Zacks Investment Research downgraded shares of Iron Mountain Incorporated (NYSE:IRM) from a buy rating to a hold rating in a research note published on Tuesday morning.

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.”

IRM has been the topic of several other reports. Stifel Nicolaus restated a buy rating and set a $40.00 price target on shares of Iron Mountain in a report on Sunday, September 3rd. BidaskClub cut Iron Mountain from a buy rating to a hold rating in a 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 report on Friday, August 25th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $38.25.

Shares of Iron Mountain (NYSE:IRM) traded down 0.515% during midday trading on Tuesday, reaching $39.605. 316,430 shares of the company’s stock were exchanged. Iron Mountain has a 12 month low of $30.75 and a 12 month high of $40.64. The stock has a market cap of $10.47 billion, a PE ratio of 54.328 and a beta of 0.91. The company’s 50 day moving average is $39.30 and its 200-day moving average is $36.31.

Iron Mountain (NYSE:IRM) last released its quarterly earnings results on Friday, July 28th. The financial services provider reported $0.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.03. The company had revenue of $950.00 million for the quarter, compared to analysts’ expectations of $955.05 million. Iron Mountain had a return on equity of 14.46% and a net margin of 5.14%. The business’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.24 earnings per share. Equities analysts forecast that Iron Mountain will post $1.18 EPS for the current fiscal year.

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The business also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 15th were issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 5.53%. The ex-dividend date was Thursday, September 14th. Iron Mountain’s payout ratio is presently 297.30%.

In related 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 value of $1,119,100.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Theodore Maclean sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, October 9th. The shares were sold at an average price of $38.13, for a total value of $57,195.00. The disclosure for this sale can be found here. Insiders sold 52,901 shares of company stock worth $2,054,812 over the last quarter. 1.50% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the stock. Creative Planning boosted its holdings in Iron Mountain by 4.6% in the second 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 last quarter. Pacer Advisors Inc. boosted its holdings in Iron Mountain by 3.4% in the first quarter. Pacer Advisors Inc. now owns 3,663 shares of the financial services provider’s stock valued at $131,000 after acquiring an additional 121 shares during the last quarter. Soros Fund Management LLC bought a new stake in Iron Mountain in the first quarter valued at approximately $203,000. CIBC World Markets Inc. bought a new stake in Iron Mountain in the second quarter valued at approximately $203,000. Finally, Penserra Capital Management LLC boosted its holdings in Iron Mountain by 7.5% in the second 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 last quarter. Institutional investors and hedge funds own 87.46% of the company’s stock.

About Iron Mountain

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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