Ultime notizie per Iron Mountain (NYSE:IRM) Azioni

Iron Mountain

Iron Mountain Inc is a record management services provider. It is organized as a REIT. Most of its revenue comes from its storage business, with the rest coming from value-added services. The firm primarily caters to enterprise clients in developed markets. Its business segments include Global RIM Business; Global Data Center Business; and Corporate and Other Business.

Iron Mountain Incorporated

Iron Mountain Incorporated (Delaware)Common Stock REIT

Iron Mountain Inc

iRadimed Corp

IR-Med Inc

INFORMATION SVCS CORP ORD by Information Svcs Corp

Information Services Corp

Wells Fargo analyst Eric Luebchow maintains Iron Mountain (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IRM#NYSE">IRM</a>) with a Overweight and raises the price target from $120 to $135.

News

Price Target

Analyst Ratings

Wells Fargo Maintains Overweight on Iron Mountain, Raises Price Target to $135

Iron Mountain's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IRM#NYSE">IRM</a>) short percent of float has fallen 12.47% since its last report. The company recently reported that it has 9.97 million shares sold short, which is 4.07% of all regular shares that are available for trading. Based on its trading volume, it would take traders 5.77 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Iron Mountain Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1729008917_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Iron Mountain has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Iron Mountain's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Iron Mountain's peer group average for short interest as a percentage of float is 5.86%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Trading Ideas

(IRM) - Analyzing Iron Mountain's Short Interest

Iron Mountain (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IRM#NYSE">IRM</a>) has outperformed the market over the past 5 years by 15.44% on an annualized basis producing an average annual return of 29.43%. Currently, Iron Mountain has a market capitalization of $35.34 billion. 
Buying $1000 In IRM: If an investor had bought $1000 of IRM stock 5 years ago, it would be worth $3,664.31 today based on a price of $120.49 for IRM at the time of writing.
<h3>Iron Mountain's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1728586841_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much $1000 Invested In Iron Mountain 5 Years Ago Would Be Worth Today

Barclays analyst Brendan Lynch maintains Iron Mountain (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IRM#NYSE">IRM</a>) with a Overweight and raises the price target from $91 to $133.

Barclays Maintains Overweight on Iron Mountain, Raises Price Target to $133

Iron Mountain's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IRM#NYSE">IRM</a>) short percent of float has risen 14.53% since its last report. The company recently reported that it has 11.36 million shares sold short, which is 4.65% of all regular shares that are available for trading. Based on its trading volume, it would take traders 8.03 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Iron Mountain Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727374517_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Iron Mountain has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Iron Mountain's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Iron Mountain's peer group average for short interest as a percentage of float is 5.28%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Looking Into Iron Mountain's Recent Short Interest

Iron Mountain (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IRM#NYSE">IRM</a>) has outperformed the market over the past 5 years by 15.58% on an annualized basis producing an average annual return of 29.56%. Currently, Iron Mountain has a market capitalization of $34.74 billion. 
Buying $100 In IRM: If an investor had bought $100 of IRM stock 5 years ago, it would be worth $367.42 today based on a price of $118.44 for IRM at the time of writing.
<h3>Iron Mountain's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727195415_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

If You Invested $100 In This Stock 5 Years Ago, You Would Have $400 Today

Stifel analyst Shlomo Rosenbaum maintains Iron Mountain (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IRM#NYSE">IRM</a>) with a Buy and raises the price target from $117 to $140.

