Iron Mountain (NYSE:IRM) Updates FY24 Earnings Guidance

Iron Mountain (NYSE:IRM) issued an update on its FY24 earnings guidance on Thursday morning. 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.

Iron Mountain Price Performance

IRM stock traded down $1.68 during trading on Friday, hitting $75.32. The company had a trading volume of 1,976,983 shares, compared to its average volume of 1,240,763. 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 company has a fifty day moving average price of $78.13 and a two-hundred day moving average price of $69.92. Iron Mountain has a fifty-two week low of $52.81 and a fifty-two week high of $82.19. The company has a market cap of $22.08 billion, a P/E ratio of 114.12, a P/E/G ratio of 4.51 and a beta of 0.96.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings data on Thursday, February 22nd. The financial services provider reported $0.52 earnings per share 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 firm 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 company posted $0.98 earnings per share. Iron Mountain’s quarterly revenue was up 11.0% compared to the same quarter last year. Equities research analysts expect that Iron Mountain will post 4.18 earnings per share for the current fiscal year.

Iron Mountain Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Barclays increased their price objective on shares of Iron Mountain from $79.00 to $91.00 and gave the stock an overweight rating in a report on Tuesday, March 5th. 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 report on Tuesday, January 23rd. Wells Fargo & Company raised their price target on Iron Mountain from $80.00 to $90.00 and gave the company an overweight rating in a report on Friday, March 15th. Finally, TheStreet downgraded shares of Iron Mountain from a b rating to a c rating in a research report on Thursday, February 22nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $73.80.

Insider Transactions at Iron Mountain

In other Iron Mountain news, CEO William L. Meaney sold 15,875 shares of the 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 sale, the chief executive officer now directly owns 295,650 shares in the company, valued at $20,175,156. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO William L. Meaney sold 15,875 shares of the stock in a transaction on Monday, February 5th. The shares were sold at an average price of $68.24, for a total transaction of $1,083,310.00. Following the completion of the sale, the chief executive officer now owns 295,650 shares of the company’s stock, valued at $20,175,156. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William L. Meaney sold 115,979 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $78.90, for a total transaction of $9,150,743.10. Following the completion of the sale, the chief executive officer now directly owns 432,682 shares in the company, valued at $34,138,609.80. The disclosure for this sale can be found here. Insiders have sold a total of 162,124 shares of company stock valued at $12,563,361 over the last three months. 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.