Iron Mountain (NYSE:IRM) Updates FY24 Earnings Guidance

Iron Mountain (NYSE:IRM) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $4.39-4.51 for the period, compared to the consensus earnings per share estimate of $4.44. The company issued revenue guidance of $6.00-6.15 billion, compared to the consensus revenue estimate of $6.07 billion.

Analyst Upgrades and Downgrades

IRM has been the topic of a number of recent research reports. TheStreet cut Iron Mountain from a b rating to a c rating in a report on Thursday, February 22nd. Wells Fargo & Company raised their target price on Iron Mountain from $80.00 to $90.00 and gave the stock an overweight rating in a report on Friday, March 15th. Stifel Nicolaus raised their target price on Iron Mountain from $65.00 to $76.00 and gave the stock a buy rating in a report on Tuesday, January 23rd. Finally, Barclays raised their target price on Iron Mountain from $79.00 to $91.00 and gave the stock an overweight rating in a report on Tuesday, March 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Iron Mountain presently has an average rating of Moderate Buy and a consensus price target of $73.80.

Iron Mountain Price Performance

NYSE:IRM traded down $1.68 on Friday, reaching $75.32. 1,976,983 shares of the company’s stock traded hands, compared to its average volume of 1,240,763. The company has a quick ratio of 0.78, a current ratio of 0.86 and a debt-to-equity ratio of 674.63. The stock has a 50-day simple moving average of $78.13 and a 200-day simple moving average of $69.92. The firm has a market cap of $22.08 billion, a PE ratio of 114.12, a P/E/G ratio of 4.51 and a beta of 0.96. Iron Mountain has a 12 month low of $52.81 and a 12 month high of $82.19.

Iron Mountain (NYSE:IRM) last posted its quarterly earnings results on Thursday, February 22nd. The financial services provider reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.48). Iron Mountain had a net margin of 5.45% and a return on equity of 282.93%. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.45 billion. During the same period in the prior year, the business earned $0.98 earnings per share. Iron Mountain’s revenue was up 11.0% compared to the same quarter last year. Equities research analysts forecast that Iron Mountain will post 4.18 earnings per share for the current year.

Iron Mountain Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Monday, June 17th will be issued a $0.65 dividend. The ex-dividend date is Monday, June 17th. This represents a $2.60 annualized dividend and a dividend yield of 3.45%. Iron Mountain’s dividend payout ratio (DPR) is 393.95%.

Insider Transactions at Iron Mountain

In related news, CEO William L. Meaney sold 15,875 shares of Iron Mountain stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $68.24, for a total value of $1,083,310.00. Following the completion of the transaction, the chief executive officer now owns 295,650 shares in the company, valued at $20,175,156. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CAO Daniel Borges sold 996 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $80.00, for a total value of $79,680.00. Following the completion of the transaction, the chief accounting officer now owns 3,095 shares of the company’s stock, valued at $247,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William L. Meaney sold 15,875 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $68.24, for a total transaction of $1,083,310.00. Following the completion of the transaction, the chief executive officer now directly owns 295,650 shares of the company’s stock, valued at approximately $20,175,156. The disclosure for this sale can be found here. Over the last three months, insiders have sold 162,124 shares of company stock valued at $12,563,361. 2.10% of the stock is currently owned by insiders.

Iron Mountain Company Profile

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.