SunTrust Banks Inc. upgraded shares of Corrections Corp. of America (NYSE:CXW) from a neutral rating to a buy rating in a report published on Wednesday. The firm currently has $20.00 price target on the real estate investment trust’s stock.
Other research analysts have also recently issued reports about the stock. TheStreet cut shares of Corrections Corp. of America from a buy rating to a hold rating in a research note on Friday, August 12th. Zacks Investment Research raised shares of Corrections Corp. of America from a sell rating to a hold rating in a research note on Friday, August 5th. Canaccord Genuity dropped their price objective on shares of Corrections Corp. of America from $34.00 to $30.00 and set a hold rating for the company in a research note on Friday, August 5th. Finally, Wells Fargo & Co. reissued a neutral rating on shares of Corrections Corp. of America in a research note on Sunday, August 21st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $26.00.
Corrections Corp. of America (NYSE:CXW) opened at 14.22 on Wednesday. Corrections Corp. of America has a 1-year low of $13.04 and a 1-year high of $35.05. The firm’s 50-day moving average price is $15.22 and its 200-day moving average price is $27.42. The firm has a market capitalization of $1.67 billion, a PE ratio of 8.27 and a beta of 0.64.
Corrections Corp. of America (NYSE:CXW) last issued its quarterly earnings data on Wednesday, August 3rd. The real estate investment trust reported $0.69 earnings per share for the quarter, topping the Zacks’ consensus estimate 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 business earned $463.30 million during the quarter, compared to analysts’ expectations of $462.68 million. During the same period last year, the company posted $0.73 EPS. The company’s revenue was up .9% on a year-over-year basis. On average, equities research analysts predict that Corrections Corp. of America will post $2.66 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Monday, October 3rd will be paid a $0.54 dividend. The ex-dividend date is Thursday, September 29th. This represents a $2.16 annualized dividend and a yield of 15.19%. Corrections Corp. of America’s payout ratio is currently 125.58%.
In other news, Director Charles L. Overby bought 5,000 shares of the stock in a transaction on Friday, August 19th. The stock was purchased at an average cost of $19.85 per share, with a total value of $99,250.00. Following the purchase, the director now owns 33,788 shares of the company’s stock, valued at $670,691.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Damon T. Hininger bought 2,870 shares of the stock in a transaction on Thursday, August 18th. The stock was purchased at an average cost of $16.60 per share, with a total value of $47,642.00. Following the completion of the purchase, the chief executive officer now directly owns 200,331 shares in the company, valued at approximately $3,325,494.60. The disclosure for this purchase can be found here. 1.80% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. Creative Planning boosted its stake in Corrections Corp. of America by 416.7% in the second quarter. Creative Planning now owns 3,100 shares of the real estate investment trust’s stock valued at $109,000 after buying an additional 2,500 shares during the last quarter. Hillsdale Investment Management Inc. bought a new stake in shares of Corrections Corp. of America during the second quarter valued at about $123,000. Advisor Group Inc. bought a new stake in shares of Corrections Corp. of America during the second quarter valued at about $138,000. Spirit of America Management Corp NY bought a new stake in shares of Corrections Corp. of America during the third quarter valued at about $142,000. Finally, IFP Advisors Inc boosted its stake in shares of Corrections Corp. of America by 38.3% in the first quarter. IFP Advisors Inc now owns 4,732 shares of the real estate investment trust’s stock valued at $152,000 after buying an additional 1,310 shares in the last quarter. 90.89% of the stock is owned by hedge funds and other institutional investors.
About Corrections Corp. of America
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.
Receive News & Ratings for Corrections Corp. of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corrections Corp. of America and related companies with MarketBeat.com's FREE daily email newsletter.