Corrections Corp. of America (CXW) Sees Large Volume Increase
Corrections Corp. of America (NYSE:CXW) saw unusually-high trading volume on Monday . Approximately 7,845,726 shares traded hands during trading, an increase of 40% from the previous session’s volume of 5,615,320 shares.The stock last traded at $16.26 and had previously closed at $17.51.
CXW has been the topic of a number of recent research reports. Zacks Investment Research raised Corrections Corp. of America from a “hold” rating to a “buy” rating and set a $35.00 price objective on the stock in a report on Tuesday, May 3rd. Wells Fargo & Co. restated a “neutral” rating on shares of Corrections Corp. of America in a research note on Sunday, August 21st. Canaccord Genuity restated a “hold” rating on shares of Corrections Corp. of America in a research note on Tuesday, July 12th. TheStreet lowered Corrections Corp. of America from a “buy” rating to a “hold” rating in a research note on Friday, August 12th. Finally, SunTrust Banks Inc. lowered Corrections Corp. of America from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $37.00 to $34.00 in a research note on Friday, July 1st. Five research analysts have rated the stock with a hold rating, The stock currently has an average rating of “Hold” and an average price target of $30.67.
The stock has a market cap of $1.97 billion and a PE ratio of 9.76. The company’s 50-day moving average is $27.93 and its 200 day moving average is $30.97.
Corrections Corp. of America (NYSE:CXW) last issued its quarterly earnings data on Wednesday, August 3rd. The real estate investment trust reported $0.69 EPS for the quarter, topping 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 business’s revenue was up .9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.73 EPS. Equities research analysts anticipate that Corrections Corp. of America will post $2.66 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Monday, October 3rd will be issued a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 12.86%.
In other news, CEO Damon T. Hininger acquired 2,870 shares of the business’s stock in a transaction that occurred on Thursday, August 18th. The stock was bought at an average price of $16.60 per share, with a total value of $47,642.00. Following the completion of the acquisition, the chief executive officer now directly owns 200,331 shares of the company’s stock, valued at approximately $3,325,494.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mark A. Emkes acquired 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 18th. The stock was purchased at an average cost of $17.19 per share, with a total value of $171,900.00. Following the acquisition, the director now directly owns 20,755 shares of the company’s stock, valued at $356,778.45. The disclosure for this purchase can be found here.
A hedge fund recently bought a new stake in Corrections Corp. of America stock. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Corrections Corp. of America (NYSE:CXW) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 57,900 shares of the real estate investment trust’s stock, valued at approximately $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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