Iron Mountain Incorporated (NYSE:IRM) Raises Dividend to $0.79 Per Share

Iron Mountain Incorporated (NYSE:IRM) declared a quarterly dividend on Thursday, February 13th, RTT News reports. Stockholders 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 is Monday, March 17th. This is a 9.8% increase from Iron Mountain’s previous quarterly dividend of $0.72.

Iron Mountain has increased its dividend by an average of 1.7% per year over the last three years. Iron Mountain has a dividend payout ratio of 140.8% 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 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 Price Performance

Iron Mountain stock opened at $86.68 on Friday. The firm has a market capitalization of $25.46 billion, a PE ratio of 142.09, a P/E/G ratio of 5.15 and a beta of 1.04. The company’s 50-day moving average is $98.28 and its 200-day moving average is $110.08. Iron Mountain has a fifty-two week low of $73.53 and a fifty-two week high of $130.24.

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

Insiders Place Their Bets

In other news, CEO William L. Meaney sold 172,552 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $91.33, for a total transaction of $15,759,174.16. Following the completion of the sale, the chief executive officer now owns 237,402 shares of the company’s stock, valued at approximately $21,681,924.66. This represents a 42.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William L. Meaney sold 69,131 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $104.85, for a total transaction of $7,248,385.35. The disclosure for this sale can be found here. Insiders have sold a total of 327,242 shares of company stock worth $31,530,305 in the last quarter. Corporate insiders own 2.10% of the company’s stock.

Analyst Ratings Changes

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

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.