Iron Mountain (NYSE:IRM) Raised to Hold at Zacks Research

Key Points

• Iron Mountain's stock rating was upgraded from "strong sell" to "hold" by Zacks Research in a recent report.
• Analysts have varying opinions on the stock; Barclays raised its price target to $122 while JPMorgan cut it to $100, indicating mixed sentiments in the market.
• Iron Mountain reported quarterly earnings of $1.24 EPS, exceeding expectations, with a notable revenue increase of 11.6% year-over-year.

Iron Mountain (NYSE:IRM - Get Free Report) was upgraded by analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other brokerages have also recently weighed in on IRM. Barclays increased their price target on Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 20th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Iron Mountain in a research report on Wednesday, October 8th. JPMorgan Chase & Co. reduced their price target on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Finally, Jefferies Financial Group started coverage on shares of Iron Mountain in a research report on Monday, September 22nd. They set a "buy" rating and a $120.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $116.83.

Iron Mountain Price Performance

Shares of IRM opened at $104.71 on Monday. The stock has a market capitalization of $30.92 billion, a PE ratio of 746.09 and a beta of 1.06. Iron Mountain has a 12-month low of $72.33 and a 12-month high of $130.24. The business's fifty day moving average price is $98.24 and its 200 day moving average price is $96.41.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.24 EPS for the quarter, beating the consensus estimate of $1.19 by $0.05. The business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.68 billion. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. The company's quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.08 EPS. As a group, research analysts anticipate that Iron Mountain will post 4.54 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Mark Kidd sold 6,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $91.05, for a total transaction of $546,300.00. Following the transaction, the executive vice president owned 79,081 shares in the company, valued at $7,200,325.05. This trade represents a 7.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William L. Meaney sold 69,125 shares of the company's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $102.34, for a total value of $7,074,252.50. The disclosure for this sale can be found here. Insiders sold 213,375 shares of company stock worth $20,347,156 over the last three months. Corporate insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On Iron Mountain

Several large investors have recently modified their holdings of the stock. Kestra Private Wealth Services LLC lifted its holdings in shares of Iron Mountain by 14.7% during the first quarter. Kestra Private Wealth Services LLC now owns 14,537 shares of the financial services provider's stock valued at $1,251,000 after purchasing an additional 1,860 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Iron Mountain by 86.1% in the first quarter. Goldman Sachs Group Inc. now owns 1,974,922 shares of the financial services provider's stock worth $169,922,000 after acquiring an additional 913,715 shares in the last quarter. Golden State Wealth Management LLC acquired a new stake in shares of Iron Mountain during the first quarter valued at approximately $30,000. Steward Partners Investment Advisory LLC lifted its position in shares of Iron Mountain by 1.4% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 38,032 shares of the financial services provider's stock valued at $3,272,000 after acquiring an additional 513 shares in the last quarter. Finally, Kingstone Capital Partners Texas LLC acquired a new position in Iron Mountain in the 2nd quarter worth approximately $10,093,000. 80.13% of the stock is owned by institutional investors.

Iron Mountain Company Profile

Iron Mountain Incorporated NYSE: IRM is a global leader in information management services. Founded in 1951 and trusted by more than 240,000 customers worldwide, Iron Mountain serves to protect and elevate the power of our customers' work. Through a range of offerings including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.

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