First Citizens Bank & Trust Co. increased its position in Corrections Corp. of America (NYSE:CXW) by 31.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,209 shares of the real estate investment trust’s stock after buying an additional 3,174 shares during the period. First Citizens Bank & Trust Co.’s holdings in Corrections Corp. of America were worth $364,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in CXW. Hartford Investment Management Co. bought a new position in shares of Corrections Corp. of America during the first quarter worth approximately $1,505,000. Quadrature Capital Ltd bought a new position in shares of Corrections Corp. of America during the fourth quarter worth approximately $1,301,000. State Street Corp bought a new position in shares of Corrections Corp. of America during the first quarter worth approximately $100,342,000. Morgan Stanley increased its position in shares of Corrections Corp. of America by 78.6% in the first quarter. Morgan Stanley now owns 751,496 shares of the real estate investment trust’s stock worth $23,612,000 after buying an additional 330,634 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its position in shares of Corrections Corp. of America by 27.2% in the first quarter. State of Alaska Department of Revenue now owns 56,440 shares of the real estate investment trust’s stock worth $1,773,000 after buying an additional 12,060 shares in the last quarter. 88.79% of the stock is owned by institutional investors and hedge funds.
Shares of Corrections Corp. of America (NYSE CXW) opened at 25.29 on Thursday. The stock has a market cap of $2.99 billion, a PE ratio of 14.07 and a beta of 0.92. The company’s 50-day moving average price is $27.37 and its 200 day moving average price is $30.58. Corrections Corp. of America has a 1-year low of $12.99 and a 1-year high of $35.33.
Corrections Corp. of America (NYSE:CXW) last issued its quarterly earnings data on Monday, August 7th. The real estate investment trust reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.23. The firm had revenue of $436.39 million during the quarter, compared to analyst estimates of $437.92 million. Corrections Corp. of America had a return on equity of 14.54% and a net margin of 11.62%. Corrections Corp. of America’s quarterly revenue was down 5.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.49 EPS. Equities analysts forecast that Corrections Corp. of America will post $1.53 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be given a $0.42 dividend. The ex-dividend date of this dividend is Friday, September 29th. This represents a $1.68 annualized dividend and a dividend yield of 6.64%. Corrections Corp. of America’s payout ratio is 93.86%.
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A number of equities analysts have recently commented on CXW shares. Zacks Investment Research raised Corrections Corp. of America from a “hold” rating to a “buy” rating and set a $37.00 price objective for the company in a research report on Thursday, April 20th. Canaccord Genuity set a $36.00 price objective on Corrections Corp. of America and gave the stock a “buy” rating in a research report on Friday, May 19th. Deutsche Bank AG boosted their price objective on Corrections Corp. of America from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, May 15th. ValuEngine raised Corrections Corp. of America from a “hold” rating to a “buy” rating in a research report on Saturday, July 8th. Finally, BidaskClub downgraded Corrections Corp. of America from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $30.00.
In related news, Director Mark A. Emkes bought 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The shares were acquired at an average cost of $25.62 per share, for a total transaction of $128,100.00. Following the acquisition, the director now directly owns 44,426 shares of the company’s stock, valued at approximately $1,138,194.12. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Lucibeth Mayberry sold 6,236 shares of Corrections Corp. of America stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $30.41, for a total value of $189,636.76. Following the completion of the transaction, the executive vice president now owns 51,851 shares in the company, valued at $1,576,788.91. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,236 shares of company stock valued at $473,687. Insiders own 1.30% of the company’s stock.
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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