Corrections Corp. of America (CXW) Shares Down 47.2%
Shares of Corrections Corp. of America (NYSE:CXW) dropped 47.2% during mid-day trading on Thursday . The stock traded as low as $13.04 and last traded at $14.36, with a volume of 14,888,933 shares. The stock had previously closed at $27.22.
CXW has been the subject of several recent analyst reports. Canaccord Genuity reduced their target price on shares of Corrections Corp. of America from $34.00 to $30.00 and set a “hold” rating for the company in a research note on Friday, August 5th. SunTrust Banks Inc. downgraded shares of Corrections Corp. of America from a “buy” rating to a “neutral” rating and cut their price target for the stock from $37.00 to $34.00 in a report on Friday, July 1st. Zacks Investment Research downgraded shares of Corrections Corp. of America from a “buy” rating to a “hold” rating in a report on Tuesday, April 26th. Finally, TheStreet downgraded shares of Corrections Corp. of America from a “buy” rating to a “hold” rating in a report on Friday, August 12th.
The company has a market cap of $2.24 billion and a P/E ratio of 11.09. The firm has a 50-day moving average price of $30.37 and a 200 day moving average price of $31.41.
Corrections Corp. of America (NYSE:CXW) last announced its quarterly earnings data on Wednesday, August 3rd. The real estate investment trust reported $0.69 EPS for the quarter, beating the consensus estimate of $0.65 by $0.04. The firm had revenue of $463.30 million for the quarter, compared to analysts’ expectations of $462.68 million. The business’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.73 EPS. On average, analysts predict that Corrections Corp. of America will post $2.67 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Monday, October 3rd will be given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 11.32%.
In other news, CEO Damon T. Hininger acquired 2,870 shares of the stock in a transaction on Thursday, August 18th. The stock was acquired at an average price of $16.60 per share, with a total value of $47,642.00. Following the completion of the transaction, the chief executive officer now owns 200,331 shares of the company’s stock, valued at approximately $3,325,494.60. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Mark A. Emkes acquired 10,000 shares of the stock in a transaction on Thursday, August 18th. The shares were purchased at an average cost of $17.19 per share, with a total value of $171,900.00. Following the transaction, the director now directly owns 20,755 shares of the company’s stock, valued at approximately $356,778.45. The disclosure for this purchase can be found here.
A number of institutional investors have recently made changes to their positions in CXW. Cornerstone Capital Management Holdings LLC. raised its position in shares of 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 valued at $1,837,000 after buying an additional 1,494 shares in the last quarter. Systematic Financial Management LP bought a new position in shares of Corrections Corp. of America during the fourth quarter valued at $1,710,000. Marshall Wace LLP bought a new position in shares of Corrections Corp. of America during the fourth quarter valued at $5,372,000. Utah Retirement Systems increased its position in shares of Corrections Corp. of America by 9.3% in the fourth quarter. Utah Retirement Systems now owns 40,120 shares of the real estate investment trust’s stock valued at $1,063,000 after buying an additional 3,400 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Corrections Corp. of America during the fourth quarter valued at $1,534,000.
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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