Stifel Maintains Buy on Iron Mountain, Raises Price Target to $140

On CNBC's &#8220;Mad Money Lightning Round,&#8221; Jim Cramer said Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) is going to go higher, adding that <a href="https://www.benzinga.com/quote/WFC">it's a &#8220;winner.&#8221;</a>
On Sept. 17, the San Francisco-based bank launched specialized Application Programming Interfaces (APIs) for its Commercial Banking clients, expanding its API portfolio. 
These APIs offer real-time data access aimed at boosting sales, improving liquidity, reducing credit risk, and cutting expenses for floorplan and channel finance clients <a href="https://www.benzinga.com/markets/equities/24/09/40903846/wells-fargo-launches-new-apis-to-boost-efficiency-and-productivity-details">across several industries.</a>
&#8220;It's had too big a move up,&#8221; Cramer said when asked about Iron Mountain Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IRM#NYSE">IRM</a>). &#8220;Let's move on.&#8221;
On Aug. 1, Iron Mountain reported better-than-expected second-quarter financial results and issued FY24 AFFO guidance above estimates. Also, the company increased its quarterly dividend.
Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) is a &#8220;cold&#8221; stock, Cramer said.
On Sept. 17, the company inked a multi-year, multi-million-dollar contract with Nebraska Medicine. As per the deal, Palantir will utilize its Artificial Intelligence Platform (AIP) to enhance healthcare through <a href="https://www.benzinga.com/markets/equities/24/09/40898997/palantirs-ai-powers-nebraska-medicine-inks-multi-million-dollar-deal-to-advance-patient-care">transformative technologies</a>.
The &#8220;Mad Money&#8221; host recommended buying PG&amp;E Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PCG#NYSE">PCG</a>). &#8220;That stock is a good one, rate increase or no,&#8221; he added.
On Sept. 12, B of A Securities analyst Ross Fowler reinstated PG&amp;E with a Buy and announced a $24 price target.
Price Action:
<ul>
<li>Iron Mountain shares gained 0.5% to settle at $116.45 on Wednesday.</li>
<li>Wells Fargo shares fell 0.5% to close at $54.26 during the session.</li>
<li>Palantir shares fell 0.2% to close at $36.38 during Wednesday's session.</li>
<li>PG&amp;E shares fell 1.8% to settle at $19.51.</li>
</ul>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/24/09/40927530/coinbase-global-electronic-arts-and-2-other-stocks-executives-are-selling">Coinbase Global, Electronic Arts And 2 Other Stocks Executives Are Selling</a></li>
</ul>
Image: Wikimedia Commons

Long Ideas

Markets

Media

PLTR

Jim Cramer: This Utilities Stock Is A Buy, Calls Wells Fargo A 'Winner'

Iron Mountain (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IRM#NYSE">IRM</a>) has outperformed the market over the past 5 years by 15.97% on an annualized basis producing an average annual return of 28.78%. Currently, Iron Mountain has a market capitalization of $33.49 billion. 
Buying $1000 In IRM: If an investor had bought $1000 of IRM stock 5 years ago, it would be worth $3,537.15 today based on a price of $114.18 for IRM at the time of writing.
<h3>Iron Mountain's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1726077631_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

If You Invested $1000 In This Stock 5 Years Ago, You Would Have $3,500 Today

Iron Mountain's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IRM#NYSE">IRM</a>) short percent of float has fallen 9.96% since its last report. The company recently reported that it has 11.49 million shares sold short, which is 4.7% of all regular shares that are available for trading. Based on its trading volume, it would take traders 5.33 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Iron Mountain Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1725563721_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Iron Mountain has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Iron Mountain's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Iron Mountain's peer group average for short interest as a percentage of float is 5.50%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Benzinga's options scanner just detected over 14 options trades for Iron Mountain (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IRM#NYSE">IRM</a>) summing a total amount of $946,021.
At the same time, our algo caught 11 for a total amount of 885,810.
<h3>What's The Price Target?</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $105.0 to $125.0 for Iron Mountain over the recent three months. 
<h3>Volume &amp; Open Interest Development</h3>
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Iron Mountain's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Iron Mountain's significant trades, within a strike price range of $105.0 to $125.0, over the past month.
<h3>Iron Mountain Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1725467428_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th style="text-align: right;">Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>IRM</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$7.5</td>
<td>$7.4</td>
<td>$7.4</td>
<td>$105.00</td>
<td>$222.0K</td>
<td style="text-align: right;">64</td>
<td>1.0K</td>
</tr>
<tr>
<td>IRM</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$7.5</td>
<td>$7.4</td>
<td>$7.4</td>
<td>$105.00</td>
<td>$74.0K</td>
<td style="text-align: right;">64</td>
<td>1.4K</td>
</tr>
<tr>
<td>IRM</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$7.5</td>
<td>$7.4</td>
<td>$7.4</td>
<td>$105.00</td>
<td>$74.0K</td>
<td style="text-align: right;">64</td>
<td>1.3K</td>
</tr>
<tr>
<td>IRM</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$7.5</td>
<td>$7.4</td>
<td>$7.4</td>
<td>$105.00</td>
<td>$74.0K</td>
<td style="text-align: right;">64</td>
<td>1.2K</td>
</tr>
<tr>
<td>IRM</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$7.6</td>
<td>$7.4</td>
<td>$7.4</td>
<td>$105.00</td>
<td>$74.0K</td>
<td style="text-align: right;">64</td>
<td>1.1K</td>
</tr>
</tbody>
</table>

