Corrections Corp. of America (CXW) Issues FY16 Earnings Guidance
Corrections Corp. of America (NYSE:CXW) updated its FY16 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $2.57-2.60 for the period, compared to the Thomson Reuters consensus estimate of $2.63. Corrections Corp. of America also updated its Q3 guidance to $0.67-0.68 EPS.
Several analysts have recently issued reports on the stock. SunTrust Banks Inc. cut shares of Corrections Corp. of America from a buy rating to a neutral rating and decreased their target price for the company from $37.00 to $34.00 in a research report on Friday, July 1st. Canaccord Genuity restated a hold rating on shares of Corrections Corp. of America in a research report on Tuesday, June 28th. Zacks Investment Research cut shares of Corrections Corp. of America from a buy rating to a sell rating in a research report on Wednesday, July 6th. TheStreet cut shares of Corrections Corp. of America from a buy rating to a hold rating in a research report on Friday, August 12th. Finally, Wells Fargo & Co. restated a neutral rating on shares of Corrections Corp. of America in a research report on Sunday, August 21st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $26.00.
Corrections Corp. of America (NYSE:CXW) traded up 0.91% during mid-day trading on Monday, reaching $14.35. 1,307,803 shares of the company were exchanged. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of 8.34 and a beta of 0.64. Corrections Corp. of America has a 1-year low of $13.04 and a 1-year high of $35.05. The company has a 50 day moving average of $15.22 and a 200-day moving average of $27.42.
Corrections Corp. of America (NYSE:CXW) last released 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 company had revenue of $463.30 million for the quarter, compared to analyst estimates of $462.68 million. Corrections Corp. of America had a net margin of 11.17% and a return on equity of 14.16%. The firm’s revenue was up .9% on a year-over-year basis. During the same quarter last year, the business earned $0.73 earnings per share. On average, equities research analysts forecast that Corrections Corp. of America will post $2.66 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Monday, October 3rd will be given a dividend of $0.54 per share. The ex-dividend date is Thursday, September 29th. This represents a $2.16 annualized dividend and a yield of 15.05%. Corrections Corp. of America’s dividend payout ratio is presently 125.58%.
In related news, CEO Damon T. Hininger bought 2,870 shares of the company’s stock in a transaction dated Thursday, August 18th. The shares were acquired at an average price of $16.60 per share, for a total transaction of $47,642.00. Following the completion of the transaction, the chief executive officer now directly owns 200,331 shares in the company, valued at $3,325,494.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Mark A. Emkes bought 10,000 shares of the company’s stock in a transaction dated Thursday, August 18th. The stock was bought at an average price of $17.19 per share, for a total transaction of $171,900.00. Following the transaction, the director now owns 20,755 shares of the company’s stock, valued at $356,778.45. The disclosure for this purchase can be found here. Corporate insiders own 1.80% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. Advisor Group Inc. bought a new stake in shares of Corrections Corp. of America during the second quarter valued at about $138,000. A.R.T. Advisors LLC bought a new stake in shares of Corrections Corp. of America during the second quarter valued at about $262,000. Pacer Advisors Inc. raised its stake in shares of Corrections Corp. of America by 486.8% in the second quarter. Pacer Advisors Inc. now owns 8,521 shares of the real estate investment trust’s stock valued at $298,000 after buying an additional 7,069 shares during the period. Martingale Asset Management L P bought a new stake in shares of Corrections Corp. of America during the second quarter valued at about $365,000. Finally, Stevens Capital Management LP bought a new stake in shares of Corrections Corp. of America during the second quarter valued at about $390,000. Institutional investors and hedge funds own 90.89% of the company’s stock.
Corrections Corp. of America Company Profile
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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