Zacks Investment Research lowered shares of Iron Mountain (NYSE:IRM) from a buy rating to a hold rating in a research report report published on Friday morning.
According to Zacks, “Shares of Iron Mountain have outperformed its industry over the past month. In late November, the company announced plans to integrate the Carbonite Data Protection Platform into its Iron Cloud platform. 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 hike adds to its woes. In addition, the company faces stiff competition from other players that reduces its pricing power.”
IRM has been the subject of a number of other reports. ValuEngine lowered Iron Mountain from a hold rating to a sell rating in a research note on Friday, October 12th. Bank of America began coverage on Iron Mountain in a research note on Tuesday, November 20th. They set a neutral rating and a $34.00 price target for the company. Stifel Nicolaus lowered Iron Mountain from a buy rating to a hold rating and lowered their price objective for the company from $39.00 to $34.00 in a research note on Friday, October 26th. Barclays lowered their price objective on Iron Mountain from $37.00 to $36.00 and set an equal weight rating for the company in a research note on Tuesday, October 30th. Finally, Credit Suisse Group began coverage on Iron Mountain in a research note on Friday, August 10th. They issued an underperform rating and a $25.00 price objective for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $37.00.
Iron Mountain stock traded down $0.34 during mid-day trading on Friday, hitting $34.05. The company had a trading volume of 1,600,026 shares, compared to its average volume of 1,666,539. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 4.18. Iron Mountain has a 12 month low of $30.22 and a 12 month high of $40.75. The company has a market capitalization of $9.84 billion, a price-to-earnings ratio of 15.99, a price-to-earnings-growth ratio of 2.87 and a beta of 0.77.
Iron Mountain (NYSE:IRM) last posted its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. Iron Mountain had a return on equity of 14.71% and a net margin of 5.49%. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.05 billion. On average, equities research analysts predict that Iron Mountain will post 2.13 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 3rd. Stockholders of record on Monday, December 17th will be paid a $0.611 dividend. This represents a $2.44 annualized dividend and a dividend yield of 7.18%. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Friday, December 14th. Iron Mountain’s dividend payout ratio (DPR) is presently 110.33%.
Several large investors have recently bought and sold shares of IRM. D.A. Davidson & CO. raised its holdings in shares of Iron Mountain by 4.0% in the second quarter. D.A. Davidson & CO. now owns 40,290 shares of the financial services provider’s stock worth $1,411,000 after buying an additional 1,534 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Iron Mountain by 6.4% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 27,085 shares of the financial services provider’s stock worth $948,000 after buying an additional 1,620 shares during the period. Pacer Advisors Inc. raised its holdings in shares of Iron Mountain by 11.1% in the third quarter. Pacer Advisors Inc. now owns 17,714 shares of the financial services provider’s stock worth $611,000 after buying an additional 1,764 shares during the period. Arizona State Retirement System raised its holdings in shares of Iron Mountain by 2.6% in the third quarter. Arizona State Retirement System now owns 70,923 shares of the financial services provider’s stock worth $2,448,000 after buying an additional 1,774 shares during the period. Finally, State Treasurer State of Michigan raised its holdings in shares of Iron Mountain by 2.3% in the third quarter. State Treasurer State of Michigan now owns 85,246 shares of the financial services provider’s stock worth $2,943,000 after buying an additional 1,900 shares during the period. 88.17% of the stock is owned by institutional investors and hedge funds.
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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