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

Iron Mountain Incorporated (NYSE:IRM) declared 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 yield of 3.30%. This is a positive change 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 126.5% meaning 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 $4.55 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 62.9%.

Iron Mountain Price Performance

Shares of IRM opened at $95.20 on Friday. Iron Mountain has a 1-year low of $66.86 and a 1-year high of $130.24. The company has a 50-day moving average of $105.94 and a 200 day moving average of $112.73. The firm has a market capitalization of $27.94 billion, a price-to-earnings ratio of 264.44, a PEG ratio of 5.84 and a beta of 1.01.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on IRM shares. StockNews.com lowered shares of Iron Mountain from a “hold” rating to a “sell” rating in a report on Tuesday, January 28th. Wells Fargo & Company reduced their price objective on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating for the company in a research note on Tuesday, February 4th. BNP Paribas raised Iron Mountain to a “strong-buy” rating in a research report on Wednesday, November 6th. Barclays reduced their price target on Iron Mountain from $131.00 to $130.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. Finally, Royal Bank of Canada upped their price objective on Iron Mountain from $135.00 to $139.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 27th. One analyst has rated the stock with a sell rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $129.17.

Insider Transactions at Iron Mountain

In other news, EVP Mithu Bhargava sold 8,263 shares of Iron Mountain 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 approximately $1,364,012.46. The trade was a 38.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO William L. Meaney sold 69,131 shares of Iron Mountain stock in a transaction 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. Over the last ninety days, insiders sold 162,391 shares of company stock worth $16,805,912. Company 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.