Iron Mountain Stock Has Raised its Annual Dividend for 9 Years
If knowledge is power, Iron Mountain Inc (NYSE:IRM) helps
hundreds of thousands of customers stay at the top of their game. And thanks to
the company’s diversified business model, unmatched customer base, and 98%
customer retention rate, it has been able to provide investors with strong
share-price growth and a frothy dividend, which currently stands at 6.5%.
Iron Mountain is the global leader in storage and
information management services. Trusted by more than 225,000 organizations
around the world, the company stores and protects billions of valued assets,
including critical business information, highly sensitive data, and cultural
artifacts. It has a real estate network of nearly 93 million square feet across
approximately 1,450 facilities in 56 countries. (Source: “Investor
Presentation: Q1 2021,” Iron Mountain Inc, last accessed April 20, 2021.)
Iron Mountain is an excellent company that not only
weathered the coronavirus pandemic, but came out the other side stronger, with
an even brighter future.
IRM stock has been on a tear over the last 12 months.
Trading at record levels, Iron Mountain stock is up 52.7% year-over-year and
30% year-to-date. By comparison, the S&P 500 is only up 45% year-over-year
and 11% year-to-date.
Despite the massive share-price gains, IRM stock continues
to pay a frothy, high-yield dividend of 6.5%, or $2.47 per share (annualized).
Iron Mountain makes a point of saying on its investor
relations web site that it has raised its annual dividends for the last nine
years, which suggests that management wants to take that to a record 10 years.
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