Corrections Corp. of America (NYSE:CXW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.

According to Zacks, “CoreCivic, Inc. is a real estate investment trust which provides correctional, detention and residential reentry facilities. It designs, constructs, owns, manages and renovates jails, prisons, government agencies and inmate transportation companies. CoreCivic, Inc., formerly known as Corrections Corporation of America, is based in Nashville, Tennessee. “

Other research analysts have also recently issued reports about the company. BidaskClub cut Corrections Corp. of America from a “hold” rating to a “sell” rating in a report on Wednesday, June 21st. ValuEngine raised Corrections Corp. of America from a “buy” rating to a “strong-buy” rating in a report on Friday, August 18th. Canaccord Genuity reissued a “buy” rating and set a $34.00 price objective on shares of Corrections Corp. of America in a report on Wednesday, May 3rd. Finally, Deutsche Bank AG cut their price objective on Corrections Corp. of America from $40.00 to $35.00 and set a “buy” rating for the company in a report on Tuesday, August 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $30.00.

Shares of Corrections Corp. of America (NYSE CXW) traded down 0.24% during midday trading on Wednesday, reaching $24.93. 429,680 shares of the company traded hands. The firm has a market capitalization of $2.95 billion, a P/E ratio of 13.87 and a beta of 0.92. The company has a 50 day moving average of $27.01 and a 200 day moving average of $30.45. Corrections Corp. of America has a 12 month low of $12.99 and a 12 month high of $35.33.

Corrections Corp. of America (NYSE:CXW) last issued its quarterly earnings data on Monday, August 7th. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.23. The company had revenue of $436.39 million during the quarter, compared to analysts’ expectations of $437.92 million. Corrections Corp. of America had a return on equity of 14.54% and a net margin of 11.62%. The business’s revenue was down 5.8% on a year-over-year basis. During the same period last year, the business earned $0.49 earnings per share. On average, equities research analysts predict that Corrections Corp. of America will post $1.53 earnings per share for the current fiscal year.

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In related news, EVP Kim White sold 5,000 shares of Corrections Corp. of America stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $26.27, for a total value of $131,350.00. Following the completion of the transaction, the executive vice president now directly owns 22,393 shares of the company’s stock, valued at $588,264.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lucibeth Mayberry sold 6,236 shares of Corrections Corp. of America stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $30.41, for a total value of $189,636.76. Following the completion of the transaction, the executive vice president now directly owns 51,851 shares of the company’s stock, valued at $1,576,788.91. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. TLP Group LLC acquired a new position in Corrections Corp. of America during the first quarter worth about $113,000. Advisory Services Network LLC boosted its position in Corrections Corp. of America by 115.0% in the second quarter. Advisory Services Network LLC now owns 4,093 shares of the real estate investment trust’s stock worth $113,000 after buying an additional 2,189 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new position in Corrections Corp. of America during the first quarter worth about $116,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Corrections Corp. of America by 11.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,266 shares of the real estate investment trust’s stock worth $118,000 after buying an additional 452 shares in the last quarter. Finally, OLD Mutual Customised Solutions Proprietary Ltd. acquired a new position in Corrections Corp. of America during the first quarter worth about $123,000. 88.79% of the stock is owned by institutional investors and hedge funds.

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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