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

Iron Mountain Incorporated (NYSE:IRM - Get Free Report) declared a quarterly dividend on Thursday, May 2nd, RTT News reports. Investors of record on Monday, June 17th will be given 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 3.38%.

Iron Mountain has raised its dividend by an average of 0.8% annually over the last three years and has raised its dividend annually for the last 1 consecutive years. Iron Mountain has a dividend 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 Performance

Iron Mountain stock traded down $1.10 during mid-day trading on Thursday, reaching $77.00. The company had a trading volume of 2,790,967 shares, compared to its average volume of 1,429,268. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 55.78. Iron Mountain has a 52 week low of $52.81 and a 52 week high of $82.19. The company has a 50 day moving average of $78.03 and a 200-day moving average of $69.72. The firm has a market cap of $22.57 billion, a price-to-earnings ratio of 123.92, a PEG ratio of 4.64 and a beta of 0.96.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly 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 net margin of 5.44% and a return on equity of 178.02%. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.45 billion. During the same period last year, the company earned $0.98 earnings per share. Iron Mountain's revenue for the quarter was up 11.0% on a year-over-year basis. On average, sell-side analysts expect that Iron Mountain will post 4.18 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. TheStreet downgraded shares of Iron Mountain from a "b" rating to a "c" rating in a report on Thursday, February 22nd. Stifel Nicolaus raised their price objective on shares of Iron Mountain from $65.00 to $76.00 and gave the stock a "buy" rating in a report on Tuesday, January 23rd. Wells Fargo & Company raised their price objective on shares of Iron Mountain from $80.00 to $90.00 and gave the stock an "overweight" rating in a report on Friday, March 15th. Finally, Barclays increased their target price on shares of Iron Mountain from $79.00 to $91.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 5th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $73.80.

Insider Buying and Selling

In related news, CEO William L. Meaney sold 15,875 shares of the business's stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $68.24, for a total transaction of $1,083,310.00. Following the completion of the sale, the chief executive officer now directly owns 295,650 shares of the company's stock, valued at $20,175,156. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO William L. Meaney sold 115,979 shares of the company's stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $78.90, for a total value of $9,150,743.10. Following the completion of the transaction, the chief executive officer now owns 432,682 shares in the company, valued at $34,138,609.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William L. Meaney sold 15,875 shares of the company's stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $68.24, for a total transaction of $1,083,310.00. Following the completion of the transaction, the chief executive officer now owns 295,650 shares of the company's stock, valued at approximately $20,175,156. The disclosure for this sale can be found here. Insiders sold a total of 162,124 shares of company stock valued at $12,563,361 over the last ninety days. Insiders own 2.10% of the company's stock.

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.