Iron Mountain (IRM) Declares $0.65 Dividend

Iron Mountain said on August 3, 2023 that its board of directors declared a regular quarterly dividend of $0.65 per share ($2.60 annualized). Previously, the company paid $0.62 per share.

Shares must be purchased before the ex-div date of September 14, 2023 to qualify for the dividend. Shareholders of record as of September 15, 2023 will receive the payment on October 5, 2023.

At the current share price of $60.77 / share, the stock's dividend yield is 4.28%.

Looking back five years and taking a sample every week, the average dividend yield has been 6.62%, the lowest has been 3.98%, and the highest has been 11.04%. The standard deviation of yields is 1.70 (n=236).

The current dividend yield is 1.38 standard deviations below the historical average.

Additionally, the company's dividend payout ratio is 2.00. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is 0.05%, demonstrating that it has increased its dividend over time.

What is the Fund Sentiment?

There are 1476 funds or institutions reporting positions in Iron Mountain. This is an increase of 35 owner(s) or 2.43% in the last quarter. Average portfolio weight of all funds dedicated to IRM is 0.25%, an increase of 3.93%. Total shares owned by institutions decreased in the last three months by 0.29% to 265,458K shares. The put/call ratio of IRM is 0.51, indicating a bullish outlook.

Analyst Price Forecast Suggests 3.13% Downside

As of August 2, 2023, the average one-year price target for Iron Mountain is 58.87. The forecasts range from a low of 20.20 to a high of $72.45. The average price target represents a decrease of 3.13% from its latest reported closing price of 60.77.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Iron Mountain is 5,558MM, an increase of 6.10%. The projected annual non-GAAP EPS is 1.89.

What are Other Shareholders Doing?

Capital World Investors holds 25,486K shares representing 8.73% ownership of the company. In it's prior filing, the firm reported owning 25,481K shares, representing an increase of 0.02%. The firm increased its portfolio allocation in IRM by 2.94% over the last quarter.

VGSIX - Vanguard Real Estate Index Fund Investor Shares holds 12,776K shares representing 4.38% ownership of the company. In it's prior filing, the firm reported owning 12,964K shares, representing a decrease of 1.47%. The firm increased its portfolio allocation in IRM by 10.53% over the last quarter.

AMECX - INCOME FUND OF AMERICA holds 12,762K shares representing 4.37% ownership of the company. No change in the last quarter.

ABALX - AMERICAN BALANCED FUND holds 11,891K shares representing 4.07% ownership of the company. No change in the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 9,005K shares representing 3.09% ownership of the company. In it's prior filing, the firm reported owning 8,834K shares, representing an increase of 1.90%. The firm decreased its portfolio allocation in IRM by 0.09% over the last quarter.

Iron Mountain Background Information
(This description is provided by the company.)

Iron Mountain Incorporated, 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 nearly 93 million square feet across approximately 1,450 facilities in 56 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts. Providing solutions that include secure records storage, information management, digital transformation, secure destruction, as well as data centers, cloud services and art storage and logistics, Iron Mountain helps customers lower cost and risk, comply with regulations, recover from disaster, and enable a more digital way of working.

Additional reading:

• Q2 2023 Earnings Call August 3, 2023 We have made statements in this presentation that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-lo
• FOR IMMEDIATE RELEASE Iron Mountain Reports Second Quarter Results -- Net Income of $1 million; Achieves record quarterly Revenue and Adjusted EBITDA -- -- Increases quarterly dividend per share by 5% -- PORTSMOUTH, N.H. – August 3, 2023 – Iron Mount
• Quarter 2023 Supplemental Financial Information
• 2029 Notes Senior Indenture, dated as of May 15, 2023, among the Company, the Subsidiary Guarantors and Computershare Trust Company, N.A., as trustee. (Filed herewith.)
• Amendment and Restatement of Bylaws of Iron Mountain Incorporated

This story originally appeared on Fintel.