Corrections Corp. of America (NYSE: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 report released on Tuesday, October 17th.

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. “

Several other research analysts also recently weighed in on CXW. BidaskClub downgraded shares of Corrections Corp. of America from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 1st. ValuEngine upgraded Corrections Corp. of America from a “hold” rating to a “buy” rating in a report on Saturday, July 8th. TheStreet cut Corrections Corp. of America from a “b-” rating to a “c+” rating in a report on Monday, August 21st. 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, SunTrust Banks, Inc. restated a “buy” rating and issued a $37.00 price target on shares of Corrections Corp. of America in a report on Monday, October 2nd. One analyst has rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $34.25.

Shares of Corrections Corp. of America (NYSE CXW) traded up $0.33 during midday trading on Tuesday, hitting $24.86. 480,265 shares of the company’s stock traded hands, compared to its average volume of 711,984. The stock has a market cap of $2,898.93, a price-to-earnings ratio of 9.40, a P/E/G ratio of 1.76 and a beta of 0.91. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.96. Corrections Corp. of America has a 52 week low of $14.02 and a 52 week high of $35.33.

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In related news, CFO David Garfinkle sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $25.90, for a total transaction of $259,000.00. Following the completion of the transaction, the chief financial officer now owns 90,114 shares in the company, valued at approximately $2,333,952.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Thurgood Marshall, Jr. sold 2,360 shares of the firm’s stock in a transaction that occurred 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 approximately $805,049.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,360 shares of company stock worth $711,574. Corporate insiders own 1.30% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Advisory Services Network LLC raised its position in Corrections Corp. of America by 115.0% in the 2nd quarter. Advisory Services Network LLC now owns 4,093 shares of the real estate investment trust’s stock valued at $113,000 after purchasing an additional 2,189 shares during the last quarter. Arizona State Retirement System raised its position in Corrections Corp. of America by 1.8% in the 2nd quarter. Arizona State Retirement System now owns 49,800 shares of the real estate investment trust’s stock valued at $1,373,000 after purchasing an additional 900 shares during the last quarter. State Street Corp bought a new position in Corrections Corp. of America in the 1st quarter valued at $100,342,000. Morgan Stanley raised its position in Corrections Corp. of America by 78.6% in the 1st quarter. Morgan Stanley now owns 751,496 shares of the real estate investment trust’s stock valued at $23,612,000 after purchasing an additional 330,634 shares during the last quarter. Finally, Bridgewater Associates LP bought a new position in Corrections Corp. of America in the 2nd quarter valued at $255,000. Hedge funds and other institutional investors own 86.55% of the company’s stock.

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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