Corrections Corp. of America (CXW) Releases Q3 Earnings Guidance
Corrections Corp. of America (NYSE:CXW) issued an update on its third quarter earnings guidance on Monday morning. The company provided earnings per share guidance of $0.67-0.68 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.67. Corrections Corp. of America also updated its FY16 guidance to $2.57-2.60 EPS.
Shares of Corrections Corp. of America (NYSE:CXW) traded up 0.91% during mid-day trading on Monday, reaching $14.35. 1,300,800 shares of the company were exchanged. The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of 8.34 and a beta of 0.64. The company’s 50-day moving average is $15.22 and its 200 day moving average is $27.42. Corrections Corp. of America has a 12 month low of $13.04 and a 12 month high of $35.05.
Corrections Corp. of America (NYSE:CXW) last posted its earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.69 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $463.30 million for the quarter, compared to analysts’ expectations of $462.68 million. During the same period in the previous year, the company posted $0.73 earnings per share. The business’s revenue for the quarter was up .9% compared to the same quarter last year. Analysts predict that Corrections Corp. of America will post $2.66 EPS for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Monday, October 3rd will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 15.05%. Corrections Corp. of America’s payout ratio is currently 125.58%.
A number of research firms have recently commented on CXW. SunTrust Banks Inc. cut shares of Corrections Corp. of America from a buy rating to a neutral rating and reduced their target price for the stock from $37.00 to $34.00 in a research report on Friday, July 1st. Canaccord Genuity reissued a hold rating on shares of Corrections Corp. of America in a research report on Tuesday, June 28th. Zacks Investment Research cut shares of Corrections Corp. of America from a buy rating to a sell rating in a research report on Wednesday, July 6th. TheStreet lowered shares of Corrections Corp. of America from a buy rating to a hold rating in a research note on Friday, August 12th. Finally, Wells Fargo & Co. restated a neutral rating on shares of Corrections Corp. of America in a research note on Sunday, August 21st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. Corrections Corp. of America currently has a consensus rating of Hold and a consensus target price of $26.00.
In other Corrections Corp. of America news, Director Mark A. Emkes bought 10,000 shares of the stock in a transaction on Thursday, August 18th. The stock was purchased at an average price of $17.19 per share, for a total transaction of $171,900.00. Following the completion of the purchase, the director now directly owns 20,755 shares in the company, valued at $356,778.45. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles L. Overby bought 5,000 shares of the stock in a transaction on Friday, August 19th. The shares were acquired at an average price of $19.85 per share, with a total value of $99,250.00. Following the purchase, the director now owns 33,788 shares of the company’s stock, valued at $670,691.80. 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 have recently added to or reduced their stakes in the stock. Advisor Group Inc. acquired a new stake in Corrections Corp. of America during the second quarter valued at $138,000. A.R.T. Advisors LLC acquired a new stake in Corrections Corp. of America during the second quarter valued at $262,000. Pacer Advisors Inc. raised its stake 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 acquired a new stake in Corrections Corp. of America during the second quarter valued at $365,000. Finally, Stevens Capital Management LP acquired a new stake in Corrections Corp. of America during the second quarter valued at $390,000. Hedge funds and other institutional investors own 90.89% of the company’s stock.
Corrections Corp. of America Company Profile
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.
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