Iron Mountain Inc (NYSE:IRM) announced a quarterly dividend on Friday, July 26th, RTT News reports. Shareholders of record on Monday, September 16th will be paid a dividend of 0.611 per share by the financial services provider on Wednesday, October 2nd. This represents a $2.44 annualized dividend and a yield of 7.21%. The ex-dividend date is Friday, September 13th.
Iron Mountain has raised its dividend payment by an average of 7.2% annually over the last three years and has increased its dividend every year for the last 9 years. Iron Mountain has a payout ratio of 115.1% 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 $2.39 per share next year, which means the company may not be able to cover its $2.44 annual dividend with an expected future payout ratio of 102.1%.
Shares of NYSE IRM opened at $33.90 on Thursday. Iron Mountain has a 1-year low of $29.28 and a 1-year high of $37.32. The business has a 50-day moving average of $31.42 and a 200-day moving average of $32.65. The company has a debt-to-equity ratio of 6.06, a current ratio of 0.75 and a quick ratio of 0.75. The company has a market capitalization of $9.60 billion, a price-to-earnings ratio of 14.74, a PEG ratio of 3.88 and a beta of 0.54.
Iron Mountain (NYSE:IRM) last issued its earnings results on Thursday, August 1st. The financial services provider reported $0.54 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.03. Iron Mountain had a return on equity of 19.65% and a net margin of 8.18%. The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the prior year, the business earned $0.30 earnings per share. The company’s revenue was up .6% compared to the same quarter last year. Research analysts expect that Iron Mountain will post 2.26 EPS for the current fiscal year.
In related news, EVP Patrick J. Keddy sold 6,000 shares of the stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $33.00, for a total value of $198,000.00. Following the completion of the transaction, the executive vice president now owns 24,114 shares of the company’s stock, valued at $795,762. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.90% of the company’s stock.
Several equities research analysts have recently weighed in on IRM shares. Bank of America downgraded Iron Mountain from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $33.00 to $25.00 in a research report on Thursday, July 11th. Wells Fargo & Co assumed coverage on Iron Mountain in a report on Wednesday, July 10th. They issued an “outperform” rating and a $31.60 price target for the company. Robert W. Baird raised Iron Mountain from an “underperform” rating to a “neutral” rating and increased their price target for the company from $27.00 to $29.00 in a report on Friday, August 2nd. TheStreet raised Iron Mountain from a “c+” rating to a “b-” rating in a report on Monday. Finally, ValuEngine raised Iron Mountain from a “sell” rating to a “hold” rating in a report on Thursday, September 5th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $33.51.
Iron Mountain Company Profile
Iron Mountain Incorporated (NYSE: IRM), founded in 1951, is the global leader for storage and information management services. Trusted by more than 225,000 organizations around the world, and with a real estate network of more than 85 million square feet across more than 1,400 facilities in approximately 50 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts.
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