Iron Mountain Incorporated (NYSE:IRM) Announces Dividend Increase – $0.99 Per Share

Iron Mountain Incorporated (NYSE:IRM) declared a quarterly dividend on Wednesday, November 4th. Stockholders 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 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend 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 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 payout ratio of 148.1% 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 $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 Stock Down 11.3%

NYSE IRM traded down $13.43 during trading hours on Thursday, reaching $105.23. The company’s stock had a trading volume of 4,353,102 shares, compared to its average volume of 1,715,270. Iron Mountain has a 1 year low of $77.77 and a 1 year high of $134.68. The firm’s 50-day moving average price is $114.40 and its 200-day moving average price is $115.26. The company has a market capitalization of $31.33 billion, a price-to-earnings ratio of 75.16 and a beta of 1.18.

Iron Mountain (NYSE:IRM) last released its earnings results on Thursday, November 5th. The financial services provider reported $1.53 EPS for the quarter, topping the consensus estimate of $0.61 by $0.92. Iron Mountain had a net margin of 5.54% and a negative return on equity of 85.44%. The firm had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.99 billion. During the same quarter in the previous year, the firm earned $1.32 earnings per share. The company’s quarterly revenue was up 13.5% compared to the same quarter last year. Equities research analysts anticipate that Iron Mountain will post 5.42 EPS for the current fiscal year.

Iron Mountain Company Profile

Iron Mountain Incorporated (NYSE: IRM) is a global information management and storage company that helps organizations protect, manage and optimize their physical and digital assets. Founded in 1951, the company began as a records storage provider and has expanded into a broader information lifecycle management business.

Its services include records storage and retrieval, information governance, secure shredding and destruction, document scanning, digital transformation, backup and recovery, and data center services.