Iron Mountain Incorporated (NYSE:IRM) declared a quarterly dividend on Tuesday, October 24th, RTT News reports. Investors of record on Friday, December 15th will be paid a dividend of 0.5875 per share by the financial services provider on Tuesday, January 2nd. This represents a $2.35 annualized dividend and a yield of 5.89%. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.55.

Iron Mountain has raised its dividend payment by an average of 22.9% annually over the last three years and has raised its dividend every year for the last 7 years. Iron Mountain has a payout ratio of 100.9% 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 $1.39 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 158.3%.

Shares of Iron Mountain (IRM) traded down 0.40% during midday trading on Tuesday, hitting $39.90. 1,687,327 shares of the stock traded hands. The company has a market capitalization of $10.55 billion, a PE ratio of 54.73 and a beta of 0.91. Iron Mountain has a 12-month low of $30.75 and a 12-month high of $41.17. The firm’s 50 day moving average price is $39.55 and its 200 day moving average price is $36.59.

Iron Mountain (NYSE:IRM) last announced its earnings results on Tuesday, October 24th. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.26. Iron Mountain had a return on equity of 14.46% and a net margin of 5.14%. The firm had revenue of $966.00 million during the quarter, compared to analyst estimates of $960.99 million. During the same quarter in the prior year, the company earned $0.44 EPS. The business’s revenue was up 2.4% compared to the same quarter last year. Analysts expect that Iron Mountain will post $1.18 EPS for the current year.

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In related news, EVP Theodore Maclean sold 1,500 shares of the firm’s stock in a transaction on Monday, October 9th. The stock was sold at an average price of $38.13, for a total value of $57,195.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Patrick J. Keddy sold 23,428 shares of the firm’s stock in a transaction on Wednesday, October 11th. The stock was sold at an average price of $39.04, for a total value of $914,629.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 76,329 shares of company stock worth $2,969,441. Company insiders own 1.50% of the company’s stock.

Several research analysts have recently issued reports on the company. Zacks Investment Research downgraded Iron Mountain from a “hold” rating to a “sell” rating in a research note on Monday, October 2nd. Evercore ISI assumed coverage on Iron Mountain in a research note on Wednesday, October 18th. They issued an “outperform” rating and a $46.00 price target on the stock. Stifel Nicolaus restated a “buy” rating and issued a $40.00 price target on shares of Iron Mountain in a research note on Sunday, September 3rd. BidaskClub downgraded Iron Mountain from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Robert W. Baird set a $39.00 target price on Iron Mountain and gave the company a “hold” rating in a research note on Friday, August 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $40.40.

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.

Dividend History for Iron Mountain (NYSE:IRM)

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