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 Stock Down 0.9 %

IRM stock opened at $77.39 on Thursday. The stock’s 50 day simple moving average is $78.03 and its 200 day simple moving average is $69.72. Iron Mountain has a fifty-two week low of $52.81 and a fifty-two week high of $82.19. The company has a debt-to-equity ratio of 55.78, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market cap of $22.68 billion, a P/E ratio of 123.92, a price-to-earnings-growth ratio of 4.64 and a beta of 0.96.

Iron Mountain (NYSE:IRM) last announced 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 net margin of 5.44% and a return on equity of 178.02%. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.45 billion. During the same period last year, the company posted $0.98 earnings per share. Iron Mountain’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, research analysts expect that Iron Mountain will post 4.18 earnings per share for the current fiscal year.

Iron Mountain Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Monday, June 17th will be issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.36%. Iron Mountain’s payout ratio is currently 412.70%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on IRM shares. Barclays increased their price objective on Iron Mountain from $79.00 to $91.00 and gave the stock an overweight rating in a research report on Tuesday, March 5th. Stifel Nicolaus increased their price objective 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 increased their price objective on Iron Mountain from $80.00 to $90.00 and gave the stock an overweight rating in a research report on Friday, March 15th. Finally, TheStreet downgraded Iron Mountain from a b rating to a c rating in a research report on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Iron Mountain currently has a consensus rating of Moderate Buy and a consensus price target of $73.80.

Insider Buying and Selling

In other news, CAO Daniel Borges sold 996 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $80.00, for a total transaction of $79,680.00. Following the transaction, the chief accounting officer now directly owns 3,095 shares of the company’s stock, valued at approximately $247,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Edward Baker-Greene sold 4,941 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $72.94, for a total value of $360,396.54. Following the completion of the sale, the executive vice president now directly owns 3,365 shares in the company, valued at approximately $245,443.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Daniel Borges sold 996 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $80.00, for a total value of $79,680.00. Following the completion of the sale, the chief accounting officer now owns 3,095 shares of the company’s stock, valued at $247,600. The disclosure for this sale can be found here. Insiders sold a total of 162,124 shares of company stock worth $12,563,361 in the last three months. Insiders own 2.10% of the company’s stock.

Iron Mountain Company Profile

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.