Iron Mountain Incorporated (NYSE:IRM) Raises Dividend to $0.72 Per Share

Iron Mountain Incorporated (NYSE:IRM) declared a quarterly dividend on Thursday, August 1st, RTT News reports. Stockholders of record on Monday, September 16th will be given a dividend of 0.715 per share by the financial services provider on Thursday, October 3rd. This represents a $2.86 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date is Monday, September 16th. This is an increase from Iron Mountain’s previous quarterly dividend of $0.65.

Iron Mountain has raised its dividend by an average of 0.8% per year over the last three years. Iron Mountain has a payout ratio of 134.9% 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 $4.53 per share next year, which means the company should continue to be able to cover its $2.86 annual dividend with an expected future payout ratio of 63.1%.

Iron Mountain Stock Up 0.6 %

NYSE:IRM opened at $117.06 on Friday. Iron Mountain has a twelve month low of $56.51 and a twelve month high of $117.83. The firm has a market capitalization of $34.31 billion, a price-to-earnings ratio of 177.36, a price-to-earnings-growth ratio of 6.85 and a beta of 1.00. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 674.63. The stock’s 50 day moving average price is $106.10 and its two-hundred day moving average price is $89.93.

Iron Mountain (NYSE:IRM) last issued its earnings results on Thursday, August 1st. The financial services provider reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.59). The firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.50 billion. Iron Mountain had a return on equity of 595.44% and a net margin of 3.94%. Iron Mountain’s quarterly revenue was up 13.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.94 earnings per share. Equities research analysts expect that Iron Mountain will post 4.17 earnings per share for the current fiscal year.

Insider Activity at Iron Mountain

In other Iron Mountain news, CEO William L. Meaney sold 15,875 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $91.59, for a total transaction of $1,453,991.25. Following the transaction, the chief executive officer now owns 295,650 shares in the company, valued at approximately $27,078,583.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Iron Mountain news, CAO Daniel Borges sold 3,095 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $86.83, for a total transaction of $268,738.85. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William L. Meaney sold 15,875 shares of Iron Mountain stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $91.59, for a total transaction of $1,453,991.25. Following the completion of the sale, the chief executive officer now owns 295,650 shares of the company’s stock, valued at $27,078,583.50. The disclosure for this sale can be found here. Insiders sold 68,882 shares of company stock worth $6,293,740 in the last ninety days. 2.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. The Goldman Sachs Group lifted their price target on Iron Mountain from $106.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Wells Fargo & Company lifted their target price on Iron Mountain from $110.00 to $120.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. increased their price target on Iron Mountain from $82.00 to $121.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Finally, Stifel Nicolaus lifted their price objective on shares of Iron Mountain from $86.00 to $103.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.83.

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.