Iron Mountain Incorporated (NYSE:IRM) Announces Quarterly Dividend of $0.55
Iron Mountain Incorporated (NYSE:IRM) announced a quarterly dividend on Thursday, July 27th, RTT News reports. Investors of record on Friday, September 15th will be given a dividend of 0.55 per share by the financial services provider on Monday, October 2nd. This represents a $2.20 dividend on an annualized basis and a yield of 6.33%.
Iron Mountain has raised its dividend by an average of 22.9% per year over the last three years and has raised its dividend annually for the last 7 consecutive years. Iron Mountain has a payout ratio of 101.9% 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 $1.40 per share next year, which means the company may not be able to cover its $2.20 annual dividend with an expected future payout ratio of 157.1%.
Iron Mountain (IRM) traded down 0.57% during mid-day trading on Thursday, reaching $34.76. The company had a trading volume of 822,126 shares. The firm has a 50-day moving average of $34.36 and a 200 day moving average of $35.15. The company has a market capitalization of $9.18 billion, a PE ratio of 91.47 and a beta of 0.93. Iron Mountain has a 1-year low of $30.75 and a 1-year high of $41.50.
Iron Mountain (NYSE:IRM) last issued its earnings results on Thursday, April 27th. The financial services provider reported $0.48 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.51 by $0.03. The business had revenue of $939 million for the quarter, compared to analyst estimates of $928.62 million. Iron Mountain had a return on equity of 12.74% and a net margin of 2.75%. The firm’s revenue was up 25.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.51 EPS. On average, analysts predict that Iron Mountain will post $1.18 earnings per share for the current fiscal year.
In other Iron Mountain news, SVP Eileen Sweeney sold 2,100 shares of the stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $35.14, for a total transaction of $73,794.00. Following the completion of the sale, the senior vice president now owns 2,104 shares of the company’s stock, valued at approximately $73,934.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Walter C. Rakowich sold 1,552 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $35.15, for a total transaction of $54,552.80. Following the sale, the director now directly owns 15,074 shares of the company’s stock, valued at approximately $529,851.10. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.
Several research analysts have commented on the company. BidaskClub raised Iron Mountain from a “hold” rating to a “buy” rating in a research note on Wednesday, July 5th. Deutsche Bank AG downgraded Iron Mountain from a “hold” rating to a “sell” rating and lowered their price objective for the company from $41.00 to $30.00 in a research note on Wednesday, June 7th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Iron Mountain in a research note on Friday, June 9th. Finally, Zacks Investment Research downgraded Iron Mountain from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 27th. Two investment analysts have rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $38.75.
About Iron Mountain
Iron Mountain Incorporated (Iron Mountain) is engaged in storing records, primarily paper documents and data backup media, and provide information management services. The Company offers records management services, data protection and recovery services and information destruction services. Its information management services are divided into three categories: records management services, data protection and recovery services, and information destruction services.
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