Iron Mountain Incorporated (IRM) to Issue Quarterly Dividend of $0.65 on July 5th

Iron Mountain Incorporated (NYSE:IRM) declared a quarterly dividend on Thursday, May 2nd, RTT News reports. Investors 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 3.45%. 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 raised 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. 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

IRM opened at $75.34 on Friday. The business has a fifty day simple moving average of $78.13 and a 200 day simple moving average of $69.77. The company has a market capitalization of $22.08 billion, a PE ratio of 114.15, a price-to-earnings-growth ratio of 4.61 and a beta of 0.96. Iron Mountain has a 1 year low of $52.81 and a 1 year high of $82.19. The company has a debt-to-equity ratio of 674.63, a current ratio of 0.86 and a quick ratio of 0.78.

Iron Mountain (NYSE:IRM) last released its quarterly earnings results on Thursday, February 22nd. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by ($0.48). Iron Mountain had a net margin of 5.45% and a return on equity of 282.93%. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.45 billion. During the same quarter last year, the firm earned $0.98 earnings per share. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. Research analysts expect that Iron Mountain will post 4.18 EPS for the current year.

Insider Activity

In other news, CAO Daniel Borges sold 996 shares of the stock in a transaction dated 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 legal filing with the SEC, which is available at this link. In related news, EVP Deborah Marson sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $78.70, for a total transaction of $157,400.00. Following the completion of the sale, the executive vice president now owns 67,286 shares of the company’s stock, valued at $5,295,408.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Daniel Borges sold 996 shares of the firm’s stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 3,095 shares of the company’s stock, valued at approximately $247,600. The disclosure for this sale can be found here. Over the last quarter, insiders sold 162,124 shares of company stock valued at $12,563,361. Company insiders own 2.10% of the company’s stock.

Analyst Upgrades and Downgrades

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