Iron Mountain (NYSE:IRM) Stock, Quote.Headers.trade-ideas

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

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Wells Fargo is going to go higher, according to Jim Cramer. It&#39;s a &#34;winner,&#34; the &#34;Mad Money Lightning Round&#34; host said.

Jim Cramer: This Utilities Stock Is A Buy, Calls Wells Fargo A &#39;Winner&#39;

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Jim Cramer discusses Micron, Intel, Iron Mountain, L3Harris and Devon on today&#39;s Mad Money Lightning Round.

Jim Cramer Praises L3Harris Technologies, Says Intel Is &#39;Getting Whacked&#39; By AMD: &#39;I Much Prefer...&#39;

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Iron Mountain Incorporated (NYSE: IRM) reported second-quarter 2024 adjusted funds from operations (AFFO) per share of $1.08, beating the Zacks Consensus Estimate of $1.06.

Iron Mountain&#39;s Q2 AFFO Beat Estimates, Revenues Rise Y/Y

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

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: 
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<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

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.

Short Sellers

Short Ideas

(IRM) - Analyzing Iron Mountain's Short Interest

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: 
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<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>
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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.

Price Target

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>

Iron Mountain's Q2 AFFO Beat Estimates, Revenues Rise Y/Y

WIIM

Iron Mountain shares are trading higher after the company reported better-than-expected Q2 financial results and issued FY24 AFFO guidance above estimates. Also, the company increased its quarterly dividend.

Iron Mountain Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IRM#NYSE">IRM</a>)&nbsp;reported <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/b40094431/iron-mountain-reports-second-quarter-results" rel="noreferrer noopener">second-quarter financial results</a> Thursday before the bell,&nbsp;following&nbsp;which the shares started soaring. Here&#8217;s a look at the key metrics from the quarter.
Q2 Earnings Details:&nbsp;The company reported that the second quarter adjusted earnings per share was 42 cents, missing the consensus of 44 cents. Quarterly revenue of $1.53 billion, beating the <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">street view of $1.51 billion</a>.
Total reported revenues (excluding the impact of foreign currency exchange) increased 13.8% compared to the prior year. This was driven by an 11.5% increase in storage rental revenue and a 17.3% increase in service revenue.
On a constant currency basis, adjusted EBITDA increased by 15.1% in the quarter Y/Y, driven by the increase in Global Records Information Management&nbsp;(RIM), Asset Lifecycle Management&nbsp;(ALM), and&nbsp;data center.
AFFO was $320.9 million for the quarter, compared with $287.1 million last year, an increase of 11.8% driven by improved adjusted EBITDA. AFFO per share was $1.08, higher by 10.2% Y/Y.
Dividend: On August 1, 2024, Iron Mountain&#8217;s Board declared a quarterly cash dividend of $0.715 per share for the third quarter, representing an increase of 10%.&nbsp;
CEO William L. Meaney: &#8220;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%.&#8221;
Outlook:&nbsp;Iron Mountain affirmed <a target="_blank" href="https://www.benzinga.com/news/earnings/24/05/38586224/whats-going-on-with-iron-mountain-shares-after-q1-earnings" rel="noreferrer noopener">full-year 2024 guidance</a> and now expects towards the upper end of&nbsp;the guidance&nbsp;range for revenues of $6 billion–$6.15 billion&nbsp;versus the <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">$6.11 billion estimate</a> and AFFO per share of $4.39–$4.51.
Iron Mountain stock gained over 74% in the last 12 months.
Price Action: IRM shares are trading up by 4.44% to $107.12 at last check Thursday.
Photo by Shuttershock
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Equities

Dividends

Iron Mountain Q2: Data Storage Demand, Dividend Boost & More

Iron Mountain Increases Quarterly Dividend From 0.65 To $0.715

Iron Mountain Sees FY24 AFFO $4.390-$4.51 Vs $3.14 Est.; Revenue $6.00B-$6.15B Vs $6.107B Est.

Iron Mountain (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IRM#NYSE">IRM</a>) reported quarterly earnings of $1.08 per share which beat the analyst consensus estimate of $0.74 by 45.95 percent. The company reported quarterly sales of $1.534 billion which beat the analyst consensus estimate of $1.505 billion by 1.94 percent. This is a 12.96 percent increase over sales of $1.358 billion the same period last year.

