Brokerages expect CoreSite (NYSE:COR) to report $129.64 million in sales for the current quarter, according to Zacks Investment Research. Seven analysts have issued estimates for CoreSite’s earnings, with the lowest sales estimate coming in at $128.80 million and the highest estimate coming in at $130.50 million. CoreSite reported sales of $114.92 million in the same quarter last year, which indicates a positive year over year growth rate of 12.8%. The business is expected to report its next earnings report before the market opens on Thursday, April 26th.
On average, analysts expect that CoreSite will report full-year sales of $540.75 million for the current year, with estimates ranging from $538.40 million to $542.93 million. For the next fiscal year, analysts forecast that the firm will report sales of $606.69 million per share, with estimates ranging from $598.10 million to $615.30 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that that provide coverage for CoreSite.
CoreSite (NYSE:COR) last released its quarterly earnings results on Thursday, February 8th. The real estate investment trust reported $1.18 EPS for the quarter, topping the consensus estimate of $1.14 by $0.04. CoreSite had a return on equity of 16.77% and a net margin of 15.54%. The company had revenue of $125.95 million for the quarter, compared to analyst estimates of $125.71 million. During the same quarter in the previous year, the company posted $1.06 earnings per share. The firm’s revenue was up 14.0% compared to the same quarter last year.
Several research analysts have weighed in on the company. Moffett Nathanson assumed coverage on CoreSite in a research note on Monday, April 9th. They issued a “buy” rating and a $125.00 target price on the stock. Jefferies Group reiterated a “buy” rating on shares of CoreSite in a research note on Thursday, February 8th. Alex. Brown upgraded CoreSite from a “market perform” rating to an “outperform” rating in a research note on Monday, March 12th. UBS upgraded CoreSite from a “market perform” rating to an “outperform” rating in a research note on Monday, March 12th. Finally, Citigroup lowered their target price on CoreSite from $115.00 to $105.00 and set a “neutral” rating on the stock in a research note on Friday, February 9th. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. CoreSite currently has a consensus rating of “Buy” and an average price target of $113.64.
Shares of COR stock opened at $104.90 on Wednesday. CoreSite has a twelve month low of $89.76 and a twelve month high of $120.85. The company has a market capitalization of $3,505.47, a price-to-earnings ratio of 23.21, a P/E/G ratio of 1.21 and a beta of 0.39. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 2.24.
The firm also recently declared a quarterly dividend, which was paid on Monday, April 16th. Investors of record on Thursday, March 29th were paid a $0.98 dividend. The ex-dividend date of this dividend was Wednesday, March 28th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 3.74%. CoreSite’s dividend payout ratio (DPR) is presently 86.73%.
In other CoreSite news, CFO Jeffrey S. Finnin sold 10,396 shares of the business’s stock in a transaction on Monday, March 5th. The stock was sold at an average price of $93.30, for a total transaction of $969,946.80. Following the sale, the chief financial officer now directly owns 84,827 shares in the company, valued at $7,914,359.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Steven James Smith sold 2,261 shares of the business’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $106.72, for a total value of $241,293.92. Following the sale, the senior vice president now owns 42,915 shares in the company, valued at $4,579,888.80. The disclosure for this sale can be found here. Over the last 90 days, insiders purchased 98,000 shares of company stock worth $31,280 and sold 39,510 shares worth $3,822,268. 1.50% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. boosted its position in CoreSite by 6.2% during the fourth quarter. BlackRock Inc. now owns 3,362,411 shares of the real estate investment trust’s stock worth $382,978,000 after purchasing an additional 196,323 shares in the last quarter. Wells Fargo & Company MN boosted its position in CoreSite by 3.9% during the fourth quarter. Wells Fargo & Company MN now owns 1,768,110 shares of the real estate investment trust’s stock worth $201,387,000 after purchasing an additional 65,560 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in CoreSite by 4.7% during the third quarter. Dimensional Fund Advisors LP now owns 499,857 shares of the real estate investment trust’s stock worth $55,932,000 after purchasing an additional 22,342 shares in the last quarter. Franklin Resources Inc. boosted its position in CoreSite by 2.7% during the fourth quarter. Franklin Resources Inc. now owns 465,515 shares of the real estate investment trust’s stock worth $53,022,000 after purchasing an additional 12,345 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in CoreSite by 16.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 343,317 shares of the real estate investment trust’s stock worth $39,103,000 after purchasing an additional 49,687 shares in the last quarter. Institutional investors own 99.35% of the company’s stock.
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CoreSite Company Profile
CoreSite Realty Corporation (NYSE:COR) delivers secure, reliable, high-performance data center and interconnection solutions to a growing customer ecosystem across eight key North American markets. More than 1,200 of the world's leading enterprises, network operators, cloud providers, and supporting service providers choose CoreSite to connect, protect and optimize their performance-sensitive data, applications and computing workloads.
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