Iron Mountain (IRM) Announces $0.59 Quarterly Dividend

Iron Mountain (NYSE:IRM) declared a quarterly dividend on Thursday, May 24th, RTT News reports. Stockholders of record on Friday, June 15th will be paid a dividend of 0.5875 per share by the financial services provider on Monday, July 2nd. This represents a $2.35 annualized dividend and a dividend yield of 7.13%.

Iron Mountain has decreased its dividend payment by an average of 2.1% annually over the last three years and has increased its dividend every year for the last 8 years. Iron Mountain has a payout ratio of 109.8% 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 $2.26 per share next year, which means the company may not be able to cover its $2.35 annual dividend with an expected future payout ratio of 104.0%.

Shares of Iron Mountain stock opened at $32.98 on Friday. Iron Mountain has a 52 week low of $30.78 and a 52 week high of $41.53. The firm has a market capitalization of $9.40 billion, a PE ratio of 15.48 and a beta of 0.81. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 3.55.

Iron Mountain (NYSE:IRM) last announced its quarterly earnings results on Thursday, April 26th. The financial services provider reported $0.24 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.01. Iron Mountain had a return on equity of 14.96% and a net margin of 4.31%. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the company posted $0.48 EPS. The company’s quarterly revenue was up 10.8% on a year-over-year basis. equities analysts forecast that Iron Mountain will post 2.08 earnings per share for the current fiscal year.

IRM has been the topic of several research reports. ValuEngine lowered Iron Mountain from a “hold” rating to a “sell” rating in a research note on Thursday, May 17th. Zacks Investment Research lowered Iron Mountain from a “buy” rating to a “hold” rating in a research note on Monday, April 30th. Goldman Sachs Group initiated coverage on Iron Mountain in a research note on Tuesday, March 27th. They set a “buy” rating and a $41.00 target price on the stock. Finally, Stifel Nicolaus decreased their target price on Iron Mountain from $43.00 to $39.00 and set a “buy” rating on the stock in a research note on Tuesday, February 20th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $39.33.

In other Iron Mountain news, Director Clark H. Bailey sold 9,261 shares of the stock in a transaction dated Friday, April 27th. The stock was sold at an average price of $34.55, for a total value of $319,967.55. Following the sale, the director now owns 160,855 shares of the company’s stock, valued at approximately $5,557,540.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.50% of the stock is owned by company insiders.

Iron Mountain Company Profile

Iron Mountain Incorporated (NYSE: IRM), founded in 1951, is the global leader for storage and information management services. Trusted by more than 225,000 organizations around the world, and with a real estate network of more than 85 million square feet across more than 1,400 facilities in over 50 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts.

Dividend History for Iron Mountain (NYSE:IRM)

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