Iron Mountain Incorporated (NYSE:IRM) Announces $0.62 Quarterly Dividend

Iron Mountain Incorporated (NYSE:IRMGet Rating) declared a quarterly dividend on Thursday, August 4th, Zacks reports. Investors of record on Thursday, September 15th will be paid a dividend of 0.618 per share by the financial services provider on Tuesday, October 4th. This represents a $2.47 dividend on an annualized basis and a yield of 4.73%. The ex-dividend date is Wednesday, September 14th.

Iron Mountain has a payout ratio of 135.0% indicating that 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 $3.89 per share next year, which means the company should continue to be able to cover its $2.47 annual dividend with an expected future payout ratio of 63.5%.

Iron Mountain Stock Performance

Iron Mountain stock opened at $52.30 on Friday. The company has a market cap of $15.20 billion, a price-to-earnings ratio of 41.51, a price-to-earnings-growth ratio of 3.38 and a beta of 0.79. Iron Mountain has a 12 month low of $41.67 and a 12 month high of $58.61. The company has a debt-to-equity ratio of 15.33, a current ratio of 0.87 and a quick ratio of 0.90. The stock’s 50-day moving average is $48.97 and its 200-day moving average is $49.93.

Analysts Set New Price Targets

Several brokerages have issued reports on IRM. Barclays began coverage on shares of Iron Mountain in a research report on Friday, June 24th. They issued an “overweight” rating and a $58.00 price objective for the company. Stifel Nicolaus boosted their price objective on shares of Iron Mountain from $52.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, April 12th.

Insider Buying and Selling at Iron Mountain

In other news, EVP Deborah Marson sold 1,125 shares of the company’s stock in a transaction dated Monday, June 13th. The shares were sold at an average price of $50.00, for a total value of $56,250.00. Following the sale, the executive vice president now owns 53,657 shares in the company, valued at approximately $2,682,850. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Walter C. Rakowich sold 1,320 shares of the firm’s stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $53.60, for a total value of $70,752.00. Following the transaction, the director now directly owns 31,907 shares in the company, valued at approximately $1,710,215.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Deborah Marson sold 1,125 shares of the business’s stock in a transaction dated Monday, June 13th. The shares were sold at an average price of $50.00, for a total transaction of $56,250.00. Following the sale, the executive vice president now directly owns 53,657 shares of the company’s stock, valued at approximately $2,682,850. The disclosure for this sale can be found here. Insiders have sold 3,570 shares of company stock worth $180,440 in the last ninety days. 2.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Iron Mountain

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Nelson Van Denburg & Campbell Wealth Management Group LLC lifted its stake in Iron Mountain by 440.1% in the first quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 767 shares of the financial services provider’s stock valued at $42,000 after buying an additional 625 shares during the last quarter. Acadian Asset Management LLC grew its position in Iron Mountain by 15.1% in the 1st quarter. Acadian Asset Management LLC now owns 2,503 shares of the financial services provider’s stock valued at $137,000 after buying an additional 328 shares in the last quarter. Brinker Capital Investments LLC boosted its holdings in shares of Iron Mountain by 5.4% in the first quarter. Brinker Capital Investments LLC now owns 4,251 shares of the financial services provider’s stock valued at $236,000 after acquiring an additional 218 shares in the last quarter. Beacon Pointe Advisors LLC acquired a new position in shares of Iron Mountain during the 1st quarter valued at $301,000. Finally, Wellington Management Group LLP grew its holdings in Iron Mountain by 8.1% during the first quarter. Wellington Management Group LLP now owns 6,148 shares of the financial services provider’s stock worth $341,000 after acquiring an additional 462 shares during the period. 78.62% of the stock is currently owned by institutional investors and hedge funds.

About Iron Mountain

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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 90 million square feet across approximately 1,450 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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Dividend History for Iron Mountain (NYSE:IRM)

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