Iron Mountain Incorporated (NYSE:IRM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

According to Zacks, “Iron Mountain’s third quarter 2017 FFO missed estimates but showed a year-over-year improvement. The company 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.”

IRM has been the topic of several other research reports. Evercore ISI assumed coverage on Iron Mountain in a research report on Wednesday, October 18th. They set an “outperform” rating and a $46.00 price target on the stock. Stifel Nicolaus reaffirmed a “buy” rating and set a $40.00 price target on shares of Iron Mountain in a research report on Sunday, September 3rd. BidaskClub lowered Iron Mountain from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Finally, Robert W. Baird set a $39.00 price target on Iron Mountain and gave the stock a “hold” rating in a research report on Friday, August 25th. One analyst has rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $41.20.

Iron Mountain (NYSE:IRM) last posted its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.31 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.02. The firm had revenue of $966.00 million for the quarter, compared to analyst estimates of $960.99 million. Iron Mountain had a return on equity of 15.49% and a net margin of 5.54%. The business’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.44 EPS.

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In other news, EVP John Tomovcsik sold 29,450 shares of the company’s stock in a transaction 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 is available through this hyperlink. Also, VP Patrick J. Keddy sold 23,428 shares of the company’s stock in a transaction on Wednesday, October 11th. The shares were sold at an average price of $39.04, for a total value of $914,629.12. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 76,329 shares of company stock valued at $2,969,441. Corporate insiders own 1.50% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Creative Planning lifted its position in shares of Iron Mountain by 4.6% during the 2nd quarter. Creative Planning now owns 3,049 shares of the financial services provider’s stock valued at $105,000 after acquiring an additional 134 shares during the period. Pacer Advisors Inc. lifted its position in shares of Iron Mountain by 8.8% during the 2nd quarter. Pacer Advisors Inc. now owns 3,985 shares of the financial services provider’s stock valued at $137,000 after acquiring an additional 322 shares during the period. CIBC World Markets Inc. bought a new stake in shares of Iron Mountain during the 2nd quarter valued at $203,000. Penserra Capital Management LLC lifted its position in shares of Iron Mountain by 7.5% during the 2nd quarter. Penserra Capital Management LLC now owns 6,019 shares of the financial services provider’s stock valued at $206,000 after acquiring an additional 422 shares during the period. Finally, Bridgewater Associates LP bought a new stake in shares of Iron Mountain during the 2nd quarter valued at $207,000. Hedge funds and other institutional investors own 87.66% of the company’s stock.

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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