Iron Mountain Incorporated (NYSE:IRM) Declares 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 paid a dividend of 0.785 per share by the financial services provider on Friday, April 4th. This represents a $3.14 dividend on an annualized basis and a yield of 3.05%. This is an increase from Iron Mountain’s previous quarterly dividend of $0.72.

Iron Mountain has increased its dividend by an average of 3.3% annually over the last three years. Iron Mountain has a 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. 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 Trading Down 3.2 %

IRM stock opened at $102.85 on Thursday. The firm’s 50-day moving average is $106.40 and its two-hundred day moving average is $112.85. The company has a market capitalization of $30.18 billion, a price-to-earnings ratio of 285.70, a price-to-earnings-growth ratio of 5.84 and a beta of 1.01. Iron Mountain has a 52 week low of $66.20 and a 52 week high of $130.24.

Insider Buying and Selling

In related news, EVP Mithu Bhargava sold 8,263 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $104.49, for a total value of $863,400.87. Following the completion of the transaction, the executive vice president now owns 13,054 shares of the company’s stock, valued at approximately $1,364,012.46. This trade represents a 38.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William L. Meaney sold 15,872 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $112.99, for a total transaction of $1,793,377.28. The disclosure for this sale can be found here. In the last quarter, insiders have sold 162,391 shares of company stock valued at $16,805,912. 2.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

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

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.