Iron Mountain Incorporated (Delaware) REIT (IRM) Rating Lowered to Sell at Zacks Investment Research

Iron Mountain Incorporated (Delaware) REIT (NYSE:IRM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.

According to Zacks, “Iron Mountain 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.”

Several other analysts also recently issued reports on IRM. Stifel Nicolaus restated a “buy” rating and issued a $40.00 price target on shares of Iron Mountain Incorporated (Delaware) REIT in a research note on Sunday, September 3rd. Evercore ISI started coverage on Iron Mountain Incorporated (Delaware) REIT in a research note on Wednesday, October 18th. They issued an “outperform” rating and a $46.00 price target for the company. Robert W. Baird boosted their price target on Iron Mountain Incorporated (Delaware) REIT from $39.00 to $43.00 and gave the company a “neutral” rating in a research note on Wednesday, October 25th. ValuEngine upgraded Iron Mountain Incorporated (Delaware) REIT from a “hold” rating to a “buy” rating in a research note on Thursday, November 9th. Finally, TheStreet downgraded Iron Mountain Incorporated (Delaware) REIT from a “b” rating to a “c+” rating in a research note on Thursday, December 7th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $41.20.

Iron Mountain Incorporated (NYSE:IRM) traded up $0.51 on Tuesday, reaching $37.66. The company had a trading volume of 2,340,700 shares, compared to its average volume of 1,328,321. The company has a market cap of $10,596.86, a P/E ratio of 47.08, a PEG ratio of 5.88 and a beta of 1.00. Iron Mountain Incorporated has a twelve month low of $31.90 and a twelve month 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.

Iron Mountain Incorporated (Delaware) REIT (NYSE:IRM) last released its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.02. The business had revenue of $966.00 million during the quarter, compared to the consensus estimate of $960.99 million. Iron Mountain Incorporated (Delaware) REIT had a return on equity of 15.49% and a net margin of 5.54%. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.44 EPS. sell-side analysts predict that Iron Mountain Incorporated will post 2.14 EPS for the current year.

In other Iron Mountain Incorporated (Delaware) REIT news, CFO Stuart B. Brown sold 1,900 shares of Iron Mountain Incorporated (Delaware) REIT stock in a transaction on Monday, November 20th. The stock was sold at an average price of $40.75, for a total value of $77,425.00. Following the completion of the transaction, the chief financial officer now directly owns 4,010 shares of the company’s stock, valued at approximately $163,407.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Theodore Maclean sold 1,495 shares of Iron Mountain Incorporated (Delaware) REIT stock in a transaction on Friday, December 8th. The shares were sold at an average price of $40.07, for a total value of $59,904.65. Following the completion of the transaction, the chief marketing officer now directly owns 7,184 shares of the company’s stock, valued at $287,862.88. The disclosure for this sale can be found here. Insiders sold a total of 31,703 shares of company stock valued at $1,248,074 over the last ninety days. Insiders own 1.50% of the company’s stock.

Several institutional investors have recently bought and sold shares of IRM. BlackRock Inc. raised its holdings in shares of Iron Mountain Incorporated (Delaware) REIT by 5.0% during the 2nd quarter. BlackRock Inc. now owns 18,924,442 shares of the financial services provider’s stock worth $650,244,000 after buying an additional 896,751 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Iron Mountain Incorporated (Delaware) REIT by 25.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,579,236 shares of the financial services provider’s stock worth $139,231,000 after buying an additional 720,270 shares in the last quarter. Pictet Asset Management Ltd. raised its holdings in shares of Iron Mountain Incorporated (Delaware) REIT by 89.2% during the 3rd quarter. Pictet Asset Management Ltd. now owns 1,462,729 shares of the financial services provider’s stock worth $56,900,000 after buying an additional 689,800 shares in the last quarter. Athos Capital Ltd raised its holdings in shares of Iron Mountain Incorporated (Delaware) REIT by 7,231.4% during the 3rd quarter. Athos Capital Ltd now owns 675,958 shares of the financial services provider’s stock worth $9,112,000 after buying an additional 666,738 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Iron Mountain Incorporated (Delaware) REIT by 40.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,282,533 shares of the financial services provider’s stock worth $88,518,000 after buying an additional 652,239 shares in the last quarter. 84.22% of the stock is owned by institutional investors.

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Iron Mountain Incorporated (Delaware) REIT 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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