Portsmouth, New Hampshire-based Iron Mountain Incorporated (IRM) provides records management, data management solutions, and information destruction services. Valued at $37.9 billion by market cap, the company serves banking, energy, entertainment, health care, insurance, law firm, life science, retail, and pharmaceutical industries.
Companies worth $10 billion or more are generally described as “large-cap stocks,” and IRM perfectly fits that description, with its market cap exceeding this mark, underscoring its size, influence, and dominance within the REIT - specialty industry.
Despite its notable strength, IRM slipped 5.1% from its 52-week high of $134.09, achieved on May 6. Over the past three months, IRM stock gained 18.5%, outperforming the Nasdaq Composite’s ($NASX) 16% gains during the same time frame.
Shares of IRM rose 53.4% on a YTD basis, outperforming NASX’s YTD 11.4% gains. However, in the longer term, the stock climbed 24.1% over the past 52 weeks, underperforming NASX’s 31.7% returns over the last year.
To confirm the bullish trend, IRM is trading above its 200-day moving average since early February. The stock has been trading above its 50-day moving average since early January, with slight fluctuations.
On Apr. 30, IRM shares closed up more than 10% after reporting its Q1 results. Its revenue stood at $1.9 billion, up 21.5% year over year. The company’s AFFO per share increased 22.2% year over year to $1.43.
In the competitive arena of REIT - specialty, Digital Realty Trust, Inc. (DLR) has taken the lead over IRM, showing resilience with 19.1% gains on a YTD basis and a 4.3% uptick over the past 52 weeks.
Wall Street analysts are bullish on IRM’s prospects. The stock has a consensus “Strong Buy” rating from the 12 analysts covering it, and the mean price target of $131.54 suggests a potential upside of 3.4% from current price levels.
