Iron Mountain Incorporated (IRM) to Issue Quarterly Dividend of $0.99 on January 6th

Iron Mountain Incorporated (NYSE:IRM) announced a quarterly dividend on Thursday, November 5th. Investors of record on Tuesday, December 15th will be paid a dividend of $0.9930 per share by the financial services provider on Wednesday, January 6th. This represents a $3.97 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Tuesday, December 15th. This is a 14.9% increase from Iron Mountain’s previous quarterly dividend of $0.8640.

Iron Mountain has increased its dividend payment by an average of 0.1% per year over the last three years and has raised its dividend every year for the last 3 years. Iron Mountain has a dividend payout ratio of 148.1% 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 $6.01 per share next year, which means the company should continue to be able to cover its $3.45 annual dividend with an expected future payout ratio of 57.4%.

Iron Mountain Trading Up 1.1%

Shares of NYSE:IRM opened at $106.62 on Friday. The firm’s 50 day moving average is $113.75 and its two-hundred day moving average is $115.38. The firm has a market capitalization of $31.74 billion, a P/E ratio of 69.68 and a beta of 1.18. Iron Mountain has a 52 week low of $77.77 and a 52 week high of $134.68.

Iron Mountain (NYSE:IRM) last posted its quarterly earnings results on Thursday, November 5th. The financial services provider reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.03. The business had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.99 billion. Iron Mountain had a net margin of 5.54% and a negative return on equity of 85.44%. Iron Mountain’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.32 earnings per share. Analysts predict that Iron Mountain will post 5.42 EPS for the current year.

Insider Buying and Selling at Iron Mountain

In other news, CEO William Meaney sold 38,474 shares of the firm’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $110.45, for a total transaction of $4,249,453.30. Following the completion of the transaction, the chief executive officer owned 38,474 shares in the company, valued at $4,249,453.30. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Mark Kidd sold 6,000 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $115.60, for a total transaction of $693,600.00. Following the completion of the transaction, the executive vice president directly owned 95,507 shares of the company’s stock, valued at $11,040,609.20. The trade was a 5.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 97,948 shares of company stock worth $11,048,567. Insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Iron Mountain

Several institutional investors have recently bought and sold shares of IRM. BlackRock Inc. bought a new stake in shares of Iron Mountain in the second quarter valued at about $4,240,342,000. Principal Financial Group Inc. lifted its holdings in shares of Iron Mountain by 8.5% in the first quarter. Principal Financial Group Inc. now owns 4,566,093 shares of the financial services provider’s stock worth $466,382,000 after acquiring an additional 358,497 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Iron Mountain by 2.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,552,286 shares of the financial services provider’s stock worth $464,931,000 after acquiring an additional 122,927 shares in the last quarter. Legal & General Group Plc purchased a new stake in shares of Iron Mountain in the second quarter worth approximately $409,843,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Iron Mountain by 29,674.0% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,193,560 shares of the financial services provider’s stock valued at $403,379,000 after buying an additional 3,182,834 shares in the last quarter. Institutional investors and hedge funds own 80.13% of the company’s stock.

Iron Mountain Company Profile

Iron Mountain Incorporated is an information management and storage company that helps organizations protect, manage and access physical and digital assets. Its services include records storage and management, secure document shredding, digitization and other information-management solutions.

The company also operates data centers and provides services for businesses moving, storing and managing data. Its offerings extend to specialized storage and care for items such as artwork and other valuable collections.

Founded in 1951, Iron Mountain began as a records-storage business in a former iron ore mine in New York.