00 to $133.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 9th. Finally, JPMorgan Chase & Co. raised their price objective on Iron Mountain from $82.00 to $121.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $129.80.

Iron Mountain Price Performance

Shares of IRM traded up $2.79 during midday trading on Friday, hitting $119.71. The company’s stock had a trading volume of 1,260,875 shares, compared to its average volume of 1,609,224. The stock has a market capitalization of $35.12 billion, a price-to-earnings ratio of 149.96, a price-to-earnings-growth ratio of 7.33 and a beta of 0.99. Iron Mountain has a one year low of $58.55 and a one year high of $130.24. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 674.63. The company’s fifty day simple moving average is $119.08 and its two-hundred day simple moving average is $101.28.

Iron Mountain Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Monday, December 16th will be given a dividend of $0.715 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $2.86 dividend on an annualized basis and a yield of 2.39%. Iron Mountain’s dividend payout ratio is currently 366.67%.

Insider Buying and Selling

In related news, COO John Tomovcsik sold 1,000 shares of the business’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $110.00, for a total transaction of $110,000.00. Following the sale, the chief operating officer now owns 14,000 shares in the company, valued at $1,540,000. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Iron Mountain news, COO John Tomovcsik sold 1,000 shares of Iron Mountain stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $110.00, for a total transaction of $110,000.00. Following the transaction, the chief operating officer now directly owns 14,000 shares of the company’s stock, valued at approximately $1,540,000. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Edward Baker-Greene sold 2,262 shares of Iron Mountain stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $109.75, for a total value of $248,254.50. Following the transaction, the executive vice president now directly owns 9,049 shares in the company, valued at $993,127.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,637 shares of company stock worth $3,210,575 in the last 90 days. Insiders own 2.10% 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.