Corrections Corp. of America (NYSE:CXW)‘s stock had its “hold” rating reiterated by stock analysts at Canaccord Genuity in a research note issued on Tuesday. They presently have a $17.00 price objective on the real estate investment trust’s stock. Canaccord Genuity’s price objective indicates a potential upside of 21.52% from the company’s current price.
CXW has been the topic of a number of other research reports. Zacks Investment Research cut Corrections Corp. of America from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 11th. SunTrust Banks Inc. cut Corrections Corp. of America from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $37.00 to $34.00 in a report on Friday, July 1st. TheStreet cut Corrections Corp. of America from a “buy” rating to a “hold” rating in a report on Friday, August 12th. Finally, Wells Fargo & Co. restated a “neutral” rating on shares of Corrections Corp. of America in a report on Sunday, August 21st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. Corrections Corp. of America presently has a consensus rating of “Hold” and a consensus target price of $24.67.
Shares of Corrections Corp. of America (NYSE:CXW) opened at 13.99 on Tuesday. The company has a market capitalization of $1.64 billion, a PE ratio of 8.13 and a beta of 0.64. The company’s 50-day moving average price is $14.90 and its 200-day moving average price is $26.78. Corrections Corp. of America has a 1-year low of $13.04 and a 1-year high of $35.05.
Corrections Corp. of America (NYSE:CXW) last released its earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.69 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.04. Corrections Corp. of America had a return on equity of 14.16% and a net margin of 11.17%. The firm had revenue of $463.30 million for the quarter, compared to analysts’ expectations of $462.68 million. During the same quarter in the previous year, the business posted $0.73 earnings per share. The business’s revenue for the quarter was up .9% on a year-over-year basis. On average, equities analysts expect that Corrections Corp. of America will post $2.66 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 17th. Investors of record on Monday, October 3rd were paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 15.44%. The ex-dividend date of this dividend was Thursday, September 29th. Corrections Corp. of America’s dividend payout ratio is currently 125.58%.
In related news, Director Charles L. Overby acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, August 19th. The shares were bought at an average cost of $19.85 per share, with a total value of $99,250.00. Following the completion of the purchase, the director now directly owns 33,788 shares in the company, valued at $670,691.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 bought at an average cost of $17.19 per share, for a total transaction of $171,900.00. Following the completion of the purchase, the director now owns 20,755 shares of the company’s stock, valued at $356,778.45. The disclosure for this purchase can be found here. 1.80% of the stock is owned by corporate insiders.
Several institutional investors have recently bought and sold shares of the company. State of New Jersey Common Pension Fund D acquired a new position in shares of Corrections Corp. of America during the third quarter valued at about $5,548,000. SPC Financial Inc. raised its position in shares of Corrections Corp. of America by 0.4% in the third quarter. SPC Financial Inc. now owns 12,800 shares of the real estate investment trust’s stock valued at $178,000 after buying an additional 50 shares during the period. Spirit of America Management Corp NY acquired a new position in shares of Corrections Corp. of America during the third quarter valued at about $142,000. Fox Run Management L.L.C. acquired a new position in shares of Corrections Corp. of America during the third quarter valued at about $961,000. Finally, Northwestern Mutual Investment Management Company LLC raised its position 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 during the period. 90.89% of the stock is currently owned by institutional investors.
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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