Iron Mountain Incorporated (IRM) Stock Rating Upgraded by Zacks Investment Research

Iron Mountain Incorporated (NYSE:IRM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The brokerage presently has a $44.00 price target on the financial services provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 13.40% from the company’s previous close.

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 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. Besides, forex fluctuations, fragmented nature of the industry and stiff competition continue to be overhangs.”

Several other analysts have also recently weighed in on IRM. BidaskClub upgraded shares of Iron Mountain from a “hold” rating to a “buy” rating in a report on Friday, August 4th. Stifel Nicolaus restated a “buy” rating and set a $40.00 target price on shares of Iron Mountain in a report on Sunday, September 3rd. Finally, Robert W. Baird set a $39.00 target price on shares of Iron Mountain and gave the company a “hold” rating in a report on Friday, August 25th. One analyst has rated the stock with a sell rating, two have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $38.25.

Iron Mountain (IRM) opened at 38.80 on Monday. The company has a market capitalization of $10.26 billion, a price-to-earnings ratio of 53.22 and a beta of 0.91. The company’s 50-day moving average is $39.23 and its 200 day moving average is $36.27. Iron Mountain has a 52 week low of $30.75 and a 52 week high of $40.64.

Iron Mountain (NYSE:IRM) last released its quarterly earnings results on Friday, July 28th. The financial services provider reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.03. The business had revenue of $950.00 million for the quarter, compared to analysts’ expectations of $955.05 million. Iron Mountain had a net margin of 5.14% and a return on equity of 14.46%. The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.24 earnings per share. On average, analysts forecast that Iron Mountain will post $1.18 EPS for the current fiscal year.

ILLEGAL ACTIVITY WARNING: “Iron Mountain Incorporated (IRM) Stock Rating Upgraded by Zacks Investment Research” was originally reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are reading this piece on another domain, it was illegally stolen and republished in violation of US and international copyright legislation. The original version of this piece can be accessed at https://ledgergazette.com/2017/10/11/iron-mountain-incorporated-irm-stock-rating-upgraded-by-zacks-investment-research.html.

In other news, EVP John Tomovcsik sold 29,450 shares of the business’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $38.00, for a total transaction of $1,119,100.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last 90 days, insiders have sold 51,401 shares of company stock worth $1,997,617. Company insiders own 1.50% of the company’s stock.

Several hedge funds have recently made changes to their positions in IRM. Creative Planning boosted its holdings in shares of Iron Mountain by 4.6% during the 2nd quarter. Creative Planning now owns 3,049 shares of the financial services provider’s stock valued at $105,000 after buying an additional 134 shares in the last quarter. Pacer Advisors Inc. boosted its holdings 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 valued at $131,000 after buying an additional 121 shares in the last quarter. Soros Fund Management LLC bought a new stake in shares of Iron Mountain during the 1st quarter valued at $203,000. CIBC World Markets Inc. bought a new stake in shares of Iron Mountain during the 2nd quarter valued at $203,000. Finally, Penserra Capital Management LLC boosted its holdings in shares of Iron Mountain by 7.5% during the 2nd quarter. Penserra Capital Management LLC now owns 6,019 shares of the financial services provider’s stock valued at $206,000 after buying an additional 422 shares in the last quarter. Hedge funds and other institutional investors own 87.46% of the company’s stock.

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 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. Besides, forex fluctuations, fragmented nature of the industry and stiff competition continue to be overhangs.”

Several other analysts have also recently weighed in on IRM. BidaskClub upgraded shares of Iron Mountain from a “hold” rating to a “buy” rating in a report on Friday, August 4th. Stifel Nicolaus restated a “buy” rating and set a $40.00 target price on shares of Iron Mountain in a report on Sunday, September 3rd. Finally, Robert W. Baird set a $39.00 target price on shares of Iron Mountain and gave the company a “hold” rating in a report on Friday, August 25th. One analyst has rated the stock with a sell rating, two have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $38.25.

Iron Mountain (IRM) opened at 38.80 on Monday. The company has a market capitalization of $10.26 billion, a price-to-earnings ratio of 53.22 and a beta of 0.91. The company’s 50-day moving average is $39.23 and its 200 day moving average is $36.27. Iron Mountain has a 52 week low of $30.75 and a 52 week high of $40.64.

Iron Mountain (NYSE:IRM) last released its quarterly earnings results on Friday, July 28th. The financial services provider reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.03. The business had revenue of $950.00 million for the quarter, compared to analysts’ expectations of $955.05 million. Iron Mountain had a net margin of 5.14% and a return on equity of 14.46%. The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.24 earnings per share. On average, analysts forecast that Iron Mountain will post $1.18 EPS for the current fiscal year.

ILLEGAL ACTIVITY WARNING: “Iron Mountain Incorporated (IRM) Stock Rating Upgraded by Zacks Investment Research” was originally reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are reading this piece on another domain, it was illegally stolen and republished in violation of US and international copyright legislation. The original version of this piece can be accessed at https://ledgergazette.com/2017/10/11/iron-mountain-incorporated-irm-stock-rating-upgraded-by-zacks-investment-research.html.

In other news, EVP John Tomovcsik sold 29,450 shares of the business’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $38.00, for a total transaction of $1,119,100.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last 90 days, insiders have sold 51,401 shares of company stock worth $1,997,617. Company insiders own 1.50% of the company’s stock.

Several hedge funds have recently made changes to their positions in IRM. Creative Planning boosted its holdings in shares of Iron Mountain by 4.6% during the 2nd quarter. Creative Planning now owns 3,049 shares of the financial services provider’s stock valued at $105,000 after buying an additional 134 shares in the last quarter. Pacer Advisors Inc. boosted its holdings 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 valued at $131,000 after buying an additional 121 shares in the last quarter. Soros Fund Management LLC bought a new stake in shares of Iron Mountain during the 1st quarter valued at $203,000. CIBC World Markets Inc. bought a new stake in shares of Iron Mountain during the 2nd quarter valued at $203,000. Finally, Penserra Capital Management LLC boosted its holdings in shares of Iron Mountain by 7.5% during the 2nd quarter. Penserra Capital Management LLC now owns 6,019 shares of the financial services provider’s stock valued at $206,000 after buying an additional 422 shares in the last quarter. Hedge funds and other institutional investors own 87.46% of the company’s stock.

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.

Receive News & Ratings for Iron Mountain Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Iron Mountain Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply