Iron Mountain Incorporated, a major player in information management services, has declared a quarterly dividend of $0.715 per share, which will be paid on January 7, 2024. To be eligible for this dividend, investors must be on record by December 16, 2023. The annualized payout is $2.86, with a yield of 2.31%. The company's payout ratio is 794.47%, indicating a significant portion of its earnings is being returned to shareholders.
Wall Street analysts have shown interest in the stock, with a consensus rating of "Buy." Goldman Sachs raised its price target for Iron Mountain from $106 to $120, while Wells Fargo increased its target from $120 to $135. JPMorgan Chase adjusted its price objective from $82 to $121, and Royal Bank of Canada set a target of $139. Barclays slightly lowered its target from $133 to $131. Overall, six analysts have rated Iron Mountain as a buy, with one giving it a strong buy rating.
Institutional investors hold a significant stake in Iron Mountain, with 80.13% of the company's stock owned by various funds. Zurcher Kantonalbank Zurich Cantonalbank reduced its position by 44.8%, selling 149,795 shares during the third quarter. Tidal Investments LLC increased its stake by 284.1%.
CEO William L. Meaney sold 15,875 shares, representing a 5.10% decrease in his ownership. Director Wendy J. Murdock sold 8,500 shares, reflecting a 36.44% reduction in her stake. Insiders have sold a total of 56,125 shares valued at over $6.6 million in the past three months.
Iron Mountain's stock opened at $123.75, with a market capitalization of $36.32 billion. The company has a high debt-to-equity ratio of 674.63 and a price-to-earnings ratio of 343.76. It has experienced a 1-year low of $62.95 and a high of $130.24.
Iron Mountain is a leader in information management services, serving over 240,000 customers globally. The company offers solutions for digital transformation, secure records storage, and asset lifecycle management.
While Iron Mountain has received positive ratings from analysts, it was not included in a recent list of top stock recommendations. The average price target for Iron Mountain is $131.00, indicating potential upside. As the company continues to navigate the information management landscape, its ability to adapt and innovate will be crucial. The ongoing support from analysts and institutional investors suggests confidence in Iron Mountain's strategic direction. However, the high payout ratio and significant insider selling may warrant caution for potential investors. The upcoming dividend payment will be closely watched as an indicator of the company's financial health and commitment to shareholders.