Iron Mountain (NYSE:IRM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The brokerage presently has a $37.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price target points to a potential upside of 10.22% from the company’s previous close.

According to Zacks, “Shares of Iron Mountain have outperformed its industry over the past month. Also, the trend in estimate revisions of 2018 funds from operations (FFO) per share indicates a favorable outlook for the company. It recently announced a new preservation project with CyArk to document and preserve Mexico City’s Palacio de Bellas Artes. Notably, strategic acquisitions, in a bid to strengthen its global footprint, will drive top-line growth in the future. Further, transformation initiatives, including expansion of data-center business, and continued strong performance of its storage rental business also remain positive. Moreover, the company hiked its quarterly dividend by 4%. However, the costs of such efforts weigh on its financials, especially as the company already has a highly leveraged balance sheet.”

Several other research firms have also issued reports on IRM. Credit Suisse Group began coverage on shares of Iron Mountain in a research note on Friday, August 10th. They set an “underperform” rating and a $25.00 target price on the stock. Berenberg Bank began coverage on shares of Iron Mountain in a research note on Thursday, September 20th. They set a “buy” rating and a $52.00 target price on the stock. ValuEngine raised shares of Iron Mountain from a “sell” rating to a “hold” rating in a research note on Tuesday, November 13th. Stifel Nicolaus lowered shares of Iron Mountain from a “buy” rating to a “hold” rating and lowered their target price for the stock from $39.00 to $34.00 in a research note on Friday, October 26th. Finally, Barclays lowered their target price on shares of Iron Mountain from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 30th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $37.50.

IRM traded down $0.29 during midday trading on Monday, hitting $33.57. 44,630 shares of the company were exchanged, compared to its average volume of 2,237,284. The company has a market capitalization of $9.69 billion, a P/E ratio of 15.72 and a beta of 0.77. The company has a debt-to-equity ratio of 4.18, a quick ratio of 0.97 and a current ratio of 0.97. Iron Mountain has a 1-year low of $30.22 and a 1-year high of $41.53.

Iron Mountain (NYSE:IRM) last announced its quarterly earnings results on Thursday, October 25th. The financial services provider reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.01. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.05 billion. Iron Mountain had a return on equity of 14.71% and a net margin of 5.49%. Analysts forecast that Iron Mountain will post 2.13 EPS for the current year.

Hedge funds have recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. purchased a new position in Iron Mountain in the 2nd quarter valued at about $988,000. Marble Harbor Investment Counsel LLC lifted its stake in Iron Mountain by 4.5% in the 2nd quarter. Marble Harbor Investment Counsel LLC now owns 364,609 shares of the financial services provider’s stock valued at $12,765,000 after buying an additional 15,643 shares in the last quarter. Truvestments Capital LLC purchased a new position in Iron Mountain in the 2nd quarter valued at about $1,219,000. Woodstock Corp lifted its stake in Iron Mountain by 10.2% in the 3rd quarter. Woodstock Corp now owns 31,398 shares of the financial services provider’s stock valued at $1,084,000 after buying an additional 2,900 shares in the last quarter. Finally, Swiss National Bank lifted its stake in Iron Mountain by 4.3% in the 2nd quarter. Swiss National Bank now owns 894,564 shares of the financial services provider’s stock valued at $31,319,000 after buying an additional 36,800 shares in the last quarter. 86.49% of the stock is currently owned by institutional investors and hedge funds.

Iron Mountain Company Profile

Iron Mountain Incorporated (NYSE: IRM), founded in 1951, is the global leader for storage and information management services. Trusted by more than 225,000 organizations around the world, and with a real estate network of more than 85 million square feet across more than 1,400 facilities in over 50 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts.

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