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

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 paid 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 yield of 3.45%. The ex-dividend date is Monday, June 17th.

Iron Mountain has raised 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 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. 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 Stock Down 2.2 %

Shares of NYSE:IRM opened at $75.34 on Friday. Iron Mountain has a 1 year low of $52.81 and a 1 year high of $82.19. The company has a market cap of $22.08 billion, a PE ratio of 114.15, a P/E/G ratio of 4.61 and a beta of 0.96. The company has a debt-to-equity ratio of 674.63, a current ratio of 0.86 and a quick ratio of 0.78. The stock’s 50-day moving average is $78.13 and its 200 day moving average is $69.77.

Iron Mountain (NYSE:IRM) last posted its earnings results 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 return on equity of 282.93% and a net margin of 5.45%. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.45 billion. During the same quarter last year, the company posted $0.98 EPS. The firm’s revenue was up 11.0% on a year-over-year basis. Sell-side analysts anticipate that Iron Mountain will post 4.18 EPS for the current year.

Insider Transactions at Iron Mountain

In related news, CAO Daniel Borges sold 996 shares of the company’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 transaction, the chief accounting officer now directly owns 3,095 shares of the company’s stock, valued at approximately $247,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Daniel Borges sold 996 shares of the company’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 transaction, the chief accounting officer now directly owns 3,095 shares of the company’s stock, valued at approximately $247,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William L. Meaney sold 15,875 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 295,650 shares in the company, valued at $22,670,442. The disclosure for this sale can be found here. Insiders have sold a total of 162,124 shares of company stock valued at $12,563,361 in the last ninety days. 2.10% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

IRM has been the topic of a number of research analyst reports. Barclays upped their target price 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 research report on Thursday, February 22nd. Stifel Nicolaus boosted their price target 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 boosted their price target on Iron Mountain from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, March 15th. One 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. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $73.80.

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.