New Jersey Better Educational Savings Trust boosted its position in shares of Corrections Corp. of America (NYSE:CXW) by 25.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,000 shares of the real estate investment trust’s stock after purchasing an additional 3,000 shares during the period. New Jersey Better Educational Savings Trust’s holdings in Corrections Corp. of America were worth $402,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Oppenheimer Asset Management Inc. purchased a new position in Corrections Corp. of America during the first quarter worth about $116,000. OLD Mutual Customised Solutions Proprietary Ltd. purchased a new position in Corrections Corp. of America during the first quarter worth about $123,000. Advisory Services Network LLC raised its stake in Corrections Corp. of America by 115.0% during the second quarter. Advisory Services Network LLC now owns 4,093 shares of the real estate investment trust’s stock worth $113,000 after purchasing an additional 2,189 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Corrections Corp. of America by 11.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,266 shares of the real estate investment trust’s stock worth $118,000 after purchasing an additional 452 shares during the period. Finally, NN Investment Partners Holdings N.V. purchased a new position in Corrections Corp. of America during the second quarter worth about $173,000. 86.36% of the stock is currently owned by institutional investors.
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A number of brokerages have commented on CXW. Zacks Investment Research raised shares of Corrections Corp. of America from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a research note on Friday, August 4th. ValuEngine raised shares of Corrections Corp. of America from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 18th. Deutsche Bank AG reduced their target price on shares of Corrections Corp. of America from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, August 8th. Finally, SunTrust Banks, Inc. reaffirmed a “buy” rating and set a $37.00 target price on shares of Corrections Corp. of America in a research note on Monday, October 2nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $34.25.
In other news, Director Thurgood Marshall, Jr. sold 2,360 shares of the stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $25.90, for a total transaction of $61,124.00. Following the transaction, the director now directly owns 31,083 shares in the company, valued at approximately $805,049.70. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO David Garfinkle sold 10,000 shares of the stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $25.90, for a total transaction of $259,000.00. Following the transaction, the chief financial officer now owns 90,114 shares in the company, valued at $2,333,952.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,360 shares of company stock worth $711,574. Insiders own 1.30% of the company’s stock.
Shares of Corrections Corp. of America (NYSE CXW) opened at 24.95 on Monday. The firm’s 50 day moving average is $25.87 and its 200-day moving average is $28.35. Corrections Corp. of America has a 12 month low of $12.99 and a 12 month high of $35.33. The firm has a market capitalization of $2.95 billion, a PE ratio of 13.88 and a beta of 0.92.
Corrections Corp. of America (NYSE:CXW) last announced its quarterly earnings data on Monday, August 7th. The real estate investment trust reported $0.59 earnings per share for the quarter, topping the Thomson Reuters’ 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 net margin of 11.62% and a return on equity of 14.54%. The company’s revenue was down 5.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.49 EPS. On average, analysts expect that Corrections Corp. of America will post $1.52 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Stockholders of record on Monday, October 2nd were issued a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, September 29th. This represents a $1.68 annualized dividend and a dividend yield of 6.73%. Corrections Corp. of America’s payout ratio is currently 93.86%.
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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