Earnings Beats

Iron Mountain Q2 2024 FFO $1.08 Beats $0.74 Estimate, Sales $1.534B Beat $1.505B Estimate

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 13.91% on an annualized basis producing an average annual return of 26.41%. Currently, Iron Mountain has a market capitalization of $28.40 billion. 
Buying $1000 In IRM: If an investor had bought $1000 of IRM stock 5 years ago, it would be worth $3,224.01 today based on a price of $96.88 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/2024/1721934063_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 $3,200 Today

Solera Announces That Its Roadnet Anywhere Solution Is Being Implemented By Iron Mountain, A Global Leader In Storage And Information Management Services

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 $90 to $110.

Wells Fargo Maintains Overweight on Iron Mountain, Raises Price Target to $110

Real estate stocks surge in August, set to rebound after underperformance

A Summer To Remember

Real estate stocks start one of the worst months for equities on a strong note

Investing in Data Center REITs is advantageous due to the rising demand for digital infrastructure, cloud services and AI. They offer stability with high occupancy rates and diverse revenue streams, making strong data center REITs such as Iron Mountain (IRM) and Equinix (EQIX) ideal for long-term growth. Read on... Data Center REITs are a favorable option due to the rising demand for data storage and cloud services in the growing digital economy. These REITs offer exposure to essential digital infrastructure, leasing space, and power to major tech clients. With high occupancy rates and diverse revenue streams, they present attractive long-term investment opportunities.
Hence, investors looking to capitalize on the digital economy landscape could consider investing in strong data center REITs such as Iron Mountain Incorporated (<a href="https://stocknews.com/stock/IRM/">IRM</a>) and Equinix, Inc. (<a href="https://stocknews.com/stock/EQIX/">EQIX</a>).
Data centers support critical digital infrastructure, powering AI, cloud services, and e-commerce. With ongoing sustainability efforts, innovations in cooling systems, and increased computing density, their role is more crucial than ever. As demand for digital infrastructure surges, Data Center REITs are essential investments to capitalize on this booming tech landscape.
The U.S. economic outlook is uncertain, with rising <a href="https://www.reuters.com/markets/us/recession-fears-trounce-rate-cut-cheer-latest-market-selloff-2024-09-04/">recession fears</a> fueled by market volatility and weak data. Investors remain wary, doubting whether the anticipated rate cuts will stimulate growth. Despite their capital-intensive nature, data centers offer crucial services and often remain resilient during downturns, as demand for data processing and cloud services continues, driven by the essential role of digital infrastructure.
Meanwhile, global REIT earnings are projected to rise by over <a href="https://www.vpbank.com/en/vpfundsolutions/news/2024/global-public-real-estate-outlook-report#:~:text=According%20to%20UBS%2C%20global%20REIT,interest%20expenses%20from%20raised%20rates.">10% in 2024 and 2025</a>, with expectations to reach $31.67 billion by 2031, reflecting a <a href="https://www.linkedin.com/pulse/global-real-estate-investment-trust-reit-market-size-c4ikc/">CAGR of 8.8%</a>. Furthermore, REITs provide a lower-risk entry into real estate, offering steady income and opportunities for long-term property value growth.
Given these favorable trends, let's discuss the two <a href="https://stocknews.com/category/reits-data-centers/">REITs - Data Centers</a> stocks mentioned above in detail, starting with number two.
Stock #2: Iron Mountain Incorporated (<a href="https://stocknews.com/stock/IRM/">IRM</a>)
IRM is a global leader in information management services. It serves to protect and elevate the power of its customers' work through a range of offerings, including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction, and art storage and logistics.
On August 5, 2024, IRM announced the Iron Mountain InSight Digital Experience Platform (DXP), a secure SaaS platform that automates workflows, enhances data accessibility, and supports AI readiness. The platform features intelligent document processing and tools for managing both physical and digital information efficiently.
On August 1, 2024, IRM announced a 10% increase in its quarterly dividend to $0.72 per share. The dividend will be payable on October 3, 2024, to shareholders of record on September 16, 2024.
IRM's trailing-12-month <a href="https://www.investopedia.com/terms/a/assetturnover.asp">asset turnover ratio</a> of 0.34x is 154.2% higher than the 0.13x industry average. The stock's trailing-12-month Return on Common Equity of 161.90% is considerably higher than the industry average of 3.05%. Also, its trailing-12-month Capex / Sales of 26.06% is 805.6% higher than the industry average of 2.88%.
