Zacks: Brokerages Expect Corrections Corp. of America (CXW) Will Post Quarterly Sales of $437.18 Million
Wall Street analysts forecast that Corrections Corp. of America (NYSE:CXW) will post $437.18 million in sales for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Corrections Corp. of America’s earnings. The lowest sales estimate is $420.98 million and the highest is $460.20 million. Corrections Corp. of America posted sales of $474.94 million during the same quarter last year, which suggests a negative year over year growth rate of 8%. The company is expected to issue its next quarterly earnings report after the market closes on Wednesday, November 8th.
On average, analysts expect that Corrections Corp. of America will report full year sales of $437.18 million for the current year, with estimates ranging from $1.72 billion to $1.79 billion. For the next fiscal year, analysts expect that the business will report sales of $1.73 billion per share, with estimates ranging from $1.66 billion to $1.82 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that that provide coverage for Corrections Corp. of America.
Corrections Corp. of America (NYSE:CXW) last posted its earnings results on Monday, August 7th. The real estate investment trust reported $0.59 EPS for the quarter, beating the consensus estimate of $0.36 by $0.23. The firm had revenue of $436.39 million during the quarter, compared to the consensus estimate of $437.92 million. Corrections Corp. of America had a return on equity of 14.54% and a net margin of 11.62%. The business’s quarterly revenue was down 5.8% on a year-over-year basis. During the same period last year, the company earned $0.49 earnings per share.
Corrections Corp. of America (CXW) opened at 24.57 on Thursday. The company has a market capitalization of $2.90 billion, a P/E ratio of 13.67 and a beta of 0.92. The firm has a 50-day moving average price of $25.97 and a 200 day moving average price of $28.43. Corrections Corp. of America has a 52-week low of $12.99 and a 52-week high of $35.33.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Stockholders of record on Monday, October 2nd were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 6.84%. The ex-dividend date of this dividend was Friday, September 29th. Corrections Corp. of America’s payout ratio is currently 93.86%.
In other news, Director Thurgood Marshall, Jr. sold 2,360 shares of the company’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $25.90, for a total value of $61,124.00. Following the completion of the transaction, the director now directly owns 31,083 shares in the company, valued at approximately $805,049.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kim White sold 5,000 shares of the company’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $26.27, for a total value of $131,350.00. Following the completion of the transaction, the executive vice president now owns 22,393 shares of the company’s stock, valued at $588,264.11. The disclosure for this sale can be found here. Insiders sold a total of 27,360 shares of company stock valued at $711,574 over the last quarter. Company insiders own 1.30% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. Oppenheimer Asset Management Inc. purchased a new position in shares of Corrections Corp. of America in the 1st quarter worth about $116,000. OLD Mutual Customised Solutions Proprietary Ltd. purchased a new position in shares of Corrections Corp. of America in the 1st quarter worth about $123,000. Advisory Services Network LLC boosted its holdings in shares of Corrections Corp. of America by 115.0% in the 2nd quarter. Advisory Services Network LLC now owns 4,093 shares of the real estate investment trust’s stock worth $113,000 after purchasing an additional 2,189 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Corrections Corp. of America by 11.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,266 shares of the real estate investment trust’s stock worth $118,000 after purchasing an additional 452 shares in the last quarter. Finally, NN Investment Partners Holdings N.V. purchased a new position in shares of Corrections Corp. of America in the 2nd quarter worth about $173,000. Hedge funds and other institutional investors own 85.10% 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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