Corrections Corp. of America (CXW) PT Raised to $22.00
Corrections Corp. of America (NYSE:CXW) had its target price hoisted by investment analysts at Canaccord Genuity from $17.00 to $22.00 in a research report issued on Friday. The firm presently has a “hold” rating on the real estate investment trust’s stock. Canaccord Genuity’s price target would indicate a potential upside of 5.77% from the stock’s previous close.
CXW has been the topic of several other reports. Zacks Investment Research raised Corrections Corp. of America from a “sell” rating to a “hold” rating in a research report on Friday, August 5th. TheStreet lowered Corrections Corp. of America from a “buy” rating to a “hold” rating in a research report on Friday, August 12th. Wells Fargo & Co. reaffirmed a “neutral” rating on shares of Corrections Corp. of America in a research report on Sunday, August 21st. Finally, SunTrust Banks Inc. dropped their target price on Corrections Corp. of America from $34.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, September 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $26.33.
Shares of Corrections Corp. of America (NYSE:CXW) opened at 20.80 on Friday. The stock has a market capitalization of $2.45 billion, a P/E ratio of 11.82 and a beta of 0.77. Corrections Corp. of America has a 12-month low of $12.99 and a 12-month high of $35.05. The firm’s 50-day moving average price is $14.72 and its 200 day moving average price is $24.90.
Corrections Corp. of America (NYSE:CXW) last posted its quarterly earnings results on Wednesday, November 2nd. The real estate investment trust reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.03. The firm had revenue of $474.94 million for the quarter, compared to analyst estimates of $470.39 million. Corrections Corp. of America had a return on equity of 14.55% and a net margin of 11.34%. Corrections Corp. of America’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.64 earnings per share. Analysts predict that Corrections Corp. of America will post $2.60 EPS for the current fiscal year.
In related news, Director Mark A. Emkes purchased 10,000 shares of the firm’s stock in a transaction dated Thursday, August 18th. The stock was bought at an average price of $17.19 per share, for a total transaction of $171,900.00. Following the purchase, the director now owns 20,755 shares in the company, valued at approximately $356,778.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles L. Overby purchased 5,000 shares of the firm’s stock in a transaction dated Friday, August 19th. The shares were bought at an average price of $19.85 per share, with a total value of $99,250.00. Following the purchase, the director now owns 33,788 shares in the company, valued at approximately $670,691.80. The disclosure for this purchase can be found here. Insiders own 1.80% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in CXW. LS Investment Advisors LLC increased its stake in Corrections Corp. of America by 5.7% in the third quarter. LS Investment Advisors LLC now owns 7,429 shares of the real estate investment trust’s stock valued at $103,000 after buying an additional 403 shares during the period. Creative Planning increased its stake in Corrections Corp. of America by 416.7% in the second quarter. Creative Planning now owns 3,100 shares of the real estate investment trust’s stock valued at $109,000 after buying an additional 2,500 shares during the period. Hillsdale Investment Management Inc. bought a new stake in Corrections Corp. of America during the second quarter valued at about $123,000. Advisor Group Inc. bought a new stake in Corrections Corp. of America during the second quarter valued at about $138,000. Finally, Spirit of America Management Corp NY bought a new stake in Corrections Corp. of America during the third quarter valued at about $142,000. Institutional investors own 83.46% of the company’s stock.
Corrections Corp. of America Company Profile
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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