Corrections Corp. of America (NYSE:CXW) was the target of some unusual options trading on Friday. Stock investors purchased 10,027 put options on the stock. This represents an increase of 1,764% compared to the average volume of 538 put options.
Several equities research analysts have commented on CXW shares. Canaccord Genuity set a $36.00 price target on Corrections Corp. of America and gave the stock a “buy” rating in a research note on Friday, May 19th. BidaskClub lowered Corrections Corp. of America from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 1st. Zacks Investment Research lowered Corrections Corp. of America from a “buy” rating to a “hold” rating in a research note on Monday, August 7th. Deutsche Bank AG increased their target price on Corrections Corp. of America from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, May 5th. Finally, ValuEngine upgraded Corrections Corp. of America from a “hold” rating to a “buy” rating in a research note on Saturday, July 8th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Corrections Corp. of America presently has a consensus rating of “Buy” and a consensus price target of $30.00.
Shares of Corrections Corp. of America (CXW) traded down 0.69% on Friday, reaching $24.42. The company had a trading volume of 629,539 shares. Corrections Corp. of America has a 52-week low of $12.99 and a 52-week high of $35.33. The firm has a market capitalization of $2.89 billion, a PE ratio of 13.59 and a beta of 0.92. The company has a 50-day moving average price of $27.18 and a 200-day moving average price of $30.50.
Corrections Corp. of America (NYSE:CXW) last announced its quarterly earnings data on Monday, August 7th. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.23. The business had revenue of $436.39 million for 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%. The firm’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same period last year, the firm posted $0.49 earnings per share. Equities research analysts forecast that Corrections Corp. of America will post $1.53 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be paid a $0.42 dividend. The ex-dividend date is Friday, September 29th. This represents a $1.68 dividend on an annualized basis and a yield of 6.88%. Corrections Corp. of America’s dividend payout ratio (DPR) is 93.86%.
In other Corrections Corp. of America news, EVP Lucibeth Mayberry sold 5,000 shares of the company’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $30.54, for a total transaction of $152,700.00. Following the completion of the sale, the executive vice president now directly owns 45,615 shares in the company, valued at $1,393,082.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 16,236 shares of company stock worth $473,687 over the last quarter. 1.30% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Hartford Investment Management Co. bought a new stake in shares of Corrections Corp. of America during the first quarter worth $1,505,000. State Street Corp bought a new stake in shares of Corrections Corp. of America during the first quarter worth $100,342,000. Morgan Stanley raised its stake in shares of Corrections Corp. of America by 78.6% in the first quarter. Morgan Stanley now owns 751,496 shares of the real estate investment trust’s stock worth $23,612,000 after buying an additional 330,634 shares in the last quarter. State of Alaska Department of Revenue raised its stake in shares of Corrections Corp. of America by 27.2% in the first quarter. State of Alaska Department of Revenue now owns 56,440 shares of the real estate investment trust’s stock worth $1,773,000 after buying an additional 12,060 shares in the last quarter. Finally, Teachers Advisors LLC raised its stake in shares of Corrections Corp. of America by 46.4% in the fourth quarter. Teachers Advisors LLC now owns 247,185 shares of the real estate investment trust’s stock worth $6,046,000 after buying an additional 78,389 shares in the last quarter. 88.79% of the stock is currently owned by institutional investors and hedge funds.
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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