Iron Mountain Inc Receives a New Rating from Top Analyst

By Carrie Williams

Oppenheimer analyst Steve Manaker reiterated a Hold rating on Iron Mountain Inc (NYSE: IRM) today. The company’s shares closed yesterday at $35.89.

Manaker said:

“We rate IRM Perform. We continue to view the company as an interesting and unique mix of businesses. While the core document storage business seems anachronistic in the digital age, we believe it’s sticky and has a long duration. This should allow IRM to maintain and grow cash flow and the dividend well beyond our investment horizon (12-18 months). For us, the bigger question becomes strategic: Will IRM find other growth businesses based on its core strengths (data/document storage, security and management)? The company is exploring these adjacent business opportunities (ABOs). Over time (years to decades), we expect these ABOs to become a larger part of the IRM business (2% now).”

According to TipRanks.com, Manaker is a top 100 analyst with an average return of 14.0% and a 80.0% success rate. Manaker covers the Financial sector, focusing on stocks such as Preferred Apartment Communities, General Growth Properties Inc, and Bluerock Residential Growth.

Iron Mountain Inc has an analyst consensus of Hold, with a price target consensus of $39.

Based on Iron Mountain Inc’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $934 million and quarterly net profit of $47.08 million. In comparison, last year the company earned revenue of $0 and had a net profit of $62.77 million.

Based on the recent corporate insider activity of 86 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of IRM in relation to earlier this year.

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Iron Mountain, Inc. engages in the provision of storage and information management solutions. It operates through the following segments: North American Records and Information Management Business, North American Data Management Business, Western European Business, Other International Business, and Corporate and Other Business. The North American Records and Information Management Business segment offers record management, destruction, and fulfillment services throughout U.S. and Canada. The North American Data Management Business segment handles data protection and recovery, server and computer backup services, and safeguarding of electronic and physical media in U.S. and Canada. The Western European Business segment offers records management, data protection and recovery services, and document management solutions throughout the United Kingdom, Ireland, Austria, Belgium, France, Germany, Netherlands, Spain, and Switzerland. The Other International Business segment offers storage and information management services throughout the remaining European countries, and Latin America and Asia Pacific regions. The Corporate and Other Business segment operates the data center and the fine art storage businesses in the U.S. Its services also include data centers, document imaging and management, secure shredding, consulting services, health information management, technology escrow services, marketing production and fulfillment services, and entertainment services. The company was founded by Herman Knaust in 1951 and is headquartered in Boston, MA.