Corrections Corp. of America (CXW) Cut to Hold at Zacks Investment Research

Corrections Corp. of America (NYSE:CXW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

According to Zacks, “CoreCivic, Inc. is a real estate investment trust which provides correctional, detention and residential reentry facilities. It designs, constructs, owns, manages and renovates jails, prisons, government agencies and inmate transportation companies. CoreCivic, Inc., formerly known as Corrections Corporation of America, is based in Nashville, Tennessee. “

A number of other equities analysts have also issued reports on the company. ValuEngine lowered Corrections Corp. of America from a “strong-buy” rating to a “buy” rating in a report on Friday, September 1st. TheStreet lowered Corrections Corp. of America from a “b-” rating to a “c+” rating in a report on Monday, August 21st. Deutsche Bank AG decreased their price target 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. Canaccord Genuity set a $36.00 price target on Corrections Corp. of America and gave the company a “buy” rating in a research note on Monday, August 7th. Finally, BidaskClub lowered Corrections Corp. of America from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $30.25.

Corrections Corp. of America (NYSE:CXW) traded down 0.84% during mid-day trading on Tuesday, hitting $26.04. The company had a trading volume of 432,064 shares. The firm has a market cap of $3.08 billion, a P/E ratio of 14.49 and a beta of 0.92. The stock’s 50 day moving average price is $26.27 and its 200 day moving average price is $29.93. Corrections Corp. of America has a 52-week low of $12.99 and a 52-week high of $35.33.

Corrections Corp. of America (NYSE:CXW) last issued its quarterly earnings data on Monday, August 7th. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $436.39 million during the quarter, compared to analyst estimates of $437.92 million. During the same period in the prior year, the company posted $0.49 EPS. The business’s revenue for the quarter was down 5.8% compared to the same quarter last year. On average, equities research analysts predict that Corrections Corp. of America will post $1.52 EPS for the current fiscal year.

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In other news, Director Mark A. Emkes purchased 5,000 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was purchased at an average cost of $25.62 per share, with a total value of $128,100.00. Following the purchase, the director now owns 44,426 shares in the company, valued at approximately $1,138,194.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.30% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. TLP Group LLC bought a new position in Corrections Corp. of America during the 1st quarter valued at $113,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Corrections Corp. of America during the 1st quarter worth $116,000. OLD Mutual Customised Solutions Proprietary Ltd. bought a new stake in shares of Corrections Corp. of America during the 1st quarter worth $123,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Corrections Corp. of America during the 1st quarter worth $126,000. Finally, Advisory Services Network LLC boosted its stake in shares of Corrections Corp. of America by 115.0% during the 2nd quarter. Advisory Services Network LLC now owns 4,093 shares of the real estate investment trust’s stock worth $113,000 after acquiring an additional 2,189 shares in the last quarter. 86.18% of the stock is owned by hedge funds and other institutional investors.

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.

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