Shares of Corrections Corp. of America (NYSE:CXW) dropped 2.5% on Wednesday . The company traded as low as $31.06 and last traded at $31.07, with a volume of 550,249 shares changing hands. The stock had previously closed at $31.86.

CXW has been the subject of a number of recent research reports. Zacks Investment Research upgraded Corrections Corp. of America from a “hold” rating to a “buy” rating and set a $36.00 price objective for the company in a report on Wednesday, April 13th. Canaccord Genuity restated a “hold” rating on shares of Corrections Corp. of America in a report on Tuesday, June 28th. Finally, SunTrust Banks Inc. downgraded Corrections Corp. of America from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $37.00 to $34.00 in a report on Friday, July 1st.

The firm has a 50 day moving average price of $33.18 and a 200 day moving average price of $31.59. The firm has a market capitalization of $3.65 billion and a PE ratio of 17.43.

Corrections Corp. of America (NYSE:CXW) last announced its quarterly earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.69 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.04. The firm earned $463.30 million during the quarter, compared to the consensus estimate of $462.68 million. The firm’s revenue for the quarter was up .9% on a year-over-year basis. During the same period in the previous year, the business earned $0.73 earnings per share. Analysts predict that Corrections Corp. of America will post $2.63 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Wednesday, June 1st were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 6.96%. The ex-dividend date was Wednesday, June 29th.

Other hedge funds recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Corrections Corp. of America by 2.6% in the fourth quarter. Vanguard Group Inc. now owns 16,868,942 shares of the real estate investment trust’s stock worth $446,859,000 after buying an additional 433,709 shares in the last quarter. Liberty Mutual Group Asset Management Inc. increased its stake in Corrections Corp. of America by 51.4% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 75,520 shares of the real estate investment trust’s stock worth $2,000,000 after buying an additional 25,655 shares in the last quarter. Mutual of America Capital Management LLC increased its stake in Corrections Corp. of America by 0.4% in the fourth quarter. Mutual of America Capital Management LLC now owns 78,641 shares of the real estate investment trust’s stock worth $2,083,000 after buying an additional 349 shares in the last quarter. Cornerstone Capital Management Holdings LLC. increased its stake in Corrections Corp. of America by 2.2% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 69,364 shares of the real estate investment trust’s stock worth $1,837,000 after buying an additional 1,494 shares in the last quarter. Finally, Wells Fargo & Company MN increased its stake in Corrections Corp. of America by 2.6% in the fourth quarter. Wells Fargo & Company MN now owns 1,284,153 shares of the real estate investment trust’s stock worth $34,017,000 after buying an additional 33,047 shares in the last quarter.

Corrections Corporation of America is a real estate investment trust (REIT). The Company is engaged in owning, operating and managing prisons and other correctional facilities, and providing residential, community re-entry, and prisoner transportation services for governmental agencies. The Company’s facilities offer a range of rehabilitation and educational programs, including basic education, faith-based services, life skills and employment training, and substance abuse treatment.

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