Corrections Corp. of America (NYSE:CXW)’s share price traded down 2.1% on Wednesday . The stock traded as low as $15.39 and last traded at $15.47, with a volume of 1,273,636 shares. The stock had previously closed at $15.80.

CXW has been the topic of several analyst reports. SunTrust Banks Inc. cut Corrections Corp. of America from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $37.00 to $34.00 in a report on Friday, July 1st. Canaccord Genuity restated a “hold” rating on shares of Corrections Corp. of America in a report on Tuesday, June 28th. Zacks Investment Research cut Corrections Corp. of America from a “buy” rating to a “sell” rating in a report on Wednesday, July 6th. TheStreet cut Corrections Corp. of America from a “buy” rating to a “hold” rating in a report on Friday, August 12th. Finally, Wells Fargo & Co. restated a “neutral” rating on shares of Corrections Corp. of America in a report on Sunday, August 21st. Five equities research analysts have rated the stock with a hold rating, The company has an average rating of “Hold” and a consensus price target of $26.00.

The firm’s 50-day moving average price is $20.23 and its 200 day moving average price is $29.43. The stock has a market cap of $1.85 billion, a PE ratio of 9.13 and a beta of 0.56.

This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/21/corrections-corp-of-america-cxw-stock-price-down-2-1.html

Corrections Corp. of America (NYSE:CXW) last issued its earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.69 EPS for the quarter, topping the 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 company had revenue of $463.30 million for the quarter, compared to the consensus estimate of $462.68 million. During the same period in the previous year, the firm earned $0.73 earnings per share. The firm’s revenue for the quarter was up .9% on a year-over-year basis. On average, equities analysts forecast 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. Investors of record on Monday, October 3rd will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 13.76%. The ex-dividend date is Thursday, September 29th. Corrections Corp. of America’s payout ratio is 125.58%.

In related news, CEO Damon T. Hininger acquired 2,870 shares of Corrections Corp. of America stock in a transaction on Thursday, August 18th. The shares were acquired at an average cost of $16.60 per share, with a total value of $47,642.00. Following the transaction, the chief executive officer now owns 200,331 shares in the company, valued at $3,325,494.60. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Mark A. Emkes acquired 10,000 shares of Corrections Corp. of America 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 transaction, the director now owns 20,755 shares in the company, valued at approximately $356,778.45. The disclosure for this purchase can be found here. 1.80% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of CXW. State Street Corp increased its position in shares of Corrections Corp. of America by 4.2% in the first quarter. State Street Corp now owns 3,171,507 shares of the real estate investment trust’s stock worth $101,642,000 after buying an additional 127,042 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Corrections Corp. of America by 5.8% in the first quarter. Geode Capital Management LLC now owns 964,372 shares of the real estate investment trust’s stock worth $30,908,000 after buying an additional 52,787 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Corrections Corp. of America by 9.9% in the first quarter. Goldman Sachs Group Inc. now owns 211,990 shares of the real estate investment trust’s stock worth $6,794,000 after buying an additional 19,149 shares during the last quarter. BlackRock Group LTD increased its position in shares of Corrections Corp. of America by 47.9% in the first quarter. BlackRock Group LTD now owns 72,508 shares of the real estate investment trust’s stock worth $2,324,000 after buying an additional 23,489 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Corrections Corp. of America by 39.8% in the first quarter. JPMorgan Chase & Co. now owns 136,826 shares of the real estate investment trust’s stock worth $4,385,000 after buying an additional 38,975 shares during the last quarter. 91.09% of the stock is currently owned by institutional investors and hedge funds.

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.

5 Day Chart for NYSE:CXW

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.