Iron Mountain (IRM) Raised to Buy at Zacks Investment Research

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Zacks Investment Research upgraded shares of Iron Mountain (NYSE:IRM) from a hold rating to a buy rating in a research note published on Monday morning. The firm currently has $37.00 price target on the financial services provider’s stock.

According to Zacks, “Shares of Iron Mountain have outperformed its industry over the past month. Also, the trend in estimate revisions of 2018 funds from operations (FFO) per share indicates a favorable outlook for the company. It recently announced a new preservation project with CyArk to document and preserve Mexico City’s Palacio de Bellas Artes. Notably, strategic acquisitions, in a bid to strengthen its global footprint, will drive top-line growth in the future. Further, transformation initiatives, including expansion of data-center business, and continued strong performance of its storage rental business also remain positive. Moreover, the company hiked its quarterly dividend by 4%. However, the costs of such efforts weigh on its financials, especially as the company already has a highly leveraged balance sheet.”

A number of other equities research analysts also recently commented on the company. ValuEngine upgraded Iron Mountain from a sell rating to a hold rating in a research report on Tuesday, November 13th. Barclays cut their price objective on Iron Mountain from $37.00 to $36.00 and set an equal weight rating for the company in a research report on Tuesday, October 30th. Stifel Nicolaus downgraded Iron Mountain from a buy rating to a hold rating and cut their price objective for the company from $39.00 to $34.00 in a research report on Friday, October 26th. Berenberg Bank assumed coverage on Iron Mountain in a research report on Thursday, September 20th. They set a buy rating and a $52.00 price objective for the company. Finally, Credit Suisse Group assumed coverage on Iron Mountain in a research report on Friday, August 10th. They set an underperform rating and a $25.00 price objective for the company. One analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $37.00.

Shares of NYSE:IRM opened at $32.57 on Monday. Iron Mountain has a one year low of $30.22 and a one year high of $41.51. The firm has a market cap of $9.48 billion, a PE ratio of 15.55, a P/E/G ratio of 2.76 and a beta of 0.77. The company has a debt-to-equity ratio of 4.18, a current ratio of 0.97 and a quick ratio of 0.97.

Iron Mountain (NYSE:IRM) last announced its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. Iron Mountain had a return on equity of 14.71% and a net margin of 5.49%. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.05 billion. On average, equities research analysts expect that Iron Mountain will post 2.13 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 3rd. Stockholders of record on Monday, December 17th will be issued a $0.611 dividend. The ex-dividend date of this dividend is Friday, December 14th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 7.50%. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.59. Iron Mountain’s dividend payout ratio is presently 110.33%.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Synovus Financial Corp lifted its holdings in shares of Iron Mountain by 402.0% in the second quarter. Synovus Financial Corp now owns 3,012 shares of the financial services provider’s stock valued at $106,000 after purchasing an additional 2,412 shares in the last quarter. Piedmont Investment Advisors LLC purchased a new stake in shares of Iron Mountain in the second quarter valued at $115,000. Monument Capital Management purchased a new stake in shares of Iron Mountain in the third quarter valued at $121,000. Columbia Asset Management purchased a new stake in shares of Iron Mountain in the third quarter valued at $173,000. Finally, Klingenstein Fields & Co. LLC purchased a new stake in shares of Iron Mountain in the second quarter valued at $202,000. Institutional investors own 86.49% of the company’s stock.

Iron Mountain Company Profile

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 over 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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