During the second quarter that ended on June 30, 2024, IRM's total revenue increased 13% year-over-year to $1.53 billion. Similarly, its adjusted EPS stood at $0.42, up 5% year-over-year. The company's AFFO and AFFO per share were $320.90 million and $1.08, up 11.8% and 10.2%, respectively, compared to the prior-year quarter.
Street expects IRM's FFO for the quarter ending September 30, 2024, to increase 7% year-over-year to $0.81. Its revenue for the same quarter is expected to rise 12% year-over-year to $1.55 billion. Over the past nine months, the stock has gained 67.1% to close the last trading session at $110.21.
IRM's <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a> reflect its strong fundamentals. The POWR Ratings assess stocks by 118 different factors, each with its own weighting.
It has a B grade for Growth, Stability, and Momentum. Within the <a href="https://stocknews.com/category/reits-data-centers/">REITs - Data Centers</a> industry, it is ranked #3 out of 4 stocks. To see IRM's ratings for Value, Sentiment, and Quality, <a href="https://stocknews.com/stock/IRM/">click here</a>.
Stock #1: Equinix, Inc. (<a href="https://stocknews.com/stock/EQIX/">EQIX</a>)
EQIX is the world's digital infrastructure company. It enables organizations to access the right places, partners, and possibilities to scale with agility, speed up the launch of digital services, deliver world-class experiences, and multiply their value, all while supporting their sustainability goals.
On August 7, 2024, EQIX declared a quarterly cash dividend of $4.26 per share, payable on September 18, 2024, to shareholders of record as of August 21, 2024.
On July 22, 2024, EQIX announced its entry into the Philippines with the acquisition of three data centers from Total Information Management. This strategic move aims to support digital growth in Southeast Asia and enhance EQIX's digital infrastructure in the region.
In terms of the trailing-12-month Return on Total Assets, EQIX's 3.15% is 144.2% higher than the 1.29% industry average. Similarly, the stock's 0.25x trailing-12-month asset turnover ratio is 88.5% higher than the 0.13x industry average. Moreover, its trailing-12-month net income margin of 12.90% is 38.3% higher than the 9.33% industry average.
EQIX's revenues for the second quarter that ended June 30, 2024, increased 6.9% year-over-year to $2.16 billion. Its adjusted EBITDA grew 15% from the year-ago value to $1.04 billion. Its AFFO attributable to common stockholders and AFFO per share stood at $877 million and $9.22, up 16.3% and 14.7% from the previous year's quarter, respectively.
For the quarter ending September 30, 2024, EQIX's revenue is expected to increase 6.8% year-over-year to $2.20 billion. Its FFO for the same quarter is expected to increase 7.4% year-over-year to $6.41. It surpassed the consensus FFO estimates in three of the trailing four quarters. Over the past three months, EQIX's stock has gained 9% to close the last trading session at $831.16.
EQIX's bright prospects are reflected in its POWR Ratings. It has an A grade for Sentiment and a B for Momentum and Stability. It is ranked #2 in the REITs - Data Centers industry. To access the additional grades of EQIX for Growth, Value, and Quality, <a href="https://stocknews.com/stock/EQIX/">click here</a>.
What To Do Next?
43 year investment veteran, Steve Reitmeister, has just released his 2024 market outlook along with trading plan and top 11 picks for the year ahead.
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<hr />
EQIX shares were trading at $829.90 per share on Monday afternoon, up $11.94 (+1.46%). Year-to-date, EQIX has gained 4.64%, versus a 15.52% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Abhishek Bhuyan</h2> <img src='https:/wp-content/uploads/2023/07/ABhuyan.jpg' style="float:left; padding:5px;width:125px;">Abhishek embarked on his professional journey as a financial journalist due to his keen interest in discerning the fundamental factors that influence the future performance of financial instruments.<a href="https://stocknews.com/authors/?author=abhishek-bhuyan">More...</a>The post <a href=https://stocknews.com/news/eqix-irm-2-data-center-reits-capitalizing-on-the-digital-economy/>2 Data Center REITs Capitalizing on the Digital Economy</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

2 Data Center REITs Capitalizing on the Digital Economy

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Opinion

Press Releases

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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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