Canada Pension Plan Investment Board Has $935,000 Position in Corrections Corp. of America (CXW)
Canada Pension Plan Investment Board increased its stake in shares of Corrections Corp. of America (NYSE:CXW) by 216.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,900 shares of the real estate investment trust’s stock after buying an additional 23,200 shares during the period. Canada Pension Plan Investment Board’s holdings in Corrections Corp. of America were worth $935,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. TLP Group LLC bought a new position in Corrections Corp. of America during the first quarter valued at $113,000. Oppenheimer Asset Management Inc. bought a new position in Corrections Corp. of America during the first quarter valued at $116,000. OLD Mutual Customised Solutions Proprietary Ltd. bought a new position in Corrections Corp. of America during the first quarter valued at $123,000. Harvest Fund Management Co. Ltd bought a new position in Corrections Corp. of America during the first quarter valued at $126,000. Finally, Harbour Capital Advisors LLC bought a new position in Corrections Corp. of America during the first quarter valued at $162,000. 86.18% of the stock is currently owned by hedge funds and other institutional investors.
Corrections Corp. of America (CXW) opened at 26.09 on Wednesday. The company has a market cap of $3.08 billion, a P/E ratio of 14.52 and a beta of 0.92. Corrections Corp. of America has a 12 month low of $12.99 and a 12 month high of $35.33. The firm has a 50-day moving average price of $26.80 and a 200 day moving average price of $30.34.
Corrections Corp. of America (NYSE:CXW) last issued its earnings results on Monday, August 7th. The real estate investment trust reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.23. The business had revenue of $436.39 million for the quarter, compared to analyst estimates of $437.92 million. Corrections Corp. of America had a return on equity of 14.54% and a net margin of 11.62%. The business’s quarterly revenue was down 5.8% on a year-over-year basis. During the same period last year, the company posted $0.49 EPS. Equities research analysts predict that Corrections Corp. of America will post $1.53 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 6.44%. The ex-dividend date is Friday, September 29th. Corrections Corp. of America’s dividend payout ratio (DPR) is currently 93.86%.
Several brokerages have commented on CXW. ValuEngine raised Corrections Corp. of America from a “hold” rating to a “buy” rating in a research report on Saturday, July 8th. Canaccord Genuity set a $36.00 price objective on Corrections Corp. of America and gave the company a “buy” rating in a research report on Friday, May 19th. Deutsche Bank AG upped their price objective on Corrections Corp. of America from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, May 15th. Finally, Zacks Investment Research raised Corrections Corp. of America from a “hold” rating to a “buy” rating and set a $35.00 price objective on the stock in a research report on Monday, May 22nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $29.75.
In other news, Director Mark A. Emkes bought 5,000 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The shares were acquired at an average cost of $25.62 per share, with a total value of $128,100.00. Following the transaction, the director now owns 44,426 shares of the company’s stock, valued at approximately $1,138,194.12. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.30% of the company’s stock.
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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