Iron Mountain (IRM) Rating Lowered to Hold at Zacks Investment Research

Iron Mountain (NYSE:IRM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday.

According to Zacks, “Shares of Iron Mountain have outperformed its industry over the past month. It recently announced plans to integrate the Carbonite Data Protection Platform into its Iron Cloud platform. Further, recent addition of Secure Shredding Services to its General Services Administration (GSA) Schedule 36 enables the company to capitalize on demand for record management at government agencies. Notably, strategic acquisitions, in a bid to strengthen its global footprint, will drive top-line growth in the future. Also, solid performance of its storage rental business also remains a positive. Further, transformation measures, including expansion of data-center and Records Management businesses augur well for long-term sustainability. Yet, the costs of such efforts weigh on its financials, especially as the company already has a highly leveraged balance sheet. Further, rate hikes and stiff competition from other players adds to its woes.”

Several other brokerages have also recently commented on IRM. Credit Suisse Group assumed coverage on Iron Mountain in a research report on Friday, August 10th. They issued an “underperform” rating and a $25.00 target price for the company. Berenberg Bank assumed coverage on Iron Mountain in a research report on Thursday, September 20th. They issued a “buy” rating and a $52.00 target price for the company. Bank of America assumed coverage on Iron Mountain in a research report on Tuesday, November 20th. They issued a “neutral” rating and a $34.00 target price for the company. ValuEngine raised Iron Mountain from a “sell” rating to a “hold” rating in a research report on Tuesday, November 13th. Finally, Stifel Nicolaus cut Iron Mountain from a “buy” rating to a “hold” rating and reduced their target price for the stock from $39.00 to $34.00 in a research report on Friday, October 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $37.00.

Shares of IRM stock opened at $33.97 on Friday. The firm has a market capitalization of $9.66 billion, a P/E ratio of 15.95, a PEG ratio of 2.82 and a beta of 0.77. Iron Mountain has a one year low of $30.22 and a one year high of $41.13. The company has a debt-to-equity ratio of 4.18, a current ratio of 0.97 and a quick ratio of 0.97.

Iron Mountain (NYSE:IRM) last issued its earnings results on Thursday, October 25th. The financial services provider reported $0.28 EPS for the quarter, topping the consensus estimate of $0.27 by $0.01. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.05 billion. Iron Mountain had a return on equity of 14.71% and a net margin of 5.49%. As a group, sell-side analysts predict that Iron Mountain will post 2.13 earnings per share for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the business. Synovus Financial Corp increased its stake in shares of Iron Mountain by 402.0% in the second quarter. Synovus Financial Corp now owns 3,012 shares of the financial services provider’s stock valued at $106,000 after buying an additional 2,412 shares in the last quarter. Piedmont Investment Advisors LLC acquired a new stake in shares of Iron Mountain in the second quarter valued at $115,000. Monument Capital Management acquired a new stake in shares of Iron Mountain in the third quarter valued at $121,000. Columbia Asset Management acquired a new stake in shares of Iron Mountain in the third quarter valued at $173,000. Finally, Qube Research & Technologies Ltd increased its stake in shares of Iron Mountain by 775.9% in the second quarter. Qube Research & Technologies Ltd now owns 5,772 shares of the financial services provider’s stock valued at $202,000 after buying an additional 5,113 shares in the last quarter. Hedge funds and other institutional investors own 86.49% of the company’s stock.

Iron Mountain Company Profile

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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