<h3>About Iron Mountain</h3>
Iron Mountain Inc is a record management services provider. It is organized as a REIT. Most of its revenue comes from its storage business, with the rest coming from value-added services. The firm primarily caters to enterprise clients in developed markets. Its business segments include Global RIM Business; Global Data Center Business; and Corporate and Other Business.
<h3>Current Position of Iron Mountain</h3>
<ul>
<li>Trading volume stands at 331,125, with IRM's price down by -0.07%, positioned at $112.75.</li>
<li>RSI indicators show the stock to be may be overbought.</li>
<li>Earnings announcement expected in 57 days.</li>
</ul>
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Iron Mountain with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Options

Iron Mountain Unusual Options Activity For September 04

Iron Mountain (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IRM#NYSE">IRM</a>) has outperformed the market over the past 10 years by 1.31% on an annualized basis producing an average annual return of 12.12%. Currently, Iron Mountain has a market capitalization of $33.24 billion. 
Buying $1000 In IRM: If an investor had bought $1000 of IRM stock 10 years ago, it would be worth $3,140.21 today based on a price of $113.33 for IRM at the time of writing.
<h3>Iron Mountain's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1724689816_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$1000 Invested In Iron Mountain 10 Years Ago Would Be Worth This Much Today

On CNBC's &#8220;Mad Money Lightning Round,&#8221; Jim Cramer recommended buying more Micron Technology, Inc.(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) right here. &#8220;Now it's coming back down, I think it probably goes<a href="https://www.benzinga.com/news/24/08/40448174/whats-going-on-with-micron-mu-stock"> to 98, 99,&#8221; he noted.</a>
On Aug. 22, Susquehanna analyst Mehdi Hosseini maintained Micron Technology with a Positive and lowered the price target from $185 to $175.
Cramer said he likes Crane Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CR#NYSE">CR</a>). &#8220;It is a very well-run company that has totally pivoted and does very little metal-bending,&#8221; he added.
On July 29, Crane reported better-than-expected second-quarter financial results.
The &#8220;Mad Money&#8221; host recommended to sell some Iron Mountain Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IRM#NYSE">IRM</a>). &#8220;Let the rest run. That will be the wise thing to do right here,&#8221; he added.
On Aug. 1, Iron Mountain reported better-than-expected second-quarter financial results and issued FY24 AFFO guidance above estimates. Also, the company increased its quarterly dividend.
L3Harris Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LHX#NYSE">LHX</a>) is &#8220;terrific,&#8221; he said.
On Aug. 14, RBC Capital analyst Ken Herbert downgraded L3Harris Technologies from Outperform to Sector Perform and lowered the price target from $250 to $240.
Cramer said, &#8220;I would own Devon (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>), but don't get excited.&#8221;
On Aug. 6, Devon Energy reported quarterly earnings of $1.41 per share, which beat the analyst consensus estimate of $1.26 per share. Quarterly revenue came in at $3.917 billion which beat the analyst consensus estimate.
&nbsp;&#8220;I think that Intel (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) is getting whacked by AMD (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NYSE">AMD</a>),&#8221; Cramer said. &#8220;I much prefer Arm Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>).&#8221;
On Aug. 1, Intel reported quarterly earnings of 2 cents per share which missed the analyst consensus estimate of 10 cents per share. 
Intel announced a $10 billion cost-reduction plan that it says will streamline operations and meaningfully cut spending and headcount, reducing non-GAAP R&amp;D and marketing, general and administrative (MG&amp;A) to approximately $20 billion in 2024 and approximately $17.5 billion in 2025, with further reductions expected in 2026.
Price Action:
<ul>
<li>Micron shares fell 3.8% to settle at $104.26 on Thursday.</li>
<li>Crane shares fell 0.02% to close at $150.84.</li>
<li>Intel shares fell 6.1% to settle at $20.10 on Thursday.</li>
<li>Iron Mountain shares gained 0.6% to settle at $112.78 on Thursday.</li>
<li>L3Harris shares gained 0.5% to close at $231.21 during Thursday's session.</li>
<li>Devon shares fell 0.4% to close at $43.67 on Thursday.</li>
</ul>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/08/40506295/top-2-consumer-stocks-that-could-sink-your-portfolio-in-august">Top 2 Consumer Stocks That Could Sink Your Portfolio In August</a></li>
</ul>

