Iron Mountain (NYSE:IRM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.

According to Zacks, “Shares of Iron Mountain have outperformed its industry over the past month. In late November, the company announced plans to integrate the Carbonite Data Protection Platform into its Iron Cloud platform. Notably, strategic acquisitions, in a bid to strengthen its global footprint, will drive top-line growth in the future. Also, solid performance of its storage rental business also remains a positive. Further, transformation measures, including expansion of data-center and Records Management businesses augur well for long-term sustainability. Yet, the costs of such efforts weigh on its financials, especially as the company already has a highly leveraged balance sheet. Further, rate hike adds to its woes. In addition, the company faces stiff competition from other players that reduces its pricing power.”

A number of other analysts have also commented on IRM. Credit Suisse Group started coverage on Iron Mountain in a research report on Friday, August 10th. They issued an “underperform” rating and a $25.00 price objective for the company. Berenberg Bank started coverage on Iron Mountain in a research report on Thursday, September 20th. They issued a “buy” rating and a $52.00 price objective for the company. ValuEngine lowered Iron Mountain from a “hold” rating to a “sell” rating in a research report on Friday, October 12th. Stifel Nicolaus lowered Iron Mountain from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $39.00 to $34.00 in a research report on Friday, October 26th. Finally, Barclays lowered their price objective on Iron Mountain from $37.00 to $36.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 30th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. Iron Mountain presently has a consensus rating of “Hold” and a consensus target price of $37.00.

IRM stock traded down $0.30 during midday trading on Friday, reaching $34.09. The stock had a trading volume of 33,015 shares, compared to its average volume of 1,600,846. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 4.18. The firm has a market cap of $9.71 billion, a price-to-earnings ratio of 16.01, a PEG ratio of 2.83 and a beta of 0.77. Iron Mountain has a twelve month low of $30.22 and a twelve month high of $40.75.

Iron Mountain (NYSE:IRM) last announced its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.28 EPS for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.01. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. Iron Mountain had a return on equity of 14.71% and a net margin of 5.49%. Sell-side analysts predict that Iron Mountain will post 2.13 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the business. Piedmont Investment Advisors LLC bought a new position in Iron Mountain during the second quarter worth about $115,000. Monument Capital Management bought a new position in shares of Iron Mountain during the 3rd quarter valued at about $121,000. Columbia Asset Management bought a new position in shares of Iron Mountain during the 3rd quarter valued at about $173,000. Qube Research & Technologies Ltd lifted its holdings in shares of Iron Mountain by 775.9% during the 2nd quarter. Qube Research & Technologies Ltd now owns 5,772 shares of the financial services provider’s stock valued at $202,000 after purchasing an additional 5,113 shares in the last quarter. Finally, Chemical Bank bought a new position in shares of Iron Mountain during the 2nd quarter valued at about $207,000. Hedge funds and other institutional investors own 88.17% of the company’s stock.

About Iron Mountain

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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