Iron Mountain Incorporated Announces Quarterly Dividend of $0.79 (NYSE:IRM)

Key Points

• Iron Mountain Incorporated declared a quarterly dividend of $0.79 per share, set to be paid on October 3rd, reflecting an annualized yield of 3.3%.
• The company's current payout ratio stands at 134.8%, indicating reliance on its balance sheet to cover dividends, though future earnings expectations suggest a more sustainable payout ratio of 62.4%.
• In the latest earnings report, Iron Mountain surpassed analysts' forecasts, posting $1.24 earnings per share, an increase from $1.08 in the same quarter last year, with revenues rising by 11.6%.

Iron Mountain Incorporated (NYSE:IRM - Get Free Report) announced a quarterly dividend on Wednesday, August 6th, RTT News reports. Stockholders of record on Monday, September 15th will be given a dividend of 0.785 per share by the financial services provider on Friday, October 3rd. This represents a c) annualized dividend and a dividend yield of 3.3%.

Iron Mountain has a payout ratio of 134.8% 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 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

Shares of IRM stock traded down $1.20 during mid-day trading on Wednesday, hitting $94.35. The stock had a trading volume of 682,365 shares, compared to its average volume of 1,826,214. Iron Mountain has a fifty-two week low of $72.33 and a fifty-two week high of $130.24. The firm has a market cap of $27.84 billion, a PE ratio of 230.41 and a beta of 1.07. The company's 50-day simple moving average is $99.92 and its 200-day simple moving average is $95.05.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.19 by $0.05. Iron Mountain had a net margin of 1.97% and a negative return on equity of 201.62%. Iron Mountain's revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.08 earnings per share. On average, analysts expect that Iron Mountain will post 4.54 EPS for the current year.

Insider Activity at Iron Mountain

In other Iron Mountain news, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $102.02, for a total transaction of $612,120.00. Following the transaction, the executive vice president directly owned 91,081 shares of the company's stock, valued at $9,292,083.62. The trade was a 6.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Walter C. Rakowich sold 900 shares of Iron Mountain stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $99.97, for a total transaction of $89,973.00. Following the transaction, the director directly owned 36,515 shares in the company, valued at approximately $3,650,404.55. This trade represents a 2.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 240,007 shares of company stock valued at $23,543,507 over the last three months. Insiders own 1.90% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Cranbrook Wealth Management LLC acquired a new stake in Iron Mountain in the first quarter valued at $26,000. Financial Network Wealth Advisors LLC acquired a new stake in Iron Mountain in the first quarter valued at $26,000. Golden State Wealth Management LLC acquired a new stake in Iron Mountain in the first quarter valued at $30,000. Ramirez Asset Management Inc. acquired a new stake in Iron Mountain in the first quarter valued at $34,000. Finally, Wayfinding Financial LLC acquired a new stake in Iron Mountain in the first quarter valued at $37,000. 80.13% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.