Zacks Investment Research upgraded shares of Corrections Corp. of America (NYSE:CXW) from a hold rating to a buy rating in a report published on Friday. The firm currently has $30.00 price target on the real estate investment trust’s stock.

According to Zacks, “CoreCivic, Inc. is a real estate investment trust which provides correctional, detention and residential reentry facilities. It designs, constructs, owns, manages and renovates jails, prisons, government agencies and inmate transportation companies. CoreCivic, Inc., formerly known as Corrections Corporation of America, is based in Nashville, Tennessee. “

Several other brokerages have also issued reports on CXW. Deutsche Bank AG lifted their price objective on shares of Corrections Corp. of America from $38.00 to $40.00 and gave the company a buy rating in a report on Monday, May 15th. Canaccord Genuity reissued a buy rating and set a $34.00 price objective on shares of Corrections Corp. of America in a report on Wednesday, May 3rd. BidaskClub lowered shares of Corrections Corp. of America from a sell rating to a strong sell rating in a report on Tuesday, August 1st. Finally, ValuEngine raised shares of Corrections Corp. of America from a hold rating to a buy rating in a report on Saturday, July 8th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $31.50.

Corrections Corp. of America (NYSE:CXW) traded down 4.82% during mid-day trading on Friday, hitting $25.89. The company had a trading volume of 1,011,151 shares. Corrections Corp. of America has a 1-year low of $12.99 and a 1-year high of $35.33. The firm has a market capitalization of $3.06 billion, a PE ratio of 13.63 and a beta of 0.92. The company has a 50 day moving average of $28.12 and a 200 day moving average of $30.81. Corrections Corp. of America also saw some unusual options trading activity on Friday. Stock investors purchased 10,027 put options on the stock. This is an increase of 1,764% compared to the typical daily volume of 538 put options.

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The company also recently declared a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Monday, July 3rd were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 6.18%. The ex-dividend date of this dividend was Thursday, June 29th. Corrections Corp. of America’s dividend payout ratio is currently 88.42%.

In other Corrections Corp. of America news, EVP Anthony L. Grande sold 23,000 shares of Corrections Corp. of America stock in a transaction on Monday, May 15th. The shares were sold at an average price of $33.86, for a total value of $778,780.00. Following the transaction, the executive vice president now directly owns 39,510 shares of the company’s stock, valued at $1,337,808.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lucibeth Mayberry sold 6,236 shares of Corrections Corp. of America stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $30.41, for a total transaction of $189,636.76. Following the completion of the transaction, the executive vice president now directly owns 51,851 shares in the company, valued at $1,576,788.91. The disclosure for this sale can be found here. Insiders sold 34,236 shares of company stock worth $1,121,117 over the last ninety days. Corporate insiders own 1.30% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. raised its position in Corrections Corp. of America by 49.7% in the first quarter. Russell Investments Group Ltd. now owns 348,542 shares of the real estate investment trust’s stock valued at $10,952,000 after buying an additional 115,727 shares in the last quarter. ARP Americas LLC raised its position in Corrections Corp. of America by 28.1% in the first quarter. ARP Americas LLC now owns 17,776 shares of the real estate investment trust’s stock valued at $559,000 after buying an additional 3,900 shares in the last quarter. Janney Montgomery Scott LLC raised its position in Corrections Corp. of America by 5.3% in the first quarter. Janney Montgomery Scott LLC now owns 38,076 shares of the real estate investment trust’s stock valued at $1,196,000 after buying an additional 1,925 shares in the last quarter. Glen Harbor Capital Management LLC raised its position in Corrections Corp. of America by 3.0% in the first quarter. Glen Harbor Capital Management LLC now owns 99,568 shares of the real estate investment trust’s stock valued at $3,128,000 after buying an additional 2,928 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new position in Corrections Corp. of America during the first quarter valued at about $70,703,000. 89.46% of the stock is currently owned by institutional investors and hedge funds.

Corrections Corp. of America Company Profile

CoreCivic, Inc, formerly Corrections Corporation of America, is a diversified government solutions company. The Company provides partnership correctional, detention and residential reentry facilities and operates prison in the United States. The Company’s business offerings include CoreCivic Safety, CoreCivic Properties, and CoreCivic Community.

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