INTC

Jim Cramer Praises L3Harris Technologies, Says Intel Is 'Getting Whacked' By AMD: 'I Much Prefer...'

Iron Mountain (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IRM#NYSE">IRM</a>) has outperformed the market over the past 10 years by 1.35% on an annualized basis producing an average annual return of 11.73%. Currently, Iron Mountain has a market capitalization of $32.13 billion. 
Buying $100 In IRM: If an investor had bought $100 of IRM stock 10 years ago, it would be worth $304.40 today based on a price of $109.52 for IRM at the time of writing.
<h3>Iron Mountain's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1723487431_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much You Would Have Made Owning Iron Mountain Stock In The Last 10 Years

Iron Mountain Announces Availability Of InSight Digital Experience Platform (DXP); SaaS Solution Enhances Workflow Automation, Data Accessibility, Compliance, And AI-Readiness; Offers Intelligent Document Processing And Custom Content Management Tools

JP Morgan analyst Andrew Steinerman maintains Iron Mountain (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IRM#NYSE">IRM</a>) with a Overweight and raises the price target from $82 to $121.

JP Morgan Maintains Overweight on Iron Mountain, Raises Price Target to $121

Wells Fargo analyst Eric Luebchow maintains Iron Mountain (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IRM#NYSE">IRM</a>) with a Overweight and raises the price target from $110 to $120.

Wells Fargo Maintains Overweight on Iron Mountain, Raises Price Target to $120

Goldman Sachs analyst George Tong maintains Iron Mountain (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IRM#NYSE">IRM</a>) with a Buy and raises the price target from $106 to $120.

