Corrections Corp. of America (NYSE:CXW) Cut to Hold at Zacks Investment Research

Corrections Corp. of America (NYSE:CXW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday, October 17th.

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. “



Other analysts also recently issued reports about the stock. BidaskClub downgraded shares of Corrections Corp. of America from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 1st. ValuEngine raised shares of Corrections Corp. of America from a “hold” rating to a “buy” rating in a research report on Saturday, July 8th. SunTrust Banks, Inc. reissued a “buy” rating and set a $37.00 price objective on shares of Corrections Corp. of America in a research report on Monday, October 2nd. Deutsche Bank AG cut their price objective on shares of Corrections Corp. of America from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, August 8th. Finally, Canaccord Genuity set a $36.00 price target on shares of Corrections Corp. of America and gave the company a “buy” rating in a report on Monday, August 7th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Corrections Corp. of America presently has an average rating of “Buy” and an average price target of $34.25.

Corrections Corp. of America (NYSE:CXW) traded up 1.09% on Tuesday, hitting $25.02. 234,068 shares of the stock were exchanged. Corrections Corp. of America has a 1-year low of $12.99 and a 1-year high of $35.33. The company has a market capitalization of $2.96 billion, a PE ratio of 13.92 and a beta of 0.92. The company has a 50-day moving average price of $25.97 and a 200 day moving average price of $28.43.

Corrections Corp. of America (NYSE:CXW) last issued its quarterly earnings results on Monday, August 7th. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.23. The company had revenue of $436.39 million during the quarter, compared to analyst estimates of $437.92 million. Corrections Corp. of America had a net margin of 11.62% and a return on equity of 14.54%. Corrections Corp. of America’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same period last year, the business earned $0.49 EPS. Analysts anticipate that Corrections Corp. of America will post $1.52 EPS for the current fiscal year.

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In other Corrections Corp. of America news, EVP Kim White sold 5,000 shares of Corrections Corp. of America stock in a transaction on Monday, August 14th. The shares were sold at an average price of $26.27, for a total transaction of $131,350.00. Following the completion of the transaction, the executive vice president now directly owns 22,393 shares of the company’s stock, valued at $588,264.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO David Garfinkle sold 10,000 shares of Corrections Corp. of America stock in a transaction on Monday, October 16th. The stock was sold at an average price of $26.01, for a total transaction of $260,100.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,360 shares of company stock worth $711,574. 1.30% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of CXW. Advisory Services Network LLC boosted its stake in shares of Corrections Corp. of America by 115.0% during the second quarter. Advisory Services Network LLC now owns 4,093 shares of the real estate investment trust’s stock valued at $113,000 after purchasing an additional 2,189 shares during the period. Oppenheimer Asset Management Inc. purchased a new stake in shares of Corrections Corp. of America during the first quarter valued at $116,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Corrections Corp. of America by 11.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,266 shares of the real estate investment trust’s stock valued at $118,000 after purchasing an additional 452 shares during the period. OLD Mutual Customised Solutions Proprietary Ltd. purchased a new stake in shares of Corrections Corp. of America during the first quarter valued at $123,000. Finally, Harbour Capital Advisors LLC purchased a new stake in shares of Corrections Corp. of America during the first quarter valued at $162,000. 85.10% of the stock is 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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