Iron Mountain (NYSE:IRM) Rating Lowered to Strong Sell at Zacks Research

Key Points

• Iron Mountain has been downgraded by Zacks Research from a "hold" to a "strong sell" rating, reflecting concerns over its stock performance.
• Several analysts have varied views on Iron Mountain, with price targets ranging from $100 to $122, indicating a mixed sentiment among investors.
• The company has reported a quarterly earnings per share (EPS) of $1.24, exceeding expectations, but shows a negative return on equity of -146.80%.

Iron Mountain (NYSE:IRM - Get Free Report) was downgraded by stock analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a report released on Monday,Zacks.com reports.

Several other equities analysts also recently weighed in on the stock. JPMorgan Chase & Co. lowered their price target on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Barclays lifted their price target on shares of Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a report on Wednesday, August 20th. Jefferies Financial Group began coverage on shares of Iron Mountain in a report on Monday, September 22nd. They set a "buy" rating and a $120.00 price target on the stock. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Iron Mountain in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $116.83.

Iron Mountain Trading Up 1.1%

IRM opened at $103.31 on Monday. The company has a market cap of $30.51 billion, a price-to-earnings ratio of 738.01 and a beta of 1.06. The company's 50 day moving average is $96.79 and its 200 day moving average is $95.68. Iron Mountain has a 12-month low of $72.33 and a 12-month high of $130.24.

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

Insider Buying and Selling

In related news, CEO William L. Meaney sold 69,125 shares of the business's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $94.55, for a total value of $6,535,768.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William L. Meaney sold 69,125 shares of the business's stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $102.34, for a total transaction of $7,074,252.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 213,375 shares of company stock worth $20,347,156. Insiders own 1.90% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. IFM Investors Pty Ltd increased its position in Iron Mountain by 0.5% during the third quarter. IFM Investors Pty Ltd now owns 103,586 shares of the financial services provider's stock valued at $10,455,000 after acquiring an additional 557 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Iron Mountain by 20.2% during the third quarter. Farther Finance Advisors LLC now owns 6,470 shares of the financial services provider's stock valued at $660,000 after purchasing an additional 1,088 shares during the period. HBK Sorce Advisory LLC boosted its stake in shares of Iron Mountain by 47.7% during the third quarter. HBK Sorce Advisory LLC now owns 3,573 shares of the financial services provider's stock valued at $377,000 after purchasing an additional 1,154 shares during the period. Exchange Traded Concepts LLC boosted its stake in shares of Iron Mountain by 82.6% during the third quarter. Exchange Traded Concepts LLC now owns 3,715 shares of the financial services provider's stock valued at $379,000 after purchasing an additional 1,680 shares during the period. Finally, Brighton Jones LLC purchased a new stake in shares of Iron Mountain during the third quarter valued at $218,000. Institutional investors own 80.13% of the company's stock.

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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