Iron Mountain Incorporated (NYSE:IRM) Declares Quarterly Dividend of $0.62

Iron Mountain Incorporated (NYSE:IRM – Get Rating) announced a quarterly dividend on Thursday, April 28th, Zacks reports. Investors of record on Wednesday, June 15th will be given a dividend of 0.618 per share by the financial services provider on Saturday, July 16th. This represents a $2.47 dividend on an annualized basis and a dividend yield of 4.44%. The ex-dividend date is Tuesday, June 14th.

Iron Mountain has increased its dividend by an average of 1.4% annually over the last three years. Iron Mountain has a payout ratio of 136.5% 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 $3.31 per share next year, which means the company should continue to be able to cover its $2.47 annual dividend with an expected future payout ratio of 74.6%.

NYSE:IRM opened at $55.71 on Friday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 10.46. The company has a market capitalization of $16.18 billion, a P/E ratio of 35.94 and a beta of 0.85. Iron Mountain has a 12 month low of $38.56 and a 12 month high of $58.61. The business’s 50-day moving average is $52.43 and its 200 day moving average is $48.80.

Iron Mountain (NYSE:IRM – Get Rating) last posted its earnings results on Thursday, April 28th. The financial services provider reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.32). The firm had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Iron Mountain had a return on equity of 45.09% and a net margin of 10.02%. Iron Mountain’s quarterly revenue was up 15.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.81 earnings per share. On average, research analysts forecast that Iron Mountain will post 3.08 earnings per share for the current year.

A number of brokerages have issued reports on IRM. Credit Suisse Group upped their price objective on Iron Mountain from $18.00 to $20.00 and gave the company an “underperform” rating in a research report on Friday, February 25th. StockNews.com began coverage on Iron Mountain in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Finally, Stifel Nicolaus upped their price objective on Iron Mountain from $52.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, April 12th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $43.25.

In other news, COO John Tomovcsik sold 6,218 shares of the company’s stock in a transaction that occurred on Thursday, April 14th. The stock was sold at an average price of $56.11, for a total transaction of $348,891.98. Following the transaction, the chief operating officer now owns 56,000 shares of the company’s stock, valued at $3,142,160. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Deirdre Evens sold 29,037 shares of the company’s stock in a transaction that occurred on Tuesday, March 29th. The shares were sold at an average price of $55.00, for a total value of $1,597,035.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 118,999 shares of company stock worth $6,015,205. Insiders own 2.10% of the company’s stock.

Large investors have recently made changes to their positions in the stock. HB Wealth Management LLC bought a new position in Iron Mountain in the fourth quarter worth approximately $202,000. Wealthsource Partners LLC bought a new position in Iron Mountain in the fourth quarter worth approximately $209,000. Penserra Capital Management LLC grew its stake in Iron Mountain by 140.5% in the fourth quarter. Penserra Capital Management LLC now owns 6,509 shares of the financial services provider’s stock worth $339,000 after purchasing an additional 3,802 shares in the last quarter. Glenmede Trust Co. NA grew its stake in Iron Mountain by 19.8% in the fourth quarter. Glenmede Trust Co. NA now owns 6,821 shares of the financial services provider’s stock worth $356,000 after purchasing an additional 1,128 shares in the last quarter. Finally, Madison Asset Management LLC grew its stake in Iron Mountain by 7.5% in the fourth quarter. Madison Asset Management LLC now owns 36,160 shares of the financial services provider’s stock worth $1,892,000 after purchasing an additional 2,538 shares in the last quarter. 78.39% of the stock is currently owned by institutional investors.

About Iron Mountain (Get Rating)

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 90 million square feet across approximately 1,450 facilities in approximately 50 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts.

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