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Iron Mountain: 5% Yield, Strong Q3 '21 Growth

Dec. 05, 2021 9:15 AM ETIron Mountain Incorporated (IRM)35 Comments


  • IRM yields 5.27%, with an improved 77% AFFO payout ratio.
  • It has outperformed its sector, sub-sector and the market over the past year, month, and in 2021.
  • Valuations, profitability, debt and price targets are covered in this article.
  • Looking for more investing ideas like this one? Get them exclusively at Hidden Dividend Stocks Plus. Learn More »
Fresh organic champignon mushrooms on wood background

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If you're looking for tech-related dividends, there may be one high dividend stock which is hiding under a mountain.

From Mushrooms To Mountains:

Iron Mountain (NYSE:IRM) was founded by Herman Knaust. In 1936, he "bought the original Iron Mountain site - a depleted iron

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This article was written by

Double Dividend Stocks profile picture

Robert Hauver, MBA, aka “Double Dividend Stocks” was VP of Finance for an industry-leading corporation for 18 years and has been investing for more than 30 years. He focuses on undercovered and undervalued income vehicles and he leads the investing group Hidden Dividend Stocks Plus.

With Hidden Dividend Stocks Plus he scours the world's markets to find solid income opportunities with dividend yields ranging from 5% to 10% or more, backed by strong earnings. Features include: a portfolio with up to 40 holdings at a time including links to associated articles, a dividend calendar, weekly research articles, exclusive ideas, and trade alerts. Learn More.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of IRM either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Disclaimer: This article was written for informational purposes only, and is not intended as personal investment advice. Please practice due diligence before investing in any investment vehicle mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (35)

Where are all those adamant bears of yore who were so certain that IRM was a dying company?
Think the forward profits are already built into IRM. I mean today's closing price at @52.49 and a fwd P/E over 30 for this REIT company point to sell and take your profits. With short interest over 10% not sure if the stock rise is tied to a short squeeze going own. I like to read other opinions with what explains such a rise in stock price.
Steve Rasher profile picture
@Double Dividend Stocks Thanks for the update on $IRM. The company and its stock is a classic case of the need to focus on the business as being as important as focusing on the numbers. Those who only focused on the numbers four or five years ago and were concerned about paper document storage being a dinosaur missed out. $IRM has been and continues to be a restructuring story, which, because of the uncertainty it inherently has, the market abhors. But those of us who studied the business, focused on the strategic plan management and the BoD laid out and executed on, which was coupling data centers as a storage analogue to the paper storage business, have been rewarded handsomely. That is why I have repeatedly said that investing is part science and part. Long $IRM since 2017, and I even added a bit in March, 2020. Steve
smurf profile picture
Missed IRM because I listened too closely to the "nabobs of negativism". PPS too high now. Lesson learned.
cmedco profile picture
I see that most of the readers have been with IRM for several years. I have only followed them for the last year. What is your opinion on buying in now or at $46?
birder profile picture
I have been a strong believer in IRM since 1916 and have been adding to my position since then. It is now one of my largest holdings. It has not been appreciated by Wall Street.
Double Dividend Stocks profile picture
Thanks for reading and commenting.
@birder Investing in IRM since 1916? Wow, back before 1936 mushroom farming?
nm10066 profile picture
We have already had some really down days but IRM has really held steady in the mid-forties. Unless we go into a real bear market in which everything is taken out, I don’t see any below forty buys for this stock. So don’t hold your breath on this one unless the bottom falls out of the market, which of course could happen given the incompetent leadership in this country.
I have a Dollar Cost Average of about $26 which gives me an annual yield of about 9.5%. I am not selling. Almost no matter what. The team at Iron Mountain are doing one heck of a job. Actually, I would love to buy more if the yield approaches 6% (approx. $41) but I sincerely doubt Iron Mountain will drop to those levels again.
Hung on to IRM through the doldrum years waiting for their reorganization plan to kick in. It has. Tall cotton now.

Retired income investor
Great write up...bought @ 27 now its "really" rich...but as a retiree collecting my divs...always wish I had listened to Brad and bought more in the 20's....wishes are past history like water under bridge! Thanks for great input and long term holding...
@13958 Yeah me too. My entry was lower and I balked when it went over $28. Stupid me.
Double Dividend Stocks profile picture

Thanks for reading and commenting.
jillydavid profile picture
Love and Long IRM. Added at last year’s depths and managed to bring the cost basis down to low-mid 20s. Grew into my largest holding. Debt decreasing, payout ratio decreasing, data center business booming. Dividend growth starting again soon.
Excellent article, I bought in the low $20s and really like this company. I didn’t know how the company was started, so thank you for that interesting story, I like IRM even more now.
I think it will head to 70’s-80’s in a few years. I can wait with the dividend, which will probably go up.
@Double Dividend Stocks should give an update, sold over $53. Now waiting for low 30’s. The debt they added I wasn’t a fan of. Caps dividends for awhile.
EddieFatoush profile picture
I see trucks picking up documents for storage and shredding all over NYC. $$$$ long $IRM.
Double Dividend Stocks profile picture
Yes. So many big firms in NYC need that service.

Thanks for your input.
Bucknfl profile picture
Holding & collecting dividends for years
Brad Thomas got me into IRM several years ago. It has been a real winner. A bit rich now. I do want more.
@G. Blair Bauer ... @Brad Thomas was my inspiration to invest in IRM as well! Yes IRM is a bit rich but I have still been adding on dips. Best. Lou
Double Dividend Stocks profile picture
@Dr. LouX
Thanks for reading and commenting.
bought at 27.00.................sold at 47.00.........5% yield.........on to the next play.
bluescorpion0 profile picture
are there any other non reit document management competitors that might be comparables?
Double Dividend Stocks profile picture
Not that we've found so far.

Thanks for reading and commenting.
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