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Iron Mountain Inc . (NYSE:IRM), a prominent player in the Specialized REITs industry with a market capitalization of $29.6 billion, announced that its stockholders approved an amendment to the company’s 2014 Stock and Cash Incentive Plan at the Annual Meeting held on May 29, 2025. The amendment increases the number of shares authorized for issuance by 4.6 million, bringing the total to 25.35 million shares. Additionally, the termination date of the plan has been extended from May 12, 2031, to May 29, 2035. The company maintains a steady 3.14% dividend yield and has consistently paid dividends for 16 consecutive years, according to InvestingPro data.
During the meeting, stockholders elected ten directors for one-year terms. The directors elected include Jennifer Allerton, Pamela M. Arway, Kent P. Dauten, June Y. Felix, Monte Ford, Robin L. Matlock, William L. Meaney, Walter C. Rakowich, Theodore R. Samuels, and Doyle R. Simons.
Stockholders also ratified the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025.
The meeting included a nonbinding advisory vote on executive compensation, which received approval from the stockholders. The company reported that these voting results are final.
Additionally, Iron Mountain’s Board of Directors approved committee appointments effective at the conclusion of the Annual Meeting. Walter C. Rakowich will chair the Audit Committee, Robin L. Matlock will chair the Compensation Committee, and Theodore R. Samuels will chair the Nominating and Governance Committee. The Finance Committee and Risk and Safety Committee appointments were also confirmed.
This information is based on a press release statement from Iron Mountain Inc.’s SEC filing.
In other recent news, Iron Mountain reported its first-quarter 2025 financial results, exceeding analysts’ expectations with an earnings per share (EPS) of $0.43, compared to the projected $0.41. The company also achieved a record revenue of $1.6 billion, slightly surpassing the anticipated $1.59 billion. This performance reflects Iron Mountain’s effective execution of its growth strategy, driven by strong organic growth and expansion in digital and data center capabilities. Additionally, the company has secured significant government contracts, including a $140 million deal with the Department of Treasury, which is expected to generate revenue primarily in 2026.
Truist Securities recently increased its price target for Iron Mountain from $95.00 to $110.00, maintaining a Buy rating on the stock. This upgrade follows the company’s success in securing a government contract, which Truist analysts believe reinforces Iron Mountain’s value in the government sector. The analysts also noted the sustained demand for data centers, highlighted by Meta (NASDAQ:META)’s increased capital expenditures. Iron Mountain’s guidance for the full year 2025 projects revenue between $6.74 billion and $6.89 billion, representing an 11% year-over-year growth.
The company anticipates continued expansion in data centers and digital services, with an adjusted EBITDA range of $2.505 billion to $2.555 billion. The positive outlook and increased guidance reflect Iron Mountain’s strong start to the year and its strategic focus on customer-centric relationships. The firm also reported a robust leasing backlog and strong demand for data center development, with plans to expand its current portfolio significantly.
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