Goldman Sachs Maintains Buy on Iron Mountain, Raises Price Target to $120

Iron Mountain Incorporated (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/irm#NYSE">IRM</a>) reported second-quarter 2024 adjusted funds from operations (AFFO) per share of $1.08, beating the Zacks Consensus Estimate of $1.06.
Reflecting positive sentiments, shares of Iron Mountain have gained nearly 5% in the initial hours of the trading session today. The results reflect solid performances in the storage and service segments and the data center business. However, higher interest expenses in the quarter acted as a dampener. The company reaffirmed its outlook for 2024.
Quarterly total revenues of $1.53 billion outpaced the Zacks Consensus Estimate of $1.50 billion.
On a year-over-year basis, AFFO per share and total revenues increased 10.2% and 13%, respectively.
According to William L. Meaney, president and CEO of Iron Mountain, &quot;We continue to execute well on our growth strategy and are pleased to report a very strong second quarter, again resulting in all-time record Revenue and Adjusted EBITDA. We are grateful to our team, who continue to drive toward our Project Matterhorn growth targets, including top-tier growth in AFFO, which enabled us to increase the dividend by 10%. This is in line with our long-term plan to increase the dividend alongside growth in AFFO per share.&quot;
<h3>Behind the Headlines</h3>
Storage rental revenues were $919.7 million in the second quarter, up 10.7% year over year. We had estimated quarterly storage rental revenues to be $910.4 million.
Service revenues increased 16.6% from the prior-year quarter to $614.7 million.
The Global Data Center business reported revenues of $152.7 million in the second quarter, rising 29.4% year over year. Our estimate was pegged at $157 million.
The adjusted EBITDA rose 14.4% year over year to $544.4 million. The adjusted EBITDA margin came at 35.5%, rising 50 basis points year over year.
However, interest expenses flared up 22.4% year over year to $176.5 million in the quarter. We projected the metric to be $158.2 million.
<h3>Balance-Sheet Position</h3>
IRM exited the second quarter with $144.3 million of cash and cash equivalents, down from $191.7 million as of Mar 31, 2024.
<h3>Dividend Update</h3>
Concurrently, IRM announced a quarterly cash dividend of 71.5 cents per share for the third quarter of 2024, indicating an increase of 10% from the prior payout. The dividend will be paid out on Oct 3, 2024, to its shareholders on record as of Sep 16, 2024.
<h3>2024 Guidance</h3>
Iron Mountain reaffirmed its guidance for 2024 and now expects to be toward the upper end of the 2024 guidance range.
It expects AFFO per share of $4.39-$4.51. The Zacks Consensus Estimate for the same is pegged at $4.44, which lies within the company&#39;s guided range.
Revenues are estimated to be $6.00-$6.15 billion, while adjusted EBITDA is anticipated to be $2.175-$2.225 billion.
Iron Mountain currently carries a Zacks Rank #3 (Hold).
<div class="chart_embed">
<h3>Iron Mountain Incorporated Price, Consensus and EPS Surprise</h3>
<img alt="Iron Mountain Incorporated Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/05/1722524455.png" style="height:265px; width:584px" title="" />
Iron Mountain Incorporated price-consensus-eps-surprise-chart | Iron Mountain Incorporated Quote
</div>
<h3>Performance of Other REITs</h3>
American Tower Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/amt#NYSE">AMT</a>) reported second-quarter AFFO per share, attributable to AMT common stockholders, of $2.79, beating the Zacks Consensus Estimate of $2.53. The figure climbed 13.4% year over year.
Results reflect better-than-anticipated revenues, aided by revenue growth across its Property segment. AMT recorded healthy year-over-year organic tenant billings growth of 5.3% and total tenant billings growth of 6.1%. It has also raised its 2024 outlook.
SBA Communications Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sbac#NASDAQ">SBAC</a>) reported second-quarter 2024 AFFO per share of $3.29, beating the Zacks Consensus Estimate by a whisker. Moreover, the figure reflects a rise of 1.5% from the prior-year quarter.
Results reflected a decent improvement in site leasing revenues. It continues to benefit from the addition of sites to its portfolio. However, lower revenues posted by site development hurt the results to some extent. SBAC lowered its 2024 outlook.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
<a href="https://www.zacks.com/stock/news/2314521/iron-mountain-s-irm-q2-affo-beat-estimates-revenues-rise-y-y?cid=CS-BENZ-FT-analyst_blog|earnings_article-2314521">To read this article on Zacks.com click here.</a>

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Press Releases

Iron Mountain Schedules Second Quarter 2024 Earnings Release and Conference Call

Iron Mountain Announces the Election of Andre Maciel to the Board of Directors

Contracts

Iron Mountain Consolidates Global Operations with Comprehensive Routing Solution

Iron Mountain Increases Quarterly Dividend per Share by 10%

Iron Mountain Reports Second Quarter Results

Iron Mountain Transforms the Information Experience With New Digital Experience Platform

Iron Mountain Leverages MongoDB to Provide Customers with Customizable Digital Experiences to Manage Physical and Digital Information

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