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

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 3.38%. The ex-dividend date of this dividend is Monday, June 17th.

Iron Mountain has increased its dividend payment 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% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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 Price Performance

Iron Mountain stock opened at $77.00 on Friday. The company has a debt-to-equity ratio of 55.78, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $22.57 billion, a price-to-earnings ratio of 122.22, a price-to-earnings-growth ratio of 4.67 and a beta of 0.96. The company’s 50 day simple moving average is $78.13 and its 200-day simple moving average is $69.77. Iron Mountain has a 1 year low of $52.81 and a 1 year high of $82.19.

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

Insider Transactions at Iron Mountain

In other news, CEO William L. Meaney sold 15,875 shares of the firm’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $76.68, for a total value of $1,217,295.00. Following the completion of the sale, the chief executive officer now owns 295,650 shares in the company, valued at approximately $22,670,442. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Edward Baker-Greene sold 4,941 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $72.94, for a total value of $360,396.54. Following the completion of the transaction, the executive vice president now owns 3,365 shares in the company, valued at approximately $245,443.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William L. Meaney sold 15,875 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $76.68, for a total transaction of $1,217,295.00. Following the completion of the transaction, the chief executive officer now owns 295,650 shares of the company’s stock, valued at approximately $22,670,442. The disclosure for this sale can be found here. In the last quarter, insiders sold 162,124 shares of company stock worth $12,563,361. Company insiders own 2.10% of the company’s stock.

Wall Street Analyst Weigh In

IRM has been the topic of a number of recent analyst reports. Barclays increased their target price on shares of Iron Mountain from $79.00 to $91.00 and gave the company an “overweight” rating in a research report on Tuesday, March 5th. TheStreet downgraded shares of Iron Mountain from a “b” rating to a “c” rating in a research report on Thursday, February 22nd. Wells Fargo & Company increased their target price on shares of Iron Mountain from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, March 15th. Finally, Stifel Nicolaus increased their price target on shares of Iron Mountain from $65.00 to $76.00 and gave the stock a “buy” rating in a research note on Tuesday, January 23rd. 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 stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average 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.