Iron Mountain Incorporated (NYSE:IRM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday, November 2nd.
According to Zacks, “Iron Mountain’s third quarter 2017 FFO missed estimates but showed a year-over-year improvement. The company is investing a lot in setting up its data center business. It recently acquired FORTRUST for $128 million. The costs of such initiatives weigh on its financials, especially as the company already has a highly leveraged balance sheet. The company’s services business revenues also remain modest. Besides, forex fluctuations, fragmented nature of the industry and stiff competition continue to be overhangs. However, shares have outperformed the industry in the past one year. Revenues this quarter were driven by synergies from Recall Holdings acquisition, transformation initiatives and continued strong performance of its storage rental business. Aggressive acquisitions along with diversified revenue base, a strong product portfolio and cost cutting initiatives bode well for long-term growth.”
A number of other equities research analysts have also recently issued reports on IRM. BidaskClub raised shares of Iron Mountain from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. Robert W. Baird increased their price target on shares of Iron Mountain from $39.00 to $43.00 and gave the company a “neutral” rating in a research report on Wednesday, October 25th. Evercore ISI initiated coverage on shares of Iron Mountain in a report on Wednesday, October 18th. They issued an “outperform” rating and a $46.00 price objective for the company. Finally, Stifel Nicolaus restated a “buy” rating and issued a $43.00 price objective (up from $40.00) on shares of Iron Mountain in a report on Friday, October 20th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Iron Mountain presently has an average rating of “Buy” and a consensus price target of $41.20.
Iron Mountain (IRM) opened at $41.35 on Thursday. Iron Mountain has a 52 week low of $31.39 and a 52 week high of $41.53. The company has a debt-to-equity ratio of 3.59, a current ratio of 1.08 and a quick ratio of 1.08. The firm has a market cap of $10,923.07, a PE ratio of 19.67, a price-to-earnings-growth ratio of 6.38 and a beta of 1.02.
Iron Mountain (NYSE:IRM) last posted its earnings results on Tuesday, October 24th. The financial services provider reported $0.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.02. Iron Mountain had a net margin of 5.54% and a return on equity of 15.49%. The business had revenue of $966.00 million for the quarter, compared to analyst estimates of $960.99 million. During the same quarter in the prior year, the firm posted $0.44 EPS. Iron Mountain’s revenue was up 2.4% on a year-over-year basis. equities research analysts anticipate that Iron Mountain will post 2.14 EPS for the current year.
In other news, EVP Theodore Maclean sold 1,500 shares of Iron Mountain stock in a transaction that occurred on Monday, October 9th. The shares were sold at an average price of $38.13, for a total transaction of $57,195.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Patrick J. Keddy sold 23,428 shares of Iron Mountain stock in a transaction that occurred on Wednesday, October 11th. The shares were sold at an average price of $39.04, for a total transaction of $914,629.12. The disclosure for this sale can be found here. In the last three months, insiders sold 48,379 shares of company stock worth $1,911,241. 1.50% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Iron Mountain by 0.3% during the second quarter. Vanguard Group Inc. now owns 43,398,710 shares of the financial services provider’s stock valued at $1,491,180,000 after buying an additional 151,039 shares during the last quarter. BlackRock Inc. raised its position in shares of Iron Mountain by 5.0% during the second quarter. BlackRock Inc. now owns 18,924,442 shares of the financial services provider’s stock valued at $650,244,000 after buying an additional 896,751 shares during the last quarter. Capital International Investors raised its position in shares of Iron Mountain by 2.6% during the third quarter. Capital International Investors now owns 12,811,172 shares of the financial services provider’s stock valued at $498,355,000 after buying an additional 324,000 shares during the last quarter. Parnassus Investments CA raised its position in shares of Iron Mountain by 1.0% during the third quarter. Parnassus Investments CA now owns 12,497,627 shares of the financial services provider’s stock valued at $486,158,000 after buying an additional 122,980 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Iron Mountain by 2.3% during the third quarter. Dimensional Fund Advisors LP now owns 3,610,830 shares of the financial services provider’s stock valued at $140,460,000 after buying an additional 80,395 shares during the last quarter. Hedge funds and other institutional investors own 88.58% of the company’s stock.
Iron Mountain Company Profile
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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