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 annualized dividend and a dividend yield of 3.35%.

Iron Mountain has raised its dividend payment by an average of 0.8% annually over the last three years and has raised its dividend every year for the last 1 years. Iron Mountain has a 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. Research 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 Trading Down 0.6 %

Shares of Iron Mountain stock traded down $0.44 during trading hours on Thursday, hitting $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 business has a fifty day moving average of $78.03 and a 200 day moving average of $69.72. The company has a market capitalization of $22.76 billion, a PE ratio of 123.92, a P/E/G ratio of 4.64 and a beta of 0.96. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 55.78.

Iron Mountain (NYSE:IRM) last released its quarterly earnings data on Thursday, February 22nd. The financial services provider reported $0.52 earnings per share (EPS) 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 business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.45 billion. During the same period in the previous year, the company earned $0.98 EPS. Iron Mountain’s revenue was up 11.0% on a year-over-year basis. As a group, equities analysts forecast that Iron Mountain will post 4.18 EPS for the current year.

Analyst Ratings Changes

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

Insider Buying and Selling at Iron Mountain

In other Iron Mountain news, EVP Mark Kidd sold 4,458 shares of Iron Mountain stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $80.21, for a total value of $357,576.18. Following the transaction, the executive vice president now owns 62,938 shares in the company, valued at $5,048,256.98. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Iron Mountain news, EVP Mark Kidd sold 4,458 shares of Iron Mountain stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $80.21, for a total value of $357,576.18. Following the transaction, the executive vice president now owns 62,938 shares in the company, valued at $5,048,256.98. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO William L. Meaney sold 15,875 shares of Iron Mountain stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $68.24, for a total transaction of $1,083,310.00. Following the completion of the transaction, the chief executive officer now owns 295,650 shares in the company, valued at approximately $20,175,156. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 162,124 shares of company stock valued at $12,563,361. Company insiders own 2.10% of the company’s stock.

About Iron Mountain

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.