Corrections Corp. of America (CXW) Lifted to “Strong-Buy” at ValuEngine
ValuEngine upgraded shares of Corrections Corp. of America (NYSE:CXW) from a buy rating to a strong-buy rating in a research note released on Thursday.
A number of other research analysts have also issued reports on the stock. SunTrust Banks, Inc. reissued a buy rating and set a $37.00 target price on shares of Corrections Corp. of America in a research note on Monday, October 2nd. Zacks Investment Research raised shares of Corrections Corp. of America from a hold rating to a buy rating and set a $29.00 target price for the company in a research note on Wednesday, September 27th. Finally, TheStreet lowered shares of Corrections Corp. of America from a b- rating to a c+ rating in a research note on Monday, August 21st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of Buy and an average price target of $34.25.
Corrections Corp. of America (NYSE CXW) traded down 1.99% on Thursday, reaching $25.67. 615,185 shares of the company traded hands. Corrections Corp. of America has a 12 month low of $12.99 and a 12 month high of $35.33. The company has a market capitalization of $3.03 billion, a P/E ratio of 14.28 and a beta of 0.92. The company has a 50-day moving average price of $25.87 and a 200-day moving average price of $28.99.
Corrections Corp. of America (NYSE:CXW) last posted its earnings results on Monday, August 7th. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.23. The firm had revenue of $436.39 million during the quarter, compared to analyst estimates of $437.92 million. Corrections Corp. of America had a net margin of 11.62% and a return on equity of 14.54%. Corrections Corp. of America’s revenue was down 5.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.49 EPS. Equities research analysts expect that Corrections Corp. of America will post $1.52 EPS for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 6.54%. The ex-dividend date is Friday, September 29th. Corrections Corp. of America’s dividend payout ratio is currently 93.86%.
In other news, CFO David Garfinkle sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $25.90, for a total value of $259,000.00. Following the completion of the sale, the chief financial officer now directly owns 90,114 shares of the company’s stock, valued at approximately $2,333,952.60. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Kim White sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $26.27, for a total transaction of $131,350.00. Following the completion of the sale, the executive vice president now directly owns 22,393 shares of the company’s stock, valued at $588,264.11. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,360 shares of company stock valued at $451,474. Company insiders own 1.30% of the company’s stock.
Large investors have recently modified their holdings of the company. Arizona State Retirement System lifted its stake in shares of Corrections Corp. of America by 1.8% in the 2nd quarter. Arizona State Retirement System now owns 49,800 shares of the real estate investment trust’s stock worth $1,373,000 after acquiring an additional 900 shares during the period. State Street Corp acquired a new stake in shares of Corrections Corp. of America in the 1st quarter worth approximately $100,342,000. Morgan Stanley lifted its stake in shares of Corrections Corp. of America by 78.6% in the 1st quarter. Morgan Stanley now owns 751,496 shares of the real estate investment trust’s stock worth $23,612,000 after acquiring an additional 330,634 shares during the period. Koch Industries Inc. acquired a new stake in shares of Corrections Corp. of America in the 1st quarter worth approximately $252,000. Finally, Bridgewater Associates LP acquired a new stake in shares of Corrections Corp. of America in the 2nd quarter worth approximately $255,000. 86.18% of the stock is owned by institutional investors.
About Corrections Corp. of America
CoreCivic, Inc, formerly Corrections Corporation of America, is a diversified government solutions company. The Company provides partnership correctional, detention and residential reentry facilities and operates prison in the United States. The Company’s business offerings include CoreCivic Safety, CoreCivic Properties, and CoreCivic Community.
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