Iron Mountain Incorporated (IRM) to Issue Quarterly Dividend of $0.79 on July 3rd

Iron Mountain Incorporated (NYSE:IRM) declared a quarterly dividend on Friday, May 2nd, Wall Street Journal reports. Stockholders of record on Monday, June 16th will be given a dividend of 0.785 per share by the financial services provider on Thursday, July 3rd. This represents a $3.14 annualized dividend and a dividend yield of 3.09%. The ex-dividend date is Monday, June 16th.

Iron Mountain has a payout ratio of 134.8% 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 research analysts expect Iron Mountain to earn $5.03 per share next year, which means the company should continue to be able to cover its $3.14 annual dividend with an expected future payout ratio of 62.4%.

Iron Mountain Trading Down 1.0%

Iron Mountain stock opened at $101.50 on Friday. The stock has a market cap of $29.95 billion, a P/E ratio of 166.39, a price-to-earnings-growth ratio of 5.15 and a beta of 1.09. The stock has a 50 day moving average of $93.42 and a 200-day moving average of $97.63. Iron Mountain has a 52 week low of $72.33 and a 52 week high of $130.24.

Iron Mountain (NYSE:IRM) last released its earnings results on Thursday, May 1st. The financial services provider reported $1.17 EPS for the quarter, beating the consensus estimate of $1.16 by $0.01. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.59 billion. Iron Mountain had a negative return on equity of 401.83% and a net margin of 2.95%. The business’s revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.10 EPS. As a group, equities analysts predict that Iron Mountain will post 4.54 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Truist Financial assumed coverage on Iron Mountain in a research report on Tuesday, April 8th. They set a “buy” rating and a $95.00 price target on the stock. Barclays upped their price target on Iron Mountain from $118.00 to $121.00 and gave the company an “overweight” rating in a research report on Tuesday, May 27th. Wall Street Zen raised Iron Mountain from a “sell” rating to a “hold” rating in a research report on Friday, April 18th. Finally, JPMorgan Chase & Co. dropped their price target on Iron Mountain from $125.00 to $112.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 18th. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $121.71.

Insiders Place Their Bets

In other news, Director Walter C. Rakowich sold 900 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $99.97, for a total value of $89,973.00. Following the completion of the transaction, the director now owns 36,515 shares of the company’s stock, valued at approximately $3,650,404.55. This represents a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO William L. Meaney sold 69,125 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $86.11, for a total value of $5,952,353.75. The disclosure for this sale can be found here. Insiders have sold 216,673 shares of company stock valued at $20,319,408 over the last three months. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Empowered Funds LLC increased its position in Iron Mountain by 10.3% in the 1st quarter. Empowered Funds LLC now owns 5,728 shares of the financial services provider’s stock valued at $493,000 after buying an additional 537 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Iron Mountain by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,904 shares of the financial services provider’s stock valued at $2,573,000 after buying an additional 1,286 shares in the last quarter. Finally, Woodline Partners LP increased its position in Iron Mountain by 41.0% in the 1st quarter. Woodline Partners LP now owns 24,742 shares of the financial services provider’s stock valued at $2,129,000 after buying an additional 7,193 shares in the last quarter. Institutional investors own 80.13% of the company’s stock.

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.