Iron Mountain Incorporated (NYSE:IRM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Iron Mountain's aggressive acquisitions along with diversified revenue base, a strong product portfolio and cost cutting initiatives bode well for long-term growth. Notably, Iron Mountain has outperformed the industry it belongs to in the past one year. The company also is investing a lot in setting up its data center business. The company's recent announcement to acquire Credit Suisse data centers in London and Singapore will help it gain ground in the international markets. It also recently acquired FORTRUST for $128 million. However, the company's highly leveraged balance sheet is a concern. The company’s services business revenues also remain modest. Besides, forex fluctuations, fragmented nature of the industry and stiff competition continue to be overhangs.”
A number of other equities research analysts have also issued reports on the company. Robert W. Baird set a $39.00 price target on Iron Mountain and gave the stock a “hold” rating in a research note on Friday, August 25th. BidaskClub raised Iron Mountain from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $40.00 price target on shares of Iron Mountain in a research note on Sunday, September 3rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $38.25.
Iron Mountain (NYSE:IRM) traded up 0.86% during trading on Tuesday, hitting $38.65. The stock had a trading volume of 301,380 shares. The stock has a 50 day moving average price of $39.19 and a 200-day moving average price of $36.24. The stock has a market cap of $10.22 billion, a price-to-earnings ratio of 53.02 and a beta of 0.91. Iron Mountain has a 12 month low of $30.75 and a 12 month high of $40.64.
Iron Mountain (NYSE:IRM) last posted its quarterly earnings data on Friday, July 28th. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.03. The business had revenue of $950.00 million during the quarter, compared to analyst estimates of $955.05 million. Iron Mountain had a return on equity of 14.46% and a net margin of 5.14%. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same period last year, the company earned $0.24 EPS. On average, equities analysts predict that Iron Mountain will post $1.18 EPS for the current year.
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In related news, EVP John Tomovcsik sold 21,037 shares of the firm’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $40.02, for a total transaction of $841,900.74. Following the completion of the sale, the executive vice president now directly owns 62,379 shares of the company’s stock, valued at approximately $2,496,407.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 51,401 shares of company stock valued at $1,997,617 over the last three months. 1.50% of the stock is owned by corporate insiders.
Several hedge funds have recently modified their holdings of the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of Iron Mountain by 0.3% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 18,249 shares of the financial services provider’s stock worth $627,000 after acquiring an additional 56 shares during the last quarter. Louisiana State Employees Retirement System lifted its stake in shares of Iron Mountain by 0.7% during the 2nd quarter. Louisiana State Employees Retirement System now owns 15,200 shares of the financial services provider’s stock worth $522,000 after acquiring an additional 100 shares during the last quarter. Trust Investment Advisors lifted its stake in shares of Iron Mountain by 0.3% during the 2nd quarter. Trust Investment Advisors now owns 37,090 shares of the financial services provider’s stock worth $1,274,000 after acquiring an additional 115 shares during the last quarter. Pacer Advisors Inc. lifted its stake in shares of Iron Mountain by 3.4% during the 1st quarter. Pacer Advisors Inc. now owns 3,663 shares of the financial services provider’s stock worth $131,000 after acquiring an additional 121 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its stake in shares of Iron Mountain by 0.5% during the 2nd quarter. Meeder Asset Management Inc. now owns 24,290 shares of the financial services provider’s stock worth $834,000 after acquiring an additional 132 shares during the last quarter. 87.46% of the stock is owned by hedge funds and other institutional investors.
About Iron Mountain
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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