Corrections Corp. of America (CXW) Sees Large Volume Increase
Shares of Corrections Corp. of America (NYSE:CXW) saw an uptick in trading volume on Friday . 18,184,892 shares traded hands during mid-day trading, an increase of 352% from the previous session’s volume of 4,022,405 shares.The stock last traded at $19.64 and had previously closed at $17.57.
A number of research firms have weighed in on CXW. Wells Fargo & Co. reaffirmed a “neutral” rating on shares of Corrections Corp. of America in a research note on Sunday. Zacks Investment Research lowered shares of Corrections Corp. of America from a “buy” rating to a “hold” rating in a research note on Tuesday, April 26th. Canaccord Genuity reaffirmed a “hold” rating on shares of Corrections Corp. of America in a research note on Tuesday, July 12th. SunTrust Banks Inc. lowered shares of Corrections Corp. of America from a “buy” rating to a “neutral” rating and dropped their price target for the company from $37.00 to $34.00 in a research report on Friday, July 1st. Finally, TheStreet lowered shares of Corrections Corp. of America from a “buy” rating to a “hold” rating in a research report on Friday, August 12th. Five analysts have rated the stock with a hold rating, The company currently has an average rating of “Hold” and an average price target of $33.67.
The firm’s 50-day moving average price is $30.37 and its 200-day moving average price is $31.41. The stock has a market cap of $2.24 billion and a P/E ratio of 11.09.
Corrections Corp. of America (NYSE:CXW) last issued its quarterly earnings data on Wednesday, August 3rd. The real estate investment trust reported $0.69 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.04. The company had revenue of $463.30 million for the quarter, compared to analysts’ expectations of $462.68 million. During the same period in the previous year, the firm posted $0.73 earnings per share. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. On average, equities research analysts predict that Corrections Corp. of America will post $2.67 EPS for the current fiscal year.
The business 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 dividend on an annualized basis and a yield of 11.32%.
In related news, Director Mark A. Emkes acquired 10,000 shares of Corrections Corp. of America stock in a transaction on Thursday, August 18th. The shares were acquired at an average cost of $17.19 per share, with a total value of $171,900.00. Following the transaction, the director now owns 20,755 shares in the company, valued at $356,778.45. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Damon T. Hininger acquired 2,870 shares of Corrections Corp. of America stock in a transaction on Thursday, August 18th. The shares were bought at an average cost of $16.60 per share, for a total transaction of $47,642.00. Following the completion of the transaction, the chief executive officer now owns 200,331 shares in the company, valued at approximately $3,325,494.60. The disclosure for this purchase can be found here.
A number of hedge funds and institutional investors recently modified their holdings of CXW. 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 worth $1,063,000 after buying an additional 3,400 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Corrections Corp. of America during the fourth quarter worth $1,534,000. Systematic Financial Management LP acquired a new stake in Corrections Corp. of America during the fourth quarter worth $1,710,000. Finally, 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.
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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