Iron Mountain Incorporated (NYSE:IRM) Plans Quarterly Dividend of $0.65

Iron Mountain Incorporated (NYSE:IRM) declared a quarterly dividend on Thursday, May 2nd, RTT News reports. Stockholders of record on Monday, June 17th will be paid a dividend of 0.65 per share by the financial services provider on Friday, July 5th. This represents a $2.60 annualized dividend and a dividend yield of 2.95%. The ex-dividend date of this dividend is Monday, June 17th.

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. Equities analysts expect Iron Mountain to earn $4.45 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 58.4%.

Iron Mountain Trading Up 0.3 %

IRM stock opened at $88.02 on Friday. The company has a debt-to-equity ratio of 674.63, a quick ratio of 0.86 and a current ratio of 0.86. The company’s 50-day simple moving average is $79.69 and its 200 day simple moving average is $74.35. Iron Mountain has a 52 week low of $53.74 and a 52 week high of $89.91. The company has a market capitalization of $25.80 billion, a PE ratio of 133.37, a price-to-earnings-growth ratio of 5.27 and a beta of 0.95.

Analyst Upgrades and Downgrades

Several research firms recently commented on IRM. Wells Fargo & Company upped their price target on shares of Iron Mountain from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, March 15th. TheStreet downgraded shares of Iron Mountain from a “b” rating to a “c” rating in a research note on Thursday, February 22nd. Finally, Barclays upped their price target on shares of Iron Mountain from $79.00 to $91.00 and gave the company an “overweight” rating in a research note on Tuesday, March 5th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $73.80.

Insiders Place Their Bets

In other Iron Mountain news, Director Walter C. Rakowich sold 954 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $81.33, for a total transaction of $77,588.82. Following the sale, the director now directly owns 35,166 shares in the company, valued at $2,860,050.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Walter C. Rakowich sold 954 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $81.33, for a total value of $77,588.82. Following the sale, the director now directly owns 35,166 shares in the company, valued at approximately $2,860,050.78. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William L. Meaney sold 15,875 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $81.03, for a total transaction of $1,286,351.25. Following the completion of the sale, the chief executive officer now owns 295,650 shares in the company, valued at $23,956,519.50. The disclosure for this sale can be found here. Insiders have sold 46,209 shares of company stock worth $3,639,643 over the last ninety days. Corporate insiders own 2.10% 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.