Iron Mountain Incorporated (NYSE:IRM) Declares Quarterly Dividend of $0.99

Iron Mountain Incorporated (NYSE:IRM) declared a quarterly dividend on Wednesday, November 4th. Investors of record on Tuesday, December 15th will be paid a dividend of $0.9930 per share by the financial services provider on Wednesday, January 6th. This represents a $3.97 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Tuesday, December 15th. This is a 14.9% increase from Iron Mountain’s previous quarterly dividend of $0.8640.

Iron Mountain has raised its dividend payment by an average of 0.1% annually over the last three years and has raised its dividend every year for the last 3 years. Iron Mountain has a dividend payout ratio of 148.1% meaning 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 $6.01 per share next year, which means the company should continue to be able to cover its $3.45 annual dividend with an expected future payout ratio of 57.4%.

Iron Mountain Stock Performance

Shares of NYSE IRM traded down $13.43 during midday trading on Thursday, hitting $105.23. 4,353,102 shares of the company traded hands, compared to its average volume of 1,715,270. Iron Mountain has a 12-month low of $77.77 and a 12-month high of $134.68. The firm has a market cap of $31.33 billion, a P/E ratio of 75.16 and a beta of 1.18. The stock has a 50-day moving average price of $114.40 and a 200 day moving average price of $115.26.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings data on Thursday, November 5th. The financial services provider reported $1.53 EPS for the quarter, topping the consensus estimate of $0.61 by $0.92. The business had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.99 billion. Iron Mountain had a net margin of 5.54% and a negative return on equity of 85.44%. Iron Mountain’s quarterly revenue was up 13.5% compared to the same quarter last year. During the same period last year, the business posted $1.32 earnings per share. As a group, equities analysts expect that Iron Mountain will post 5.42 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on IRM shares. Jefferies Financial Group decreased their target price on Iron Mountain from $147.00 to $135.00 and set a “buy” rating for the company in a research report on Monday, October 12th. The Goldman Sachs Group lifted their price target on Iron Mountain from $153.00 to $155.00 and gave the company a “buy” rating in a research report on Tuesday, October 6th. Truist Financial upped their price target on Iron Mountain from $140.00 to $155.00 and gave the stock a “buy” rating in a research note on Thursday, August 27th. Weiss Ratings downgraded Iron Mountain from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, August 25th. Finally, Barclays raised their price objective on Iron Mountain from $143.00 to $144.00 and gave the company an “overweight” rating in a research report on Tuesday, September 8th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $143.89.

About Iron Mountain

Iron Mountain Incorporated (NYSE: IRM) is a global information management and storage company that helps organizations protect, manage and optimize their physical and digital assets. Founded in 1951, the company began as a records storage provider and has expanded into a broader information lifecycle management business.

Its services include records storage and retrieval, information governance, secure shredding and destruction, document scanning, digital transformation, backup and recovery, and data center services.