Corrections Corp. of America (CXW) Posts Quarterly Earnings Results
Corrections Corp. of America (NYSE:CXW) issued its earnings results on Monday. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.23, Bloomberg Earnings reports. The firm had revenue of $436.39 million for the quarter, compared to analyst estimates of $437.92 million. Corrections Corp. of America had a return on equity of 15.42% and a net margin of 12.10%. The business’s revenue was down 5.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.49 earnings per share. Corrections Corp. of America updated its Q3 guidance to $0.52-0.54 EPS and its FY17 guidance to $2.31-2.35 EPS.
Corrections Corp. of America (NYSE CXW) traded down 4.56% during mid-day trading on Monday, hitting $25.96. The company had a trading volume of 1,573,561 shares. Corrections Corp. of America has a 52 week low of $12.99 and a 52 week high of $35.33. The firm’s 50 day moving average is $28.12 and its 200 day moving average is $30.81. The company has a market capitalization of $3.07 billion, a price-to-earnings ratio of 13.66 and a beta of 0.92. Corrections Corp. of America also saw unusually large options trading on Friday. Investors bought 10,027 put options on the company. This is an increase of 1,764% compared to the average volume of 538 put options.
The business also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Monday, July 3rd were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Thursday, June 29th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 6.47%. Corrections Corp. of America’s payout ratio is 88.42%.
In related news, EVP Lucibeth Mayberry sold 6,236 shares of the firm’s stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $30.41, for a total value of $189,636.76. Following the transaction, the executive vice president now directly owns 51,851 shares of the company’s stock, valued at approximately $1,576,788.91. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Anthony L. Grande sold 23,000 shares of the firm’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $33.86, for a total value of $778,780.00. Following the completion of the transaction, the executive vice president now directly owns 39,510 shares in the company, valued at $1,337,808.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,236 shares of company stock worth $1,121,117. 1.30% of the stock is owned by insiders.
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Several analysts have issued reports on the company. Zacks Investment Research lowered Corrections Corp. of America from a “buy” rating to a “hold” rating in a research note on Monday. Canaccord Genuity set a $36.00 target price on Corrections Corp. of America and gave the company a “buy” rating in a research note on Monday. BidaskClub lowered Corrections Corp. of America from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 1st. Finally, ValuEngine upgraded Corrections Corp. of America from a “hold” rating to a “buy” rating in a research note on Saturday, July 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. Corrections Corp. of America presently has a consensus rating of “Hold” and a consensus target price of $31.50.
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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