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

Iron Mountain Incorporated (NYSE:IRM) announced 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 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 payment by an average of 3.3% annually over the last three years. Iron Mountain has a payout ratio of 126.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research 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

IRM opened at $102.85 on Thursday. The company has a market capitalization of $30.18 billion, a PE ratio of 285.70, a price-to-earnings-growth ratio of 5.84 and a beta of 1.01. Iron Mountain has a fifty-two week low of $66.20 and a fifty-two week high of $130.24. The business has a 50-day moving average of $106.40 and a 200-day moving average of $112.85.

Insider Buying and Selling at Iron Mountain

In other news, CEO William L. Meaney sold 15,872 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $112.99, for a total value of $1,793,377.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Mithu Bhargava sold 8,263 shares of the business’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $104.49, for a total transaction of $863,400.87. Following the transaction, the executive vice president now directly owns 13,054 shares in the company, valued at $1,364,012.46. This trade represents a 38.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 162,391 shares of company stock worth $16,805,912 over the last ninety days. Company insiders own 2.10% of the company’s stock.

Analyst Ratings Changes

IRM has been the subject of a number of analyst reports. Wells Fargo & Company reduced their target price 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. StockNews.com lowered shares of Iron Mountain from a “hold” rating to a “sell” rating in a research note on Tuesday, January 28th. BNP Paribas upgraded shares of Iron Mountain to a “strong-buy” rating in a report on Wednesday, November 6th. Barclays cut their target price on Iron Mountain from $131.00 to $130.00 and set an “overweight” rating on the stock in a report on Tuesday, January 28th. Finally, Royal Bank of Canada upped their price target 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 investment analyst has rated the stock with a sell rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $129.17.

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.