Iron Mountain (NYSE:IRM) Cut to “Underperform” at Bank of America

Bank of America lowered shares of Iron Mountain (NYSE:IRM) from a neutral rating to an underperform rating in a research report report published on Thursday morning, BenzingaRatingsTable reports. They currently have $25.00 price target on the financial services provider’s stock, down from their prior price target of $33.00.

A number of other equities research analysts have also recently commented on the company. Zacks Investment Research cut Guaranty Federal Bancshares from a hold rating to a sell rating in a research note on Tuesday, April 23rd. Robert W. Baird set a $120.00 target price on BioMarin Pharmaceutical and gave the stock a buy rating in a research note on Friday, April 26th. TheStreet upgraded Third Point Reinsurance from a d+ rating to a c- rating in a research note on Tuesday, May 14th. Wells Fargo & Co boosted their price objective on Apollo Global Management from $38.00 to $42.00 and gave the company an outperform rating in a research note on Wednesday. Finally, ValuEngine cut Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd. Five investment analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $33.73.

NYSE IRM opened at $30.17 on Thursday. The company has a market cap of $8.66 billion, a PE ratio of 14.03, a price-to-earnings-growth ratio of 3.40 and a beta of 0.61. Iron Mountain has a one year low of $29.44 and a one year high of $37.32. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 4.75. The business’s fifty day simple moving average is $31.38.

Iron Mountain (NYSE:IRM) last released its earnings results on Thursday, April 25th. The financial services provider reported $0.48 EPS for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($0.05). The business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.06 billion. Iron Mountain had a return on equity of 19.61% and a net margin of 8.22%. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.48 earnings per share. Equities research analysts forecast that Iron Mountain will post 2.22 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 2nd. Investors of record on Monday, June 17th were paid a $0.611 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 8.10%. The ex-dividend date of this dividend was Friday, June 14th. Iron Mountain’s dividend payout ratio is currently 106.09%.

In related news, Director Walter C. Rakowich sold 2,024 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $31.47, for a total value of $63,695.28. Following the sale, the director now directly owns 23,360 shares in the company, valued at approximately $735,139.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Stuart B. Brown sold 2,200 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $31.65, for a total value of $69,630.00. Following the completion of the sale, the chief financial officer now owns 18,525 shares in the company, valued at $586,316.25. The disclosure for this sale can be found here. Insiders sold a total of 56,602 shares of company stock worth $2,038,718 over the last 90 days. 1.90% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Financial Advocates Investment Management increased its position in shares of Iron Mountain by 178.3% during the fourth quarter. Financial Advocates Investment Management now owns 835 shares of the financial services provider’s stock valued at $25,000 after buying an additional 535 shares during the period. Valeo Financial Advisors LLC increased its position in shares of Iron Mountain by 194.2% during the second quarter. Valeo Financial Advisors LLC now owns 1,062 shares of the financial services provider’s stock valued at $33,000 after buying an additional 701 shares during the period. Executive Wealth Management LLC increased its position in shares of Iron Mountain by 96.9% during the first quarter. Executive Wealth Management LLC now owns 1,014 shares of the financial services provider’s stock valued at $36,000 after buying an additional 499 shares during the period. Bremer Bank National Association bought a new stake in shares of Iron Mountain during the first quarter valued at about $36,000. Finally, Secrest Blakey & Associates LLC bought a new stake in shares of Iron Mountain during the first quarter valued at about $37,000. Hedge funds and other institutional investors own 88.04% of the company’s stock.

About Iron Mountain

Iron Mountain Incorporated (NYSE: IRM), founded in 1951, is the global leader for storage and information management services. Trusted by more than 225,000 organizations around the world, and with a real estate network of more than 85 million square feet across more than 1,400 facilities in approximately 50 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts.

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Analyst Recommendations for Iron Mountain (NYSE:IRM)

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