Iron Mountain Incorporated (NYSE:IRM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday, August 1st.
According to Zacks, “Iron Mountain’s second quarter 2017 funds from operation per share came in better than the Zacks Consensus Estimate but revenues missed the same. On a year over year basis, revenues witnessed decent growth. We believe that aggressive acquisitions along with diversified revenue base, a strong product portfolio and cost cutting initiatives bode well for long-term growth. The company is also investing a lot in setting up its data center business. It recently acquired FORTRUST for $128 million. However, Iron Mountain’s services business revenues remain modest. Also, its highly leveraged balance sheet is a concern. Besides, forex fluctuations, fragmented nature of the industry and stiff competition continue to be overhangs. Over the past one year, its shares have underperformed the broader market.”
Other equities research analysts have also recently issued reports about the company. Deutsche Bank AG cut Iron Mountain from a “hold” rating to a “sell” rating and reduced their price objective for the stock from $41.00 to $30.00 in a research note on Wednesday, June 7th. BidaskClub raised Iron Mountain from a “hold” rating to a “buy” rating in a research note on Wednesday, July 5th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $40.00 price objective on shares of Iron Mountain in a research note on Friday, June 9th. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the stock. Iron Mountain presently has a consensus rating of “Hold” and an average target price of $35.67.
Shares of Iron Mountain (IRM) opened at 36.89 on Tuesday. The stock has a market capitalization of $9.75 billion, a PE ratio of 50.60 and a beta of 0.94. The company’s 50-day moving average price is $35.69 and its 200 day moving average price is $35.44. Iron Mountain has a one year low of $30.75 and a one year high of $39.75.
Iron Mountain (NYSE:IRM) last issued its earnings results on Friday, July 28th. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.03. Iron Mountain had a return on equity of 14.46% and a net margin of 5.14%. The firm had revenue of $950 million for the quarter, compared to analysts’ expectations of $955.05 million. During the same period in the previous year, the firm posted $0.24 earnings per share. The business’s revenue was up 7.5% compared to the same quarter last year. Analysts anticipate that Iron Mountain will post $1.18 EPS for the current year.
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In other news, EVP John Tomovcsik sold 29,450 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $38.00, for a total transaction of $1,119,100.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Walter C. Rakowich sold 1,552 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $35.15, for a total value of $54,552.80. Following the transaction, the director now directly owns 15,074 shares in the company, valued at approximately $529,851.10. The disclosure for this sale can be found here. Insiders have sold 33,102 shares of company stock worth $1,247,447 over the last three months. 1.50% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in IRM. Toronto Dominion Bank boosted its position in Iron Mountain by 25.7% in the second quarter. Toronto Dominion Bank now owns 83,270 shares of the financial services provider’s stock worth $2,861,000 after buying an additional 17,028 shares in the last quarter. Koch Industries Inc. acquired a new position in Iron Mountain during the second quarter worth approximately $366,000. Orleans Capital Management Corp LA boosted its position in Iron Mountain by 2.0% in the second quarter. Orleans Capital Management Corp LA now owns 51,708 shares of the financial services provider’s stock worth $1,777,000 after buying an additional 993 shares in the last quarter. Nomura Holdings Inc. acquired a new position in Iron Mountain during the second quarter worth approximately $639,000. Finally, The Manufacturers Life Insurance Company boosted its position in Iron Mountain by 3.5% in the second quarter. The Manufacturers Life Insurance Company now owns 258,681 shares of the financial services provider’s stock worth $8,888,000 after buying an additional 8,740 shares in the last quarter. 85.97% of the stock is currently owned by hedge funds and other institutional investors.
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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