Iron Mountain (NYSE:IRM) Releases 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.

Wall Street Analyst Weigh In

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

Iron Mountain Price Performance

Shares of IRM traded down $1.68 during trading hours 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. Iron Mountain has a 12 month low of $52.81 and a 12 month high of $82.19. The stock has a market cap of $22.08 billion, a PE ratio of 114.12, a price-to-earnings-growth ratio of 4.51 and a beta of 0.96. The company has a current ratio of 0.86, a quick ratio of 0.78 and a debt-to-equity ratio of 674.63. The firm’s 50 day simple moving average is $78.13 and its 200-day simple moving average is $69.92.

Iron Mountain (NYSE:IRM) last announced its earnings results on Thursday, February 22nd. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by ($0.48). Iron Mountain had a return on equity of 282.93% and a net margin of 5.45%. The company had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.45 billion. During the same quarter last year, the firm posted $0.98 earnings per share. The firm’s revenue was up 11.0% on a year-over-year basis. Equities analysts expect that Iron Mountain will post 4.18 EPS for the current year.

Iron Mountain Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Monday, June 17th will be given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend is Monday, June 17th. Iron Mountain’s payout ratio is currently 393.95%.

Insiders Place Their Bets

In other Iron Mountain news, CEO William L. Meaney sold 15,875 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $76.68, for a total transaction of $1,217,295.00. Following the completion of the sale, the chief executive officer now directly owns 295,650 shares in the company, valued at $22,670,442. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, EVP Edward Baker-Greene sold 4,941 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $72.94, for a total value of $360,396.54. Following the completion of the transaction, the executive vice president now directly owns 3,365 shares in the company, valued at approximately $245,443.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William L. Meaney sold 15,875 shares of the company’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $76.68, for a total transaction of $1,217,295.00. Following the completion of the sale, the chief executive officer now owns 295,650 shares in the company, valued at approximately $22,670,442. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 162,124 shares of company stock valued at $12,563,361. 2.10% of the stock is currently owned by corporate insiders.

About Iron Mountain

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.