Iron Mountain Incorporated (Delaware) REIT (IRM) Shares Down 7.1% Following Insider Selling

Iron Mountain Incorporated (Delaware) REIT (NYSE:IRM) shares dropped 7.1% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $37.59 and last traded at $37.80. Approximately 8,602,287 shares traded hands during mid-day trading, an increase of 585% from the average daily volume of 1,255,832 shares. The stock had previously closed at $40.70.

Specifically, EVP Theodore Maclean sold 1,500 shares of the stock in a transaction on Monday, October 9th. The stock was sold at an average price of $38.13, for a total value of $57,195.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Patrick J. Keddy sold 23,428 shares of the stock in a transaction on Wednesday, October 11th. The stock was sold at an average price of $39.04, for a total value of $914,629.12. The disclosure for this sale can be found here. Insiders have sold 32,216 shares of company stock valued at $1,268,850 in the last 90 days. Company insiders own 1.50% of the company’s stock.

Several research analysts have issued reports on IRM shares. BidaskClub upgraded Iron Mountain Incorporated (Delaware) REIT from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 26th. Robert W. Baird set a $39.00 price objective on Iron Mountain Incorporated (Delaware) REIT and gave the stock a “hold” rating in a research report on Friday, August 25th. Stifel Nicolaus reiterated a “buy” rating and issued a $40.00 price objective on shares of Iron Mountain Incorporated (Delaware) REIT in a research report on Sunday, September 3rd. Zacks Investment Research cut Iron Mountain Incorporated (Delaware) REIT from a “hold” rating to a “sell” rating in a research report on Monday, October 2nd. Finally, Evercore ISI started coverage on Iron Mountain Incorporated (Delaware) REIT in a research report on Wednesday, October 18th. They issued an “outperform” rating and a $46.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $41.20.

The firm has a market cap of $10,709.52, a PE ratio of 19.29, a PEG ratio of 6.26 and a beta of 1.00. The company has a debt-to-equity ratio of 3.59, a current ratio of 1.08 and a quick ratio of 1.08.

Iron Mountain Incorporated (Delaware) REIT (NYSE:IRM) last announced its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.02. Iron Mountain Incorporated (Delaware) REIT had a return on equity of 15.49% and a net margin of 5.54%. The business had revenue of $966.00 million during the quarter, compared to analysts’ expectations of $960.99 million. During the same quarter last year, the business posted $0.44 earnings per share. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. research analysts anticipate that Iron Mountain Incorporated will post 2.14 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be given a $0.5875 dividend. The ex-dividend date is Thursday, December 14th. This represents a $2.35 dividend on an annualized basis and a dividend yield of 6.22%. This is a boost from Iron Mountain Incorporated (Delaware) REIT’s previous quarterly dividend of $0.55. Iron Mountain Incorporated (Delaware) REIT’s dividend payout ratio (DPR) is currently 275.00%.

Several hedge funds have recently made changes to their positions in IRM. Creative Planning increased its position in shares of Iron Mountain Incorporated (Delaware) REIT by 4.6% in the second quarter. Creative Planning now owns 3,049 shares of the financial services provider’s stock valued at $105,000 after buying an additional 134 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Iron Mountain Incorporated (Delaware) REIT by 2.3% in the second quarter. Russell Investments Group Ltd. now owns 24,534 shares of the financial services provider’s stock valued at $843,000 after buying an additional 557 shares in the last quarter. CIBC Asset Management Inc increased its position in shares of Iron Mountain Incorporated (Delaware) REIT by 2.7% in the second quarter. CIBC Asset Management Inc now owns 24,826 shares of the financial services provider’s stock valued at $853,000 after buying an additional 651 shares in the last quarter. State of New Jersey Common Pension Fund D purchased a new position in shares of Iron Mountain Incorporated (Delaware) REIT in the second quarter valued at $859,000. Finally, IFP Advisors Inc increased its position in shares of Iron Mountain Incorporated (Delaware) REIT by 2.4% in the second quarter. IFP Advisors Inc now owns 9,879 shares of the financial services provider’s stock valued at $339,000 after buying an additional 229 shares in the last quarter. Institutional investors and hedge funds own 88.84% of the company’s stock.

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About Iron Mountain Incorporated (Delaware) REIT

Iron Mountain Incorporated (Iron Mountain) is engaged in storing records, primarily paper documents and data backup media, and provide information management services. The Company offers records management services, data protection and recovery services and information destruction services. Its information management services are divided into three categories: records management services, data protection and recovery services, and information destruction services.

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