Corrections Corp. of America (CXW) Sets New 52-Week Low at $22.63

Corrections Corp. of America (NYSE:CXW) hit a new 52-week low during trading on Tuesday . The company traded as low as $22.63 and last traded at $23.15, with a volume of 719200 shares changing hands. The stock had previously closed at $23.21.

A number of brokerages have commented on CXW. Zacks Investment Research raised Corrections Corp. of America from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a research note on Tuesday, August 15th. ValuEngine raised Corrections Corp. of America from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 18th. Finally, SunTrust Banks reissued a “buy” rating and issued a $37.00 price objective on shares of Corrections Corp. of America in a research note on Friday, November 10th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $33.50.

The company has a market cap of $2,736.43, a PE ratio of 9.30, a PEG ratio of 1.65 and a beta of 0.88. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.10 and a current ratio of 1.10.

Corrections Corp. of America (NYSE:CXW) last announced its earnings results on Wednesday, November 8th. The real estate investment trust reported $0.56 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.02. The company had revenue of $442.80 million for the quarter, compared to analysts’ expectations of $437.18 million. Corrections Corp. of America had a return on equity of 13.54% and a net margin of 11.03%. Corrections Corp. of America’s quarterly revenue was down 6.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.69 earnings per share. equities research analysts forecast that Corrections Corp. of America will post 2.34 EPS for the current year.

In other Corrections Corp. of America news, Director Thurgood Marshall, Jr. sold 2,360 shares of the business’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $25.90, for a total value of $61,124.00. Following the transaction, the director now owns 31,083 shares of the company’s stock, valued at $805,049.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO David Garfinkle sold 10,000 shares of the business’s stock in a transaction on Monday, October 16th. The stock was sold at an average price of $26.01, for a total value of $260,100.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 22,360 shares of company stock worth $580,224. 1.30% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of CXW. Advisory Services Network LLC boosted its position in Corrections Corp. of America by 115.0% in 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 last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Corrections Corp. of America by 11.9% in 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 last quarter. Ladenburg Thalmann Financial Services Inc. boosted its position in Corrections Corp. of America by 152.7% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,818 shares of the real estate investment trust’s stock worth $156,000 after purchasing an additional 3,516 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in Corrections Corp. of America by 8.2% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 8,272 shares of the real estate investment trust’s stock worth $228,000 after purchasing an additional 629 shares during the last quarter. Finally, Stevens Capital Management LP purchased a new position in Corrections Corp. of America in the second quarter worth $228,000. 83.20% of the stock is currently owned by institutional investors and hedge funds.

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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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