Iron Mountain Incorporated (NYSE:IRM) Increases Dividend to $0.79 Per Share

Iron Mountain Incorporated (NYSE:IRM) announced a quarterly dividend on Thursday, February 13th,RTT News reports. Shareholders 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 annualized dividend and a yield of 3.30%. This is a boost from Iron Mountain’s previous quarterly dividend of $0.72.

Iron Mountain has raised its dividend by an average of 1.7% per year over the last three years. Iron Mountain has a dividend payout ratio of 126.5% meaning 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 $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 Stock Performance

Shares of Iron Mountain stock opened at $95.20 on Friday. The firm has a 50-day simple moving average of $105.94 and a two-hundred day simple moving average of $112.73. The company has a market cap of $27.94 billion, a P/E ratio of 264.44, a price-to-earnings-growth ratio of 5.84 and a beta of 1.01. Iron Mountain has a fifty-two week low of $66.86 and a fifty-two week high of $130.24.

Insiders Place Their Bets

In related news, CEO William L. Meaney sold 15,872 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $112.99, for a total transaction of $1,793,377.28. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Mithu Bhargava sold 8,263 shares of Iron Mountain stock in a transaction dated 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 owns 13,054 shares of the company’s stock, valued at approximately $1,364,012.46. The trade was a 38.76 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 162,391 shares of company stock valued at $16,805,912. Insiders own 2.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on IRM. Wells Fargo & Company decreased their price objective on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday, February 4th. Royal Bank of Canada upped their price objective on shares of Iron Mountain from $135.00 to $139.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 27th. StockNews.com downgraded shares of Iron Mountain from a “hold” rating to a “sell” rating in a research report on Tuesday, January 28th. BNP Paribas upgraded shares of Iron Mountain to a “strong-buy” rating in a research report on Wednesday, November 6th. Finally, Barclays cut their price objective on shares of Iron Mountain from $131.00 to $130.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. One equities research analyst has rated the stock with a sell rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $129.17.

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.