Iron Mountain Incorporated (IRM) to Issue Quarterly Dividend of $0.79 on April 4th

Iron Mountain Incorporated (NYSE:IRM) announced a quarterly dividend on Thursday, February 13th, RTT News reports. Investors of record on Monday, March 17th will be given a dividend of 0.785 per share by the financial services provider on Friday, April 4th. This represents a $3.14 annualized dividend and a dividend yield of 3.62%. The ex-dividend date of this dividend is Monday, March 17th. This is a 9.8% increase from Iron Mountain’s previous quarterly dividend of $0.72.

Iron Mountain has raised its dividend payment by an average of 1.7% per year over the last three years. Iron Mountain has a dividend payout ratio of 140.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Iron Mountain to earn $5.03 per share next year, which means the company should continue to be able to cover its $3.14 annual dividend with an expected future payout ratio of 62.4%.

Iron Mountain Stock Up 1.9 %

Shares of IRM opened at $86.68 on Friday. The stock has a market cap of $25.46 billion, a price-to-earnings ratio of 142.09, a P/E/G ratio of 5.15 and a beta of 1.04. Iron Mountain has a 12 month low of $73.53 and a 12 month high of $130.24. The company has a 50-day moving average price of $98.28 and a two-hundred day moving average price of $110.08.

Iron Mountain (NYSE:IRM) last posted its earnings results on Thursday, February 13th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.70). Iron Mountain had a net margin of 2.95% and a negative return on equity of 401.83%. The firm had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter last year, the firm posted $0.52 EPS. Equities research analysts expect that Iron Mountain will post 4.54 EPS for the current fiscal year.

Insider Transactions at Iron Mountain

In related news, CEO William L. Meaney sold 172,552 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $91.33, for a total value of $15,759,174.16. Following the sale, the chief executive officer now directly owns 237,402 shares of the company’s stock, valued at approximately $21,681,924.66. The trade was a 42.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Mithu Bhargava sold 8,263 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $104.49, for a total transaction of $863,400.87. Following the completion of the sale, the executive vice president now directly owns 13,054 shares in the company, valued at $1,364,012.46. This represents a 38.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 327,242 shares of company stock valued at $31,530,305 over the last three months. 2.10% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

IRM has been the subject of a number of research reports. StockNews.com lowered shares of Iron Mountain from a “hold” rating to a “sell” rating in a report on Friday. Barclays lowered their price target on shares of Iron Mountain from $131.00 to $130.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. Wells Fargo & Company lowered their price target on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating for the company in a report on Tuesday, February 4th. JPMorgan Chase & Co. lowered their price target on shares of Iron Mountain from $125.00 to $112.00 and set an “overweight” rating for the company in a report on Tuesday, February 18th. Finally, Royal Bank of Canada lifted their target price on shares of Iron Mountain from $135.00 to $139.00 and gave the stock an “outperform” rating in a report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $127.67.

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.