Corrections Corp. of America (CXW) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research downgraded shares of Corrections Corp. of America (NYSE:CXW) from a buy rating to a hold rating in a research report report published on Monday morning.
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. “
A number of other analysts have also recently issued reports on CXW. Deutsche Bank AG dropped their price objective on Corrections Corp. of America from $40.00 to $35.00 and set a buy rating on the stock in a report on Tuesday, August 8th. Canaccord Genuity set a $36.00 price objective on Corrections Corp. of America and gave the stock a buy rating in a report on Monday, August 7th. TheStreet cut Corrections Corp. of America from a b- rating to a c+ rating in a report on Monday, August 21st. ValuEngine raised Corrections Corp. of America from a buy rating to a strong-buy rating in a report on Friday, August 18th. Finally, BidaskClub cut Corrections Corp. of America from a hold rating to a sell rating in a report on Wednesday, June 21st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $30.00.
Shares of Corrections Corp. of America (NYSE CXW) opened at 25.44 on Monday. The stock’s 50 day moving average price is $25.93 and its 200-day moving average price is $29.54. The firm has a market cap of $3.01 billion, a P/E ratio of 14.16 and a beta of 0.92. Corrections Corp. of America has a 12-month low of $12.99 and a 12-month high of $35.33.
Corrections Corp. of America (NYSE:CXW) last issued its quarterly earnings data on Monday, August 7th. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.23. The business had revenue of $436.39 million for the quarter, compared to analysts’ expectations of $437.92 million. Corrections Corp. of America had a return on equity of 14.54% and a net margin of 11.62%. The firm’s quarterly revenue was down 5.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.49 EPS. On average, analysts predict that Corrections Corp. of America will post $1.52 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be issued a $0.42 dividend. The ex-dividend date of this dividend is Friday, September 29th. This represents a $1.68 annualized dividend and a dividend yield of 6.60%. Corrections Corp. of America’s payout ratio is currently 93.86%.
In other Corrections Corp. of America news, EVP Kim White sold 5,000 shares of the firm’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $26.27, for a total value of $131,350.00. Following the sale, the executive vice president now owns 22,393 shares of the company’s stock, valued at approximately $588,264.11. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Thurgood Marshall, Jr. sold 2,360 shares of the firm’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $25.90, for a total value of $61,124.00. Following the completion of the sale, the director now directly owns 31,083 shares in the company, valued at approximately $805,049.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,360 shares of company stock worth $451,474. Insiders own 1.30% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. TLP Group LLC purchased a new stake in shares of Corrections Corp. of America in the 1st quarter valued at about $113,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Corrections Corp. of America in the 1st quarter valued at about $116,000. OLD Mutual Customised Solutions Proprietary Ltd. purchased a new stake in shares of Corrections Corp. of America in the 1st quarter valued at about $123,000. Harvest Fund Management Co. Ltd purchased a new stake in shares of Corrections Corp. of America in the 1st quarter valued at about $126,000. Finally, Advisory Services Network LLC raised its holdings in shares of Corrections Corp. of America by 115.0% in the 2nd quarter. Advisory Services Network LLC now owns 4,093 shares of the real estate investment trust’s stock valued at $113,000 after acquiring an additional 2,189 shares in the last quarter. 86.18% of the stock is currently owned by hedge funds and other institutional investors.
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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