Corrections Corp. of America (CXW) Issues FY17 Earnings Guidance
Corrections Corp. of America (NYSE:CXW) issued an update on its FY17 earnings guidance on Monday morning. The company provided EPS guidance of $2.31-2.35 for the period, compared to the Thomson Reuters consensus EPS estimate of $2.38. Corrections Corp. of America also updated its Q3 guidance to $0.52-0.54 EPS.
Corrections Corp. of America (NYSE:CXW) traded down 4.56% during mid-day trading on Monday, hitting $25.96. The stock had a trading volume of 1,573,397 shares. Corrections Corp. of America has a 12 month low of $12.99 and a 12 month high of $35.33. The stock’s 50-day moving average price is $28.12 and its 200-day moving average price is $30.81. The stock has a market cap of $3.07 billion, a price-to-earnings ratio of 13.66 and a beta of 0.92. Corrections Corp. of America also was the recipient of unusually large options trading on Friday. Investors bought 10,027 put options on the company. This represents an increase of approximately 1,764% compared to the typical volume of 538 put options.
The business also recently announced a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Monday, July 3rd were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 6.47%. The ex-dividend date was Thursday, June 29th. Corrections Corp. of America’s dividend payout ratio (DPR) is 88.42%.
CXW has been the subject of a number of recent research reports. Canaccord Genuity reiterated a buy rating and issued a $34.00 target price on shares of Corrections Corp. of America in a report on Monday, April 10th. Zacks Investment Research cut Corrections Corp. of America from a buy rating to a hold rating in a report on Tuesday, April 11th. Finally, Deutsche Bank AG lifted their target price on Corrections Corp. of America from $38.00 to $40.00 and gave the stock a buy rating in a report on Friday, May 5th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. The company currently has an average rating of Buy and an average target price of $31.50.
In related news, EVP Anthony L. Grande sold 23,000 shares of the business’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $33.86, for a total transaction of $778,780.00. Following the completion of the transaction, the executive vice president now owns 39,510 shares in the company, valued at approximately $1,337,808.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Lucibeth Mayberry sold 6,236 shares of the business’s stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $30.41, for a total value of $189,636.76. Following the transaction, the executive vice president now owns 51,851 shares of the company’s stock, valued at approximately $1,576,788.91. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,236 shares of company stock valued at $1,121,117. Company insiders own 1.30% of the company’s stock.
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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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