Corrections Corp. of America (CXW) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Corrections Corp. of America (NYSE:CXW) from a hold rating to a buy rating in a research report released on Thursday. Zacks Investment Research currently has $29.00 price target on the real estate investment trust’s stock.

According to Zacks, “CoreCivic, Inc. is a real estate investment trust which provides correctional, detention and residential reentry facilities. It designs, constructs, owns, manages and renovates jails, prisons, government agencies and inmate transportation companies. CoreCivic, Inc., formerly known as Corrections Corporation of America, is based in Nashville, Tennessee. “

A number of other equities research analysts have also recently issued reports on the stock. BidaskClub cut shares of Corrections Corp. of America from a sell rating to a strong sell rating in a report on Tuesday, August 1st. ValuEngine upgraded shares of Corrections Corp. of America from a hold rating to a buy rating in a report on Saturday, July 8th. Canaccord Genuity set a $36.00 price objective on shares of Corrections Corp. of America and gave the stock a buy rating in a report on Friday, May 19th. TheStreet cut shares of Corrections Corp. of America from a b- rating to a c+ rating in a report on Monday, August 21st. Finally, Deutsche Bank AG decreased their price objective on shares of Corrections Corp. of America from $40.00 to $35.00 and set a buy rating for the company in a report on Tuesday, August 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $30.00.

Corrections Corp. of America (CXW) traded up 1.08% on Thursday, reaching $26.09. The company’s stock had a trading volume of 959,224 shares. Corrections Corp. of America has a 1-year low of $12.99 and a 1-year high of $35.33. The company has a market capitalization of $3.08 billion, a price-to-earnings ratio of 14.52 and a beta of 0.92. The stock has a 50 day moving average price of $26.06 and a 200-day moving average price of $29.78.

Corrections Corp. of America (NYSE:CXW) last issued its quarterly earnings data on Monday, August 7th. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.23. The firm had revenue of $436.39 million during the quarter, compared to analysts’ expectations of $437.92 million. Corrections Corp. of America had a net margin of 11.62% and a return on equity of 14.54%. Corrections Corp. of America’s revenue for the quarter was down 5.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.49 earnings per share. Equities analysts predict that Corrections Corp. of America will post $1.52 earnings per share for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 6.44%. The ex-dividend date is Friday, September 29th. Corrections Corp. of America’s dividend payout ratio is presently 93.86%.

In other Corrections Corp. of America news, EVP Kim White sold 5,000 shares of the business’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $26.27, for a total transaction 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 approximately $588,264.11. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in CXW. TLP Group LLC acquired a new position in Corrections Corp. of America during the 1st quarter worth $113,000. Advisory Services Network LLC lifted its position in Corrections Corp. of America by 115.0% during the 2nd quarter. Advisory Services Network LLC now owns 4,093 shares of the real estate investment trust’s stock worth $113,000 after acquiring an additional 2,189 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new position in Corrections Corp. of America during the 1st quarter worth $116,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Corrections Corp. of America by 11.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,266 shares of the real estate investment trust’s stock worth $118,000 after acquiring an additional 452 shares during the last quarter. Finally, OLD Mutual Customised Solutions Proprietary Ltd. acquired a new position in Corrections Corp. of America during the 1st quarter worth $123,000. 86.18% of the stock is owned by hedge funds and other institutional investors.

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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