Corrections Corp. of America (CXW) Posts Quarterly Earnings Results, Beats Expectations By $0.23 EPS

Corrections Corp. of America (NYSE:CXW) announced its earnings results on Monday, August 7th. The real estate investment trust reported $0.59 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.23, Bloomberg Earnings reports. 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 for the quarter, compared to analysts’ expectations of $437.92 million. During the same quarter in the previous year, the company earned $0.49 earnings per share. The firm’s quarterly revenue was down 5.8% compared to the same quarter last year. Corrections Corp. of America updated its Q3 guidance to $0.52-0.54 EPS and its FY17 guidance to $2.31-2.35 EPS.

Corrections Corp. of America (NYSE:CXW) traded down 0.69% during trading on Friday, reaching $24.42. 629,539 shares of the company’s stock traded hands. Corrections Corp. of America has a 12 month low of $12.99 and a 12 month high of $35.33. The firm’s 50 day moving average is $27.18 and its 200 day moving average is $30.50. The company has a market cap of $2.89 billion, a P/E ratio of 13.59 and a beta of 0.92.

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

In other Corrections Corp. of America news, EVP Lucibeth Mayberry sold 6,236 shares of the stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $30.41, for a total value of $189,636.76. Following the sale, the executive vice president now directly owns 51,851 shares in the company, valued at $1,576,788.91. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Mark A. Emkes bought 5,000 shares of the business’s stock in a transaction on Thursday, August 10th. The stock was purchased at an average price of $25.62 per share, for a total transaction of $128,100.00. Following the completion of the acquisition, the director now owns 44,426 shares of the company’s stock, valued at approximately $1,138,194.12. The disclosure for this purchase can be found here. Insiders sold 16,236 shares of company stock worth $473,687 over the last 90 days. 1.30% of the stock is currently owned by company insiders.

Several brokerages recently commented on CXW. ValuEngine raised Corrections Corp. of America from a “buy” rating to a “strong-buy” rating in a report on Friday. Zacks Investment Research raised Corrections Corp. of America from a “hold” rating to a “buy” rating and set a $29.00 price target on the stock in a report on Tuesday. Deutsche Bank AG dropped their price target on Corrections Corp. of America from $40.00 to $35.00 and set a “buy” rating on the stock in a report 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 report on Monday, August 7th. Finally, BidaskClub cut Corrections Corp. of America from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $30.00.

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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.

Earnings History for Corrections Corp. of America (NYSE:CXW)

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