Iron Mountain Incorporated (NYSE:IRM) Announces Quarterly Dividend of $0.79

Iron Mountain Incorporated (NYSE:IRMGet Free Report) announced a quarterly dividend on Thursday, February 13th,RTT News reports. Investors of record on Monday, March 17th will be paid a dividend of 0.785 per share by the financial services provider on Friday, April 4th. This represents a $3.14 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend is Monday, March 17th. This is an increase from Iron Mountain’s previous quarterly dividend of $0.72.

Iron Mountain has raised its dividend payment 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. 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 NYSE:IRM opened at $95.34 on Friday. The stock has a market capitalization of $27.98 billion, a price-to-earnings ratio of 264.85, a PEG ratio of 5.84 and a beta of 1.01. Iron Mountain has a 1-year low of $67.09 and a 1-year high of $130.24. The company has a 50 day moving average price of $105.45 and a 200 day moving average price of $112.70.

Insiders Place Their Bets

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $99.83, for a total value of $6,900,748.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mithu Bhargava sold 8,263 shares of the firm’s stock in a transaction on Monday, December 23rd. The shares were 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 in the company, valued at $1,364,012.46. This represents a 38.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 162,391 shares of company stock worth $16,805,912 in the last quarter. 2.10% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

IRM has been the subject of several research analyst reports. Barclays reduced their price target on shares of Iron Mountain from $131.00 to $130.00 and set an “overweight” rating for the company 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. Wells Fargo & Company reduced their price target 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. StockNews.com downgraded shares of Iron Mountain from a “hold” rating to a “sell” rating in a research report on Tuesday, January 28th. Finally, Royal Bank of Canada upped their price target on shares of Iron Mountain from $135.00 to $139.00 and gave the company an “outperform” rating in a research report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Iron Mountain currently has a consensus rating of “Moderate Buy” and a consensus price target of $129.17.

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About Iron Mountain

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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.

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Dividend History for Iron Mountain (NYSE:IRM)

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