Iron Mountain (IRM) ended the recent trading session at $79.20, demonstrating a +0.58% swing from the preceding day's closing price. This move outpaced the S&P 500's daily gain of 0.15%. Elsewhere, the Dow saw a downswing of 0.02%, while the tech-heavy Nasdaq appreciated by 0.32%.The real estate investment trust's shares have seen a decrease of 2.42% over the last month, not keeping up with the Finance sector's loss of 1.77% and the S&P 500's gain of 1.65%.The investment community will be closely monitoring ...

With a steady increase in Treasury yields due to sticky inflation data, the broader U.S. equity market witnessed a downward trajectory over the past few trading days. The benchmark 10-year Treasury yields climbed to their highest levels since November 2023 and hovered in the vicinity of 4.4%, dragging the equity markets down. Investors began to fret about its probable impact on the Federal Reserve’s next policy meeting in May, with the odds of a rate cut declining significantly.The Core Personal Consumption ...

Shares of Iron Mountain Incorporated (IRM) have gained 12.4% year to date against the industry’s fall of 7%.This Boston, MA-based real estate investment trust (REIT) continues to benefit from its stable and resilient core storage and records management businesses, enabling it to ride the growth curve. The company’s strategic acquisitions and data center business expansion efforts are likely to have paid off well.In February 2024, this Zacks Ranks #1 (Strong Buy) company reported fourth-quarter 2023 adjusted ...

Markets tumbled on Tuesday led by a selloff among the medical sector as US regulators unexpectedly declined to raise payments for private Medicare plans.Additionally, manufacturing data indicated that commodity price pressures are still subdued and left doubts that the Fed will cut rates during the second quarter as markets have anticipated. The 10-year Treasury yield also rose to its highest level in 2024 at 4.37%, indicating a tug and pull effect is on the horizon from investors fleeing bonds and seeking ...

The leading benchmark indices notched all-time closing highs yesterday as the Federal Reserve held interest rates steady, in line with widespread expectations. Despite the federal funds rate level (in the range between 5.25% and 5.50%) being the highest in more than 23 years, the Fed kept the rates unchanged and pledged to cut the same thrice in 2024. This propelled the stock markets to record highs on optimism that the rate cuts will buoy the economic growth, which is projected to grow at a 2.1% annualized ...

Iron Mountain Incorporated (IRM) is well-poised to benefit from its resilient business model and expansion into the data center business. Its solid balance sheet position also bodes well.Last month, this Boston, MA-based real estate investment trust (REIT) reported fourth-quarter adjusted funds from operations (AFFO) per share of $1.11, surpassing the Zacks Consensus Estimate of $1.05. Moreover, the figure improved 8.8% on a year-over-year basis, attributable to solid performances in the storage and service ...

Iron Mountain Incorporated Conference Call Summary Company Overview - **Company**: Iron Mountain Incorporated (NYSE: IRM) - **Event**: Morgan Stanley Technology, Media & Telecom Conference - **Date**: March 5, 2024 - **Participants**: Barry Hytinen (CFO), Calvin Lam (Morgan Stanley) Key Points Industry and Company Performance - Iron Mountain has been one of the top 5 performing REITs over the last year, indicating strong market performance [4][4] - The company is experiencing significant growth in its data center business, which constitutes about 10% of total revenues and is expected to grow at least 20% this year [5][6] Data Center Business - Current operational capacity is over 250 megawatts, with 95% leased, and an additional 250 megawatts under construction, also 95% pre-leased [5][6] - Total potential build-out capacity is over 860 megawatts, up from 740 megawatts a year ago, reflecting ongoing expansion efforts [6][6] - The company anticipates new leasing of 100 megawatts or more this year, a 25% increase from previous guidance [6][6] - AI-related opportunities are driving demand, particularly from hyperscalers, leading to a robust pipeline of projects [6][6][10] Asset Life Cycle Management (ALM) - ALM is a growing segment with a total addressable market (TAM) of approximately $30 billion, with significant cross-selling opportunities from existing records management clients [24][25] - The company has grown its ALM business at a CAGR of over 30% since entering the market in 2017 [26][26] - Recent acquisitions, such as Regency Technologies, enhance Iron Mountain's capabilities in processing and recycling enterprise gear, allowing for better value capture [28][29] Financial Performance and Strategy - The data center segment has an EBITDA margin in the low to mid-40s percent, with expectations for improvement as efficiency increases [31][31] - The ALM segment operates on a revenue share model for hyperscale decommissioning, with margins in the teens to 20s, while enterprise services have margins in the 20s to 30s [33][34] - The company targets a leverage range of 4.5 to 5.5 times debt to EBITDA, currently operating at around 5 times, providing financial flexibility for growth [14][57] Growth and Investment Strategy - Iron Mountain plans to continue investing in data center development, funded by cash generated from its records management segment, which requires limited capital expenditure [13][36] - The company is focused on organic growth but remains open to strategic acquisitions if they present compelling opportunities [40][41] - Cross-selling initiatives are a key focus, with management compensation linked to cross-selling performance to drive revenue growth [20][55] Records Management Segment - The global Records Management segment grew about 9% last year, with expectations for continued growth driven by digital solutions and services [43][44] - The digital solutions business within Records Management is expected to grow at double-digit rates, fueled by increasing client demand for data digitization [44][45] Challenges and Market Dynamics - The company is aware of potential power constraints in certain markets but has not faced significant issues, thanks to proactive measures like building substations [72][73] - Competition in the data center market is healthy, with hyperscale clients increasingly favoring fewer, more reliable partners [68][69] Future Outlook - Iron Mountain aims for a revenue CAGR of 10% from 2021 to 2026, with current performance exceeding these targets [52][52] - The company is well-positioned to leverage AI and digital transformation trends to enhance service offerings and operational efficiency [10][55] This summary encapsulates the key insights from the conference call, highlighting Iron Mountain's strategic focus on growth, innovation, and operational efficiency across its business segments.

Iron Mountain Incorporated (NYSE:IRM) Morgan Stanley Technology, Media & Telecom Conference March 5, 2024 11:00 AM ET Company Participants Barry Hytinen - Chief Financial Officer Conference Call Participants Calvin Lam - Morgan Stanley Calvin Lam Maybe we'll begin now. So my name is Calvin Lam. I'm -- I run the communication services banking business at Morgan Stanley. I'm joined here on stage today by Barry Hytinen, the CFO of Iron Mountain; and Gill Tiltman, the Head of Investor Relations. So welcome, and ...

Shares of Iron Mountain (IRM -0.01%) soared 16.5% in February, according to data provided by S&P Global Market Intelligence. Driving up the real estate investment trust (REIT) was its strong fourth-quarter results and bullish outlook for 2024. Project Matterhorn is paying dividendsIron Mountain reported quarterly and full-year records for revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) last month. Revenue grew 7% for the year to nearly $5.5 billion, while adjust ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.While many investors like to look for moment ...