Corrections Corp. of America (CXW) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research downgraded shares of Corrections Corp. of America (NYSE:CXW) from a hold rating to a sell rating in a report issued on Friday morning.

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 research analysts have also recently commented on CXW. ValuEngine raised shares of Corrections Corp. of America from a buy rating to a strong-buy rating in a research report on Thursday, October 5th. SunTrust Banks, Inc. reissued a buy rating and set a $37.00 target price on shares of Corrections Corp. of America in a research report on Monday, October 2nd. TheStreet cut shares of Corrections Corp. of America from a b- rating to a c+ rating in a research report on Monday, August 21st. Deutsche Bank AG decreased their target price on shares of Corrections Corp. of America from $40.00 to $35.00 and set a buy rating for the company in a research report on Tuesday, August 8th. Finally, Canaccord Genuity set a $36.00 target price on shares of Corrections Corp. of America and gave the company a buy rating in a research report on Monday, August 7th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Corrections Corp. of America currently has a consensus rating of Hold and an average price target of $34.25.

Shares of Corrections Corp. of America (NYSE CXW) opened at $24.37 on Friday. Corrections Corp. of America has a 52-week low of $19.79 and a 52-week high of $35.33. The firm has a market cap of $2,909.00, a P/E ratio of 9.88, a PEG ratio of 1.76 and a beta of 0.91. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.10 and a quick ratio of 1.10.

Corrections Corp. of America (NYSE:CXW) last announced its quarterly earnings results on Wednesday, November 8th. The real estate investment trust reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.02. Corrections Corp. of America had a net margin of 11.03% and a return on equity of 13.54%. The firm had revenue of $442.80 million during the quarter, compared to analysts’ expectations of $437.18 million. During the same quarter in the prior year, the company earned $0.69 EPS. The company’s revenue was down 6.8% compared to the same quarter last year. research analysts expect that Corrections Corp. of America will post 2.33 earnings per share for the current fiscal year.

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In other Corrections Corp. of America news, CFO David Garfinkle sold 10,000 shares of the firm’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $26.01, for a total value of $260,100.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Thurgood Marshall, Jr. sold 2,360 shares of the firm’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $25.90, for a total transaction of $61,124.00. Following the completion of the transaction, the director now directly owns 31,083 shares of the company’s stock, valued at approximately $805,049.70. The disclosure for this sale can be found here. Insiders have sold 22,360 shares of company stock valued at $580,224 in the last three months. 1.30% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Advisory Services Network LLC raised its holdings in shares of 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 buying an additional 2,189 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Corrections Corp. of America by 1.8% in the second quarter. Arizona State Retirement System now owns 49,800 shares of the real estate investment trust’s stock worth $1,373,000 after buying an additional 900 shares during the last quarter. Bridgewater Associates LP purchased a new position in shares of Corrections Corp. of America in the second quarter worth $255,000. Acadian Asset Management LLC raised its holdings in shares of Corrections Corp. of America by 2.5% in the second quarter. Acadian Asset Management LLC now owns 2,306,883 shares of the real estate investment trust’s stock worth $63,624,000 after buying an additional 56,639 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its holdings in shares of Corrections Corp. of America by 3.7% in the second quarter. Louisiana State Employees Retirement System now owns 30,800 shares of the real estate investment trust’s stock worth $849,000 after buying an additional 1,100 shares during the last quarter. 84.78% of the stock is owned by institutional investors and hedge funds.

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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