Corrections Corp. of America (CXW) Forecasted to Post Q4 2016 Earnings of $0.61 Per Share
Corrections Corp. of America (NYSE:CXW) – Equities researchers at SunTrust Banks dropped their Q4 2016 earnings estimates for Corrections Corp. of America in a note issued to investors on Wednesday. SunTrust Banks analyst T. Sommer now anticipates that the firm will post earnings per share of $0.61 for the quarter, down from their prior estimate of $0.70. SunTrust Banks has a “Buy” rating and a $20.00 price objective on the stock. SunTrust Banks also issued estimates for Corrections Corp. of America’s FY2017 earnings at $1.77 EPS, FY2018 earnings at $1.69 EPS and FY2019 earnings at $1.57 EPS.
Corrections Corp. of America (NYSE:CXW) last announced its earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.04. Corrections Corp. of America had a return on equity of 14.16% and a net margin of 11.17%. The firm had revenue of $463.30 million for the quarter, compared to the consensus estimate of $462.68 million. During the same quarter in the previous year, the business earned $0.73 EPS. The company’s revenue was up .9% compared to the same quarter last year.
A number of other research firms also recently issued reports on CXW. Wells Fargo & Co. reissued a “neutral” rating on shares of Corrections Corp. of America in a research note on Sunday, August 21st. Canaccord Genuity reissued a “hold” rating on shares of Corrections Corp. of America in a research note on Tuesday, July 12th. Zacks Investment Research downgraded shares of Corrections Corp. of America from a “buy” rating to a “sell” rating in a research note on Wednesday, July 6th. Finally, TheStreet downgraded shares of Corrections Corp. of America from a “buy” rating to a “hold” rating in a research note on Friday, August 12th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $26.00.
Shares of Corrections Corp. of America (NYSE:CXW) opened at 14.22 on Thursday. The company has a market cap of $1.67 billion, a PE ratio of 8.27 and a beta of 0.64. Corrections Corp. of America has a 12-month low of $13.04 and a 12-month high of $35.05. The company has a 50 day moving average of $15.22 and a 200-day moving average of $27.42.
Several institutional investors have recently made changes to their positions in CXW. State Street Corp increased its position in shares of Corrections Corp. of America by 4.2% in the first quarter. State Street Corp now owns 3,171,507 shares of the real estate investment trust’s stock worth $101,642,000 after buying an additional 127,042 shares in the last quarter. Geode Capital Management LLC boosted its stake in Corrections Corp. of America by 5.8% in the first quarter. Geode Capital Management LLC now owns 964,372 shares of the real estate investment trust’s stock worth $30,908,000 after buying an additional 52,787 shares during the last quarter. CIBC World Markets Inc. purchased a new stake in Corrections Corp. of America during the second quarter worth approximately $244,000. Teacher Retirement System of Texas boosted its stake in Corrections Corp. of America by 13.7% in the second quarter. Teacher Retirement System of Texas now owns 16,447 shares of the real estate investment trust’s stock worth $576,000 after buying an additional 1,985 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Corrections Corp. of America by 9.9% in the first quarter. Goldman Sachs Group Inc. now owns 211,990 shares of the real estate investment trust’s stock worth $6,794,000 after buying an additional 19,149 shares during the last quarter. 90.94% of the stock is owned by institutional investors and hedge funds.
In other Corrections Corp. of America news, CEO Damon T. Hininger bought 2,870 shares of the firm’s stock in a transaction on Thursday, August 18th. The stock was acquired at an average price of $16.60 per share, with a total value of $47,642.00. Following the completion of the purchase, the chief executive officer now owns 200,331 shares of the company’s stock, valued at $3,325,494.60. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Mark A. Emkes bought 10,000 shares of the firm’s stock in a transaction on Thursday, August 18th. The shares were acquired at an average cost of $17.19 per share, with a total value of $171,900.00. Following the purchase, the director now directly owns 20,755 shares of the company’s stock, valued at approximately $356,778.45. The disclosure for this purchase can be found here. Company insiders own 1.80% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Monday, October 3rd will be paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 15.19%. The ex-dividend date is Thursday, September 29th. Corrections Corp. of America’s dividend payout ratio is 125.58%.
About Corrections Corp. of America
Corrections Corporation of America is a real estate investment trust (REIT). The Company is engaged in owning, operating and managing prisons and other correctional facilities, and providing residential, community re-entry, and prisoner transportation services for governmental agencies. The Company’s facilities offer a range of rehabilitation and educational programs, including basic education, faith-based services, life skills and employment training, and substance abuse treatment.
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