Iron Mountain Incorporated (NYSE:IRM) Declares Dividend Increase – $0.72 Per Share

Iron Mountain Incorporated (NYSE:IRM) declared a quarterly dividend on Thursday, August 1st, RTT News reports. Stockholders of record on Monday, September 16th will be given a dividend of 0.715 per share by the financial services provider on Thursday, October 3rd. This represents a $2.86 annualized dividend and a dividend yield of 2.79%. This is an increase from Iron Mountain’s previous quarterly dividend of $0.65.

Iron Mountain has increased its dividend by an average of 0.8% per year over the last three years. Iron Mountain has a dividend payout ratio of 128.7% meaning 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 $4.51 per share next year, which means the company should continue to be able to cover its $2.60 annual dividend with an expected future payout ratio of 57.6%.

Iron Mountain Stock Up 1.2 %

Shares of IRM opened at $102.50 on Thursday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 674.63. Iron Mountain has a 52-week low of $56.51 and a 52-week high of $103.41. The company has a market cap of $30.05 billion, a PE ratio of 155.31, a P/E/G ratio of 6.00 and a beta of 0.98. The business has a fifty day moving average of $90.31 and a 200 day moving average of $80.50.

Insider Buying and Selling

In other news, CAO Daniel Borges sold 3,095 shares of the firm’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $86.83, for a total transaction of $268,738.85. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CAO Daniel Borges sold 3,095 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $86.83, for a total value of $268,738.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Deborah Marson sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $77.80, for a total transaction of $155,600.00. Following the completion of the transaction, the executive vice president now directly owns 63,286 shares of the company’s stock, valued at approximately $4,923,650.80. The disclosure for this sale can be found here. Insiders have sold a total of 100,553 shares of company stock valued at $8,759,378 over the last quarter. 2.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on IRM shares. Stifel Nicolaus upped their price target on shares of Iron Mountain from $86.00 to $103.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. The Goldman Sachs Group increased their price target on Iron Mountain from $89.00 to $101.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Finally, Wells Fargo & Company upped their price objective on Iron Mountain from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.17.

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.