Trade Report: The Corrections Corp. of America (CXW) Releases Q3 Earnings Guidance

The Corrections Corp. of America (CXW) Releases Q3 Earnings Guidance

Corrections Corp. of America (NYSE:CXW) updated its third quarter earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $0.67-0.68 for the period, compared to the Thomson Reuters consensus estimate of $0.67. Corrections Corp. of America also updated its FY16 guidance to $2.57-2.60 EPS.

A number of analysts have recently weighed in on the stock. SunTrust Banks Inc. upgraded shares of Corrections Corp. of America from a neutral rating to a buy rating and set a $20.00 target price on the stock in a report on Wednesday, October 12th. Zacks Investment Research downgraded shares of Corrections Corp. of America from a hold rating to a strong sell rating in a report on Tuesday, October 11th. Canaccord Genuity restated a hold rating and issued a $21.00 target price on shares of Corrections Corp. of America in a report on Tuesday, September 27th. Wells Fargo & Co. restated a neutral rating on shares of Corrections Corp. of America in a report on Sunday, August 21st. Finally, TheStreet downgraded shares of 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 given a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $26.00.

Corrections Corp. of America (NYSE:CXW) opened at 14.35 on Tuesday. The company has a market capitalization of $1.69 billion, a P/E ratio of 8.34 and a beta of 0.64. The company’s 50-day moving average is $15.13 and its 200 day moving average is $27.22. Corrections Corp. of America has a one year low of $13.04 and a one year high of $35.05.

Corrections Corp. of America (NYSE:CXW) last released its quarterly earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.69 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.04. The company had revenue of $463.30 million for the quarter, compared to analyst estimates of $462.68 million. Corrections Corp. of America had a net margin of 11.17% and a return on equity of 14.16%. The firm’s revenue was up .9% on a year-over-year basis. During the same quarter last year, the business earned $0.73 earnings per share. On average, equities analysts anticipate that Corrections Corp. of America will post $2.66 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, October 17th. Investors of record on Monday, October 3rd were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Thursday, September 29th. This represents a $2.16 annualized dividend and a yield of 15.05%. Corrections Corp. of America’s dividend payout ratio is presently 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 bought at an average price of $16.60 per share, for a total transaction of $47,642.00. Following the completion of the transaction, the chief executive officer now owns 200,331 shares in the company, valued at $3,325,494.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mark A. Emkes acquired 10,000 shares of the firm’s stock in a transaction on Thursday, August 18th. The shares were bought at an average cost of $17.19 per share, for a total transaction of $171,900.00. Following the completion of the acquisition, 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. Corporate insiders own 1.80% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Advisor Group Inc. bought a new position in Corrections Corp. of America during the second quarter valued at about $138,000. A.R.T. Advisors LLC bought a new position in Corrections Corp. of America during the second quarter valued at about $262,000. Pacer Advisors Inc. increased its position in Corrections Corp. of America by 486.8% in the second quarter. Pacer Advisors Inc. now owns 8,521 shares of the real estate investment trust’s stock valued at $298,000 after buying an additional 7,069 shares during the last quarter. Martingale Asset Management L P bought a new position in Corrections Corp. of America during the second quarter valued at about $365,000. Finally, Stevens Capital Management LP bought a new position in Corrections Corp. of America during the second quarter valued at about $390,000. 90.89% of the stock is currently owned by institutional investors and hedge funds.

Corrections Corp. of America Company Profile

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