ValuEngine Upgrades Iron Mountain Incorporated (IRM) to Buy
ValuEngine upgraded shares of Iron Mountain Incorporated (NYSE:IRM) from a hold rating to a buy rating in a research report sent to investors on Thursday.
Several other brokerages also recently commented on IRM. Zacks Investment Research upgraded Iron Mountain from a sell rating to a hold rating in a research note on Thursday, November 2nd. BidaskClub raised Iron Mountain from a hold rating to a buy rating in a report on Friday, August 4th. Robert W. Baird raised their target price on Iron Mountain from $39.00 to $43.00 and gave the stock a neutral rating in a report on Wednesday, October 25th. Evercore ISI initiated coverage on Iron Mountain in a report on Wednesday, October 18th. They issued an outperform rating and a $46.00 target price on the stock. Finally, Stifel Nicolaus reiterated a buy rating and issued a $43.00 price target (up previously from $40.00) on shares of Iron Mountain in a research note on Friday, October 20th. One research analyst has rated the stock with a sell rating, two have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $41.20.
Iron Mountain (IRM) traded up $0.03 during midday trading on Thursday, hitting $40.66. The stock had a trading volume of 932,000 shares, compared to its average volume of 1,095,840. The company has a market cap of $10,853.66, a price-to-earnings ratio of 19.55, a PEG ratio of 6.34 and a beta of 1.02. The company has a debt-to-equity ratio of 3.59, a quick ratio of 1.08 and a current ratio of 1.08. Iron Mountain has a 12 month low of $30.75 and a 12 month high of $41.17.
Iron Mountain (NYSE:IRM) last released its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.02. Iron Mountain had a return on equity of 15.49% and a net margin of 5.54%. The business had revenue of $966.00 million during the quarter, compared to analyst estimates of $960.99 million. During the same quarter in the prior year, the company posted $0.44 EPS. Iron Mountain’s quarterly revenue was up 2.4% compared to the same quarter last year. sell-side analysts anticipate that Iron Mountain will post 2.14 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be paid a dividend of $0.5875 per share. This represents a $2.35 annualized dividend and a dividend yield of 5.78%. The ex-dividend date of this dividend is Thursday, December 14th. This is an increase from Iron Mountain’s previous quarterly dividend of $0.55. Iron Mountain’s payout ratio is currently 275.00%.
In other Iron Mountain news, EVP John Tomovcsik sold 21,037 shares of Iron Mountain stock in a transaction on Friday, September 8th. The shares were sold at an average price of $40.02, for a total value of $841,900.74. Following the transaction, the executive vice president now directly owns 62,379 shares of the company’s stock, valued at $2,496,407.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Theodore Maclean sold 1,500 shares of Iron Mountain stock in a transaction on Monday, October 9th. The stock was sold at an average price of $38.13, for a total transaction of $57,195.00. The disclosure for this sale can be found here. Insiders have sold 46,879 shares of company stock valued at $1,850,341 in the last ninety days. Insiders own 1.50% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in IRM. Creative Planning lifted its position in Iron Mountain by 4.6% during the second quarter. Creative Planning now owns 3,049 shares of the financial services provider’s stock valued at $105,000 after purchasing an additional 134 shares during the period. Pacer Advisors Inc. raised 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 worth $137,000 after purchasing an additional 322 shares during the last quarter. Rehmann Capital Advisory Group acquired a new position in shares of Iron Mountain during the 3rd quarter worth about $213,000. Conning Inc. acquired a new position in shares of Iron Mountain during the 3rd quarter worth about $213,000. Finally, Zeke Capital Advisors LLC acquired a new position in shares of Iron Mountain during the 3rd quarter worth about $215,000. 87.58% of the stock is currently owned by hedge funds and other institutional investors.
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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