Iron Mountain Incorporated (NYSE:IRM) to Issue Quarterly Dividend of $0.65

Iron Mountain Incorporated (NYSE:IRM) announced a quarterly dividend on Thursday, May 2nd, RTT News reports. Stockholders of record on Monday, June 17th will be given a dividend of 0.65 per share by the financial services provider on Friday, July 5th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.35%.

Iron Mountain has raised its dividend by an average of 0.8% per year over the last three years and has increased its dividend annually for the last 1 consecutive years. Iron Mountain has a dividend payout ratio of 121.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Iron Mountain to earn $4.45 per share next year, which means the company should continue to be able to cover its $2.60 annual dividend with an expected future payout ratio of 58.4%.

Iron Mountain Stock Performance

Shares of IRM traded down $0.44 during mid-day trading on Thursday, reaching $77.66. The company’s stock had a trading volume of 146,432 shares, compared to its average volume of 1,396,080. Iron Mountain has a 1-year low of $52.81 and a 1-year high of $82.19. The stock has a market cap of $22.76 billion, a P/E ratio of 123.92, a PEG ratio of 4.64 and a beta of 0.96. The business has a 50-day simple moving average of $78.03 and a two-hundred day simple moving average of $69.72. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 55.78.

Iron Mountain (NYSE:IRM) last released its quarterly earnings results on Thursday, February 22nd. The financial services provider reported $0.52 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.48). Iron Mountain had a return on equity of 178.02% and a net margin of 5.44%. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.45 billion. During the same period in the previous year, the business posted $0.98 earnings per share. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. As a group, equities research analysts anticipate that Iron Mountain will post 4.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Daniel Borges sold 996 shares of Iron Mountain stock in a transaction on Monday, March 4th. The stock was sold at an average price of $80.00, for a total value of $79,680.00. Following the completion of the sale, the chief accounting officer now owns 3,095 shares of the company’s stock, valued at $247,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Daniel Borges sold 996 shares of Iron Mountain stock in a transaction on Monday, March 4th. The stock was sold at an average price of $80.00, for a total transaction of $79,680.00. Following the transaction, the chief accounting officer now directly owns 3,095 shares in the company, valued at $247,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William L. Meaney sold 15,875 shares of Iron Mountain stock in a transaction on Monday, February 5th. The shares were sold at an average price of $68.24, for a total value of $1,083,310.00. Following the transaction, the chief executive officer now owns 295,650 shares in the company, valued at $20,175,156. The disclosure for this sale can be found here. Insiders sold 162,124 shares of company stock valued at $12,563,361 over the last 90 days. Company insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on IRM. Stifel Nicolaus raised their target price on Iron Mountain from $65.00 to $76.00 and gave the company a “buy” rating in a report on Tuesday, January 23rd. Barclays upped their price objective on Iron Mountain from $79.00 to $91.00 and gave the stock an “overweight” rating in a report on Tuesday, March 5th. TheStreet cut Iron Mountain from a “b” rating to a “c” rating in a report on Thursday, February 22nd. Finally, Wells Fargo & Company upped their price objective on Iron Mountain from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, March 15th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.80.

Iron Mountain Company Profile

Iron Mountain Incorporated (NYSE: IRM) is a global leader in information management services. Founded in 1951 and trusted by more than 240,000 customers worldwide, Iron Mountain serves to protect and elevate the power of our 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, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.