Corrections Corp. of America (NYSE:CXW) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Friday.
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 research analysts also recently issued research reports about the stock. Deutsche Bank AG decreased their price target on shares of Corrections Corp. of America from $40.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, August 8th. Canaccord Genuity set a $36.00 price target on shares of Corrections Corp. of America and gave the stock a “buy” rating in a research note on Monday, August 7th. SunTrust Banks, Inc. reiterated a “buy” rating and issued a $37.00 price target on shares of Corrections Corp. of America in a research note on Monday, October 2nd. ValuEngine downgraded shares of Corrections Corp. of America from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 1st. Finally, TheStreet downgraded shares of Corrections Corp. of America from a “b-” rating to a “c+” rating in a research note on Monday, August 21st. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $34.25.
Corrections Corp. of America (NYSE:CXW) opened at $24.61 on Friday. Corrections Corp. of America has a 12 month low of $19.15 and a 12 month high of $35.33. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.97. The stock has a market cap of $2,909.00, a P/E ratio of 9.88, a P/E/G ratio of 1.76 and a beta of 0.91.
Corrections Corp. of America (NYSE:CXW) last issued its quarterly earnings results on Wednesday, November 8th. The real estate investment trust reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.02. Corrections Corp. of America had a net margin of 11.03% and a return on equity of 13.54%. The company had revenue of $442.80 million during the quarter, compared to the consensus estimate of $437.18 million. During the same quarter in the previous year, the firm earned $0.69 earnings per share. The firm’s quarterly revenue was down 6.8% on a year-over-year basis. equities research analysts forecast that Corrections Corp. of America will post 2.33 EPS for the current fiscal year.
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In other news, Director Thurgood Marshall, Jr. sold 2,360 shares of the business’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $25.90, for a total transaction of $61,124.00. Following the completion of the sale, the director now owns 31,083 shares in the company, valued at approximately $805,049.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kim White sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $26.27, for a total transaction of $131,350.00. Following the sale, the executive vice president now owns 22,393 shares of the company’s stock, valued at approximately $588,264.11. The disclosure for this sale can be found here. Insiders have sold a total of 27,360 shares of company stock valued at $711,574 in the last 90 days. Insiders own 1.30% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Advisory Services Network LLC raised its position in Corrections Corp. of America by 115.0% in the 2nd 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 last quarter. Oppenheimer Asset Management Inc. purchased a new stake in Corrections Corp. of America in the 1st quarter valued at $116,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Corrections Corp. of America by 11.9% in the 2nd 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 last quarter. NN Investment Partners Holdings N.V. purchased a new stake in Corrections Corp. of America in the 2nd quarter valued at $173,000. Finally, Parametrica Management Ltd purchased a new stake in Corrections Corp. of America in the 2nd quarter valued at $201,000. Hedge funds and other institutional investors own 86.55% of the company’s stock.
About Corrections Corp. of America
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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