Municipal Employees Retirement System of Michigan Has $1.26 Million Position in Corrections Corp. of America (NYSE:CXW)

Municipal Employees Retirement System of Michigan lowered its stake in Corrections Corp. of America (NYSE:CXW) by 16.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 45,610 shares of the real estate investment trust’s stock after selling 8,870 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Corrections Corp. of America were worth $1,258,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the company. World Asset Management Inc increased its position in Corrections Corp. of America by 1.8% in the first quarter. World Asset Management Inc now owns 8,756 shares of the real estate investment trust’s stock valued at $275,000 after buying an additional 155 shares during the period. Capstone Asset Management Co. increased its position in Corrections Corp. of America by 1.4% in the first quarter. Capstone Asset Management Co. now owns 12,446 shares of the real estate investment trust’s stock valued at $391,000 after buying an additional 170 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Corrections Corp. of America by 1.6% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 18,673 shares of the real estate investment trust’s stock valued at $587,000 after buying an additional 300 shares during the period. Steinberg Global Asset Management increased its position in Corrections Corp. of America by 1.6% in the second quarter. Steinberg Global Asset Management now owns 23,158 shares of the real estate investment trust’s stock valued at $639,000 after buying an additional 369 shares during the period. Finally, Advantus Capital Management Inc increased its position in Corrections Corp. of America by 3.1% in the first quarter. Advantus Capital Management Inc now owns 15,065 shares of the real estate investment trust’s stock valued at $473,000 after buying an additional 456 shares during the period. Institutional investors and hedge funds own 88.79% of the company’s stock.

Corrections Corp. of America (CXW) traded down 0.69% on Friday, reaching $24.42. The company’s stock 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 stock has a market cap of $2.89 billion, a price-to-earnings ratio of 13.59 and a beta of 0.92. The firm’s 50-day moving average price is $27.18 and its 200-day moving average price is $30.50.

Corrections Corp. of America (NYSE:CXW) last issued its quarterly earnings results on Monday, August 7th. The real estate investment trust reported $0.59 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.23. Corrections Corp. of America had a return on equity of 14.54% and a net margin of 11.62%. The firm had revenue of $436.39 million during the quarter, compared to the consensus estimate of $437.92 million. During the same period last year, the business posted $0.49 EPS. The business’s revenue was down 5.8% compared to the same quarter last year. On average, equities analysts expect that Corrections Corp. of America will post $1.53 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be paid a $0.42 dividend. The ex-dividend date of this dividend is Friday, September 29th. This represents a $1.68 annualized dividend and a dividend yield of 6.88%. Corrections Corp. of America’s dividend payout ratio is presently 93.86%.

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Several research firms recently commented on CXW. BidaskClub downgraded Corrections Corp. of America from a “hold” rating to a “sell” rating in a research report on Wednesday, June 21st. ValuEngine upgraded Corrections Corp. of America from a “buy” rating to a “strong-buy” rating in a research report on Friday. Zacks Investment Research downgraded Corrections Corp. of America from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. Canaccord Genuity restated a “buy” rating and set a $34.00 target price on shares of Corrections Corp. of America in a research report on Wednesday, May 3rd. Finally, Deutsche Bank AG decreased their price objective on Corrections Corp. of America from $40.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, August 8th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $30.00.

In other news, EVP Lucibeth Mayberry sold 5,000 shares of the firm’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $30.54, for a total value 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 approximately $1,393,082.10. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Over the last 90 days, insiders sold 16,236 shares of company stock valued at $473,687. 1.30% of the stock is currently owned by company insiders.

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.

Institutional Ownership by Quarter for Corrections Corp. of America (NYSE:CXW)

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