Zacks: Brokerages Expect Corrections Corp. of America (CXW) Will Announce Quarterly Sales of $437.18 Million
Brokerages forecast that Corrections Corp. of America (NYSE:CXW) will announce $437.18 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Corrections Corp. of America’s earnings. The highest sales estimate is $460.20 million and the lowest is $420.98 million. Corrections Corp. of America reported sales of $474.94 million during the same quarter last year, which indicates a negative year-over-year growth rate of 8%. The business is scheduled to issue its next earnings report on Wednesday, November 1st.
On average, analysts expect that Corrections Corp. of America will report full-year sales of $437.18 million for the current fiscal year, with estimates ranging from $1.72 billion to $1.79 billion. For the next financial year, analysts expect that the company will report sales of $1.73 billion per share, with estimates ranging from $1.66 billion to $1.82 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Corrections Corp. of America.
Corrections Corp. of America (NYSE:CXW) last posted its quarterly earnings results on Monday, August 7th. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.23. Corrections Corp. of America had a return on equity of 14.54% and a net margin of 11.62%. The business had revenue of $436.39 million for the quarter, compared to analyst estimates of $437.92 million. During the same period last year, the company earned $0.49 EPS. The firm’s revenue was down 5.8% on a year-over-year basis.
CXW has been the topic of several research analyst reports. Zacks Investment Research raised Corrections Corp. of America from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a research note on Friday, August 4th. TheStreet lowered Corrections Corp. of America from a “b-” rating to a “c+” rating in a research note on Monday, August 21st. ValuEngine lowered Corrections Corp. of America from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 1st. Canaccord Genuity set a $36.00 price objective on Corrections Corp. of America and gave the company a “buy” rating in a research note on Monday, August 7th. Finally, Deutsche Bank AG reduced their price objective on Corrections Corp. of America from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, August 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. Corrections Corp. of America presently has an average rating of “Hold” and an average target price of $30.00.
In related news, CFO David Garfinkle sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $25.90, for a total transaction of $259,000.00. Following the transaction, the chief financial officer now directly owns 90,114 shares of the company’s stock, valued at approximately $2,333,952.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mark A. Emkes purchased 5,000 shares of Corrections Corp. of America stock in a transaction that occurred on Thursday, August 10th. The shares were bought at an average cost of $25.62 per share, for a total transaction of $128,100.00. Following the completion of the transaction, the director now directly owns 44,426 shares in the company, valued at approximately $1,138,194.12. The disclosure for this purchase can be found here. Insiders have sold a total of 17,360 shares of company stock worth $451,474 over the last three months. 1.30% of the stock is currently owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the stock. TLP Group LLC purchased a new stake in Corrections Corp. of America during the 1st quarter worth approximately $113,000. Advisory Services Network LLC increased its holdings in Corrections Corp. of America by 115.0% during the 2nd quarter. Advisory Services Network LLC now owns 4,093 shares of the real estate investment trust’s stock worth $113,000 after purchasing an additional 2,189 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in Corrections Corp. of America during the 1st quarter worth approximately $116,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Corrections Corp. of America by 11.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,266 shares of the real estate investment trust’s stock worth $118,000 after purchasing an additional 452 shares during the last quarter. Finally, OLD Mutual Customised Solutions Proprietary Ltd. purchased a new stake in Corrections Corp. of America during the 1st quarter worth approximately $123,000. 86.18% of the stock is currently owned by hedge funds and other institutional investors.
Corrections Corp. of America (NYSE CXW) traded down 1.66% on Monday, hitting $25.42. The stock had a trading volume of 272,821 shares. Corrections Corp. of America has a 12-month low of $12.99 and a 12-month high of $35.33. The company has a 50 day moving average of $25.93 and a 200 day moving average of $29.54. The company has a market capitalization of $3.00 billion, a PE ratio of 14.15 and a beta of 0.92.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 6.50%. The ex-dividend date is Friday, September 29th. Corrections Corp. of America’s dividend payout ratio (DPR) is presently 93.86%.
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About Corrections Corp. of America
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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