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

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 Credit Suisse 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. The company’s services business revenues also remain modest. Besides, forex fluctuations, fragmented nature of the industry and stiff competition continue to be overhangs.”

Other analysts also recently issued reports about the company. BidaskClub downgraded Iron Mountain from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Stifel Nicolaus reissued a “buy” rating and issued 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 Iron Mountain and gave the company a “hold” rating in a report on Friday, August 25th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $38.25.

Shares of Iron Mountain (IRM) traded up 1.25% on Tuesday, hitting $38.80. The stock had a trading volume of 635,902 shares. The firm’s 50-day moving average price is $39.19 and its 200 day moving average price is $36.24. The firm has a market cap of $10.26 billion, a PE ratio of 53.22 and a beta of 0.91. Iron Mountain has a 52-week low of $30.75 and a 52-week high of $40.64.

Iron Mountain (NYSE:IRM) last posted its earnings results on Friday, July 28th. The financial services provider reported $0.55 earnings per share for the quarter, beating 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 business had revenue of $950.00 million during the quarter, compared to the consensus estimate of $955.05 million. During the same period in the previous year, the business earned $0.24 EPS. The business’s quarterly revenue was up 7.5% on a year-over-year basis. On average, equities research analysts predict that Iron Mountain will post $1.18 EPS for the current year.

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In other Iron Mountain 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders have sold 51,401 shares of company stock valued at $1,997,617. 1.50% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Webster Bank N. A. raised its stake in Iron Mountain by 57.4% during the 2nd quarter. Webster Bank N. A. now owns 31,661 shares of the financial services provider’s stock valued at $1,088,000 after acquiring an additional 11,548 shares during the last quarter. CIBC Asset Management Inc raised its stake in Iron Mountain by 2.7% during the 2nd quarter. CIBC Asset Management Inc now owns 24,826 shares of the financial services provider’s stock valued at $853,000 after acquiring an additional 651 shares during the last quarter. Legal & General Group Plc raised its stake in Iron Mountain by 5.0% during the 2nd quarter. Legal & General Group Plc now owns 1,279,747 shares of the financial services provider’s stock valued at $43,969,000 after acquiring an additional 61,365 shares during the last quarter. Aviva PLC raised its stake in Iron Mountain by 10.3% during the 2nd quarter. Aviva PLC now owns 163,656 shares of the financial services provider’s stock valued at $5,625,000 after acquiring an additional 15,270 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Iron Mountain by 9.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,630,294 shares of the financial services provider’s stock valued at $56,016,000 after acquiring an additional 140,286 shares during the last quarter. 87.46% of the stock is 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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