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 given 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 7.29%. The ex-dividend date of this dividend is Friday, September 13th.
Iron Mountain has increased its dividend by an average of 7.2% per year over the last three years and has increased its dividend every year for the last 9 years. Iron Mountain has a dividend payout ratio of 115.1% indicating that 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 $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 $33.53 on Wednesday. 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 business’s 50 day moving average price is $31.35 and its 200-day moving average price is $32.66. The firm has a market capitalization of $9.60 billion, a PE ratio of 14.58, a P/E/G ratio of 3.88 and a beta of 0.54. Iron Mountain has a 1 year low of $29.28 and a 1 year high of $37.32.
A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Co assumed coverage on shares of Iron Mountain in a report on Wednesday, July 10th. They set an “outperform” rating and a $31.60 target price for the company. ValuEngine upgraded shares of Iron Mountain from a “sell” rating to a “hold” rating in a research report on Thursday, September 5th. TheStreet raised shares of Iron Mountain from a “c+” rating to a “b-” rating in a research note on Monday. Bank of America lowered shares of Iron Mountain from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $33.00 to $25.00 in a research report on Thursday, July 11th. Finally, Robert W. Baird raised shares of Iron Mountain from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $27.00 to $29.00 in a research note on Friday, August 2nd. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. Iron Mountain presently has a consensus rating of “Hold” and a consensus price target of $35.08.
In other Iron Mountain news, EVP Patrick J. Keddy sold 6,000 shares of the company’s stock in a transaction on 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 sale, the executive vice president now directly owns 24,114 shares in the company, valued at approximately $795,762. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 1.90% of the company’s stock.
About Iron Mountain
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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