Iron Mountain (NYSE:IRM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $37.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 9.73% from the company’s previous close.
According to Zacks, “Shares of Iron Mountain have outperformed its industry in the past year. Moreover, the Zacks Consensus Estimate for 2018 funds from operations (FFO) per share remained unchanged in a month’s time. Notably, aggressive acquisitions along with diversified revenue base, a strong product portfolio and cost cutting initiatives bode well for long-term growth. Further, synergies from Recall Holdings acquisition, transformation initiatives and continued strong performance of its storage rental business are positives. However, heavy investments in setting up its data center business weigh on its financials, especially as the company already has a highly leveraged balance sheet. The company’s services business revenues also remain modest which are expected to hurt results in the near term.”
IRM has been the topic of several other reports. Goldman Sachs started coverage on Iron Mountain in a research report on Tuesday, March 27th. They set a “buy” rating and a $41.00 price target on the stock. Stifel Nicolaus dropped their price target on Iron Mountain from $43.00 to $39.00 and set a “buy” rating on the stock in a research report on Tuesday, February 20th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Iron Mountain currently has an average rating of “Buy” and a consensus target price of $39.33.
Shares of IRM stock traded up $0.28 during trading hours on Tuesday, reaching $33.72. The company’s stock had a trading volume of 473,884 shares, compared to its average volume of 1,927,260. The firm has a market cap of $9,512.29, a P/E ratio of 15.83 and a beta of 0.81. Iron Mountain has a one year low of $30.78 and a one year high of $41.53. The company has a debt-to-equity ratio of 3.00, a quick ratio of 1.47 and a current ratio of 1.47.
Iron Mountain (NYSE:IRM) last issued its quarterly earnings data on Friday, February 16th. The financial services provider reported $0.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.57 by ($0.04). The business had revenue of $991.00 million during the quarter, compared to the consensus estimate of $964.15 million. Iron Mountain had a return on equity of 15.40% and a net margin of 4.78%. Iron Mountain’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.26 earnings per share. equities analysts predict that Iron Mountain will post 2.13 EPS for the current year.
In other Iron Mountain news, EVP Theodore Maclean sold 1,076 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $32.30, for a total value of $34,754.80. Following the sale, the executive vice president now directly owns 6,367 shares of the company’s stock, valued at $205,654.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider William L. Meaney sold 24,137 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $32.08, for a total value of $774,314.96. Following the completion of the sale, the insider now directly owns 93,587 shares in the company, valued at $3,002,270.96. The disclosure for this sale can be found here. Insiders sold 27,281 shares of company stock worth $877,892 over the last three months. Corporate insiders own 1.50% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Certified Advisory Corp purchased a new position in shares of Iron Mountain in the fourth quarter worth $128,000. Global X Management Co. LLC grew its holdings in Iron Mountain by 196.2% during the fourth quarter. Global X Management Co. LLC now owns 3,540 shares of the financial services provider’s stock valued at $134,000 after purchasing an additional 2,345 shares during the period. Aevitas Wealth Management Inc. bought a new stake in Iron Mountain during the fourth quarter valued at about $155,000. Robeco Institutional Asset Management B.V. grew its holdings in Iron Mountain by 11,438.1% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 4,846 shares of the financial services provider’s stock valued at $183,000 after purchasing an additional 4,804 shares during the period. Finally, Solaris Asset Management LLC grew its holdings in Iron Mountain by 94.4% during the fourth quarter. Solaris Asset Management LLC now owns 5,663 shares of the financial services provider’s stock valued at $214,000 after purchasing an additional 2,750 shares during the period. Hedge funds and other institutional investors own 89.30% of the company’s stock.
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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 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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