Corrections Corp. of America (NYSE:CXW) – Investment analysts at SunTrust Banks cut their Q4 2016 earnings estimates for Corrections Corp. of America in a research report issued on Wednesday. SunTrust Banks analyst T. Sommer now expects that the firm will earn $0.61 per share for the quarter, down from their prior forecast of $0.70. SunTrust Banks currently has a “Buy” rating and a $20.00 target price on the stock. SunTrust Banks also issued estimates for Corrections Corp. of America’s FY2017 earnings at $1.77 EPS, FY2018 earnings at $1.69 EPS and FY2019 earnings at $1.57 EPS.
A number of other equities analysts have also recently weighed in on the company. Canaccord Genuity decreased their price target on Corrections Corp. of America from $34.00 to $30.00 and set a “hold” rating for the company in a report on Friday, August 5th. Wells Fargo & Co. restated a “neutral” rating on shares of Corrections Corp. of America in a report on Sunday, August 21st. Zacks Investment Research upgraded Corrections Corp. of America from a “sell” rating to a “hold” rating in a report on Friday, August 5th. Finally, TheStreet cut Corrections Corp. of America from a “buy” rating to a “hold” rating in a report on Friday, August 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $26.00.
Corrections Corp. of America (NYSE:CXW) opened at 14.22 on Thursday. The company has a 50-day moving average of $15.22 and a 200-day moving average of $27.42. Corrections Corp. of America has a 52-week low of $13.04 and a 52-week high of $35.05. The stock has a market capitalization of $1.67 billion, a price-to-earnings ratio of 8.27 and a beta of 0.64.
Corrections Corp. of America (NYSE:CXW) last posted its quarterly earnings data on Wednesday, August 3rd. The real estate investment trust reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. Corrections Corp. of America had a net margin of 11.17% and a return on equity of 14.16%. The firm had revenue of $463.30 million for the quarter, compared to analyst estimates of $462.68 million. During the same period last year, the firm posted $0.73 EPS. Corrections Corp. of America’s quarterly revenue was up .9% on a year-over-year basis.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Monday, October 3rd will be paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 15.19%. The ex-dividend date of this dividend is Thursday, September 29th. Corrections Corp. of America’s dividend payout ratio (DPR) is currently 125.58%.
In other news, CEO Damon T. Hininger purchased 2,870 shares of the company’s stock in a transaction that occurred on Thursday, August 18th. The shares were acquired at an average cost of $16.60 per share, with a total value of $47,642.00. Following the transaction, the chief executive officer now owns 200,331 shares in the company, valued at approximately $3,325,494.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Charles L. Overby purchased 5,000 shares of the company’s stock in a transaction that occurred on Friday, August 19th. The shares were purchased at an average cost of $19.85 per share, for a total transaction of $99,250.00. Following the completion of the transaction, the director now owns 33,788 shares in the company, valued at approximately $670,691.80. The disclosure for this purchase can be found here. Insiders own 1.80% of the company’s stock.
Several large investors have recently bought and sold shares of CXW. Spirit of America Management Corp NY purchased a new stake in Corrections Corp. of America during the third quarter valued at about $142,000. Fox Run Management L.L.C. bought a new stake in shares of Corrections Corp. of America during the third quarter valued at $961,000. Northwestern Mutual Investment Management Company LLC raised its stake in shares of Corrections Corp. of America by 0.3% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 20,281 shares of the real estate investment trust’s stock valued at $710,000 after buying an additional 54 shares in the last quarter. Mason Street Advisors LLC bought a new stake in shares of Corrections Corp. of America during the second quarter valued at $1,876,000. Finally, Harbour Capital Advisors LLC bought a new stake in shares of Corrections Corp. of America during the second quarter valued at $408,000. 90.94% of the stock is currently owned by institutional investors and hedge funds.
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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