Iron Mountain IncorporatedIRM is making concerted efforts to fortify its portfolio in desired markets backed by acquisitions and new storage facilities in core markets. Recently, this global leader in storage and information management services unveiled two new information management facilities in Missoula and Helena, MT.
The Missoula facility, spanning 8,000 square feet of area, is situated at 4545 Majestic Drive. The building offers 39,000 cubic feet of storage and information management capacity. It is well equipped to provide solutions for data and records management, as well as document and asset imaging.
In addition, the facility at Helena spans 27,900 square feet of space offering 85,000 cubic feet of storage and service capacity. The property located at 1700 National Ave is capable of delivering records and data management, as well as secure shredding services.
Notably, the facilities mark the company's debut in the Montana market and reflect its intensions to extend Iron Mountain's solutions portfolio to the business market in the state.
Per management, there is an increasing need to safeguard important data and information, and make them easily accessible to the organization. With Iron Mountain's solid capacity to offer facilities for data management, the company remains well poised to capitalize on this trend. In fact, the company has more than 1400 facilities across the globe.
Further, with growth in cloud computing, Internet of Things and big data, and an increasing number of companies opting for third-party IT infrastructure, data-center real estate investment trusts (REIT) are experiencing a boom market. This, along with an improved outlook for economic growth, is anticipated to spur demand for data centers, and offer ample scope for growth to data-center REITs, including Digital Realty DLR , CoreSite Realty Corporation COR and Equinix Inc. EQIX .
Iron Mountain's latest endeavors to incubate business commands appreciation and will likely boost its top-line growth by leveraging on the company's healthy fundamentals. In fact, a diversified revenue base, a strong product portfolio and cost-cutting initiatives bode well for long-term growth. However, heavy investments in setting up the company's data-center business dampen its financials, especially as it already has a highly leveraged balance sheet.
In the past year, shares of this Zacks Rank #3 (Hold) company have outperformed the industry it belongs to. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
The stock has inched up 0.1% compared with the industry's decline of 1.6%.
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportIron Mountain Incorporated (IRM): Free Stock Analysis ReportEquinix, Inc. (EQIX): Free Stock Analysis ReportDigital Realty Trust, Inc. (DLR): Free Stock Analysis ReportCoreSite Realty Corporation (COR): Free Stock Analysis ReportTo read this article on Zacks.com click here.