Zacks Investment Research downgraded shares of Corrections Corp. of America (NYSE:CXW) from a buy rating to a hold rating in a research note published on Wednesday.

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 equities analysts have also recently commented on CXW. Canaccord Genuity reiterated a buy rating and set a $34.00 target price on shares of Corrections Corp. of America in a research note on Wednesday, May 3rd. Deutsche Bank AG increased their target price on Corrections Corp. of America from $38.00 to $40.00 and gave the company a buy rating in a research note on Friday, May 5th. BidaskClub cut Corrections Corp. of America from a hold rating to a sell rating in a research note on Wednesday, June 21st. Finally, ValuEngine upgraded Corrections Corp. of America from a hold rating to a buy rating in a research note on Saturday, July 8th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Corrections Corp. of America presently has an average rating of Buy and a consensus price target of $29.75.

Corrections Corp. of America (NYSE:CXW) traded up 0.28% on Wednesday, hitting $24.85. 809,485 shares of the company traded hands. The firm has a market capitalization of $2.94 billion, a P/E ratio of 13.83 and a beta of 0.92. Corrections Corp. of America has a 12 month low of $12.99 and a 12 month high of $35.33. The stock’s 50-day moving average is $26.80 and its 200 day moving average is $30.34.

Corrections Corp. of America (NYSE:CXW) last released its earnings results on Monday, August 7th. The real estate investment trust reported $0.59 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.23. The company had revenue of $436.39 million during the quarter, compared to analysts’ expectations of $437.92 million. Corrections Corp. of America had a return on equity of 14.54% and a net margin of 11.62%. The business’s revenue was down 5.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.49 EPS. Equities analysts forecast that Corrections Corp. of America will post $1.53 EPS for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 6.76%. The ex-dividend date is Friday, September 29th. Corrections Corp. of America’s dividend payout ratio (DPR) is presently 93.86%.

In other news, Director Mark A. Emkes acquired 5,000 shares of Corrections Corp. of America stock in a transaction that occurred on Thursday, August 10th. The shares were purchased at an average cost of $25.62 per share, for a total transaction of $128,100.00. Following the completion of the purchase, 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.30% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its position in shares of Corrections Corp. of America by 13,997.1% in the first quarter. BlackRock Inc. now owns 10,765,267 shares of the real estate investment trust’s stock valued at $338,241,000 after buying an additional 10,688,902 shares during the period. FMR LLC boosted its position in shares of Corrections Corp. of America by 108.8% in the first quarter. FMR LLC now owns 7,127,278 shares of the real estate investment trust’s stock valued at $223,939,000 after buying an additional 3,713,585 shares during the period. State Street Corp purchased a new position in shares of Corrections Corp. of America during the first quarter valued at about $100,342,000. Daiwa Securities Group Inc. boosted its position in shares of Corrections Corp. of America by 39,326.9% in the first quarter. Daiwa Securities Group Inc. now owns 2,694,827 shares of the real estate investment trust’s stock valued at $84,671,000 after buying an additional 2,687,992 shares during the period. Finally, Acadian Asset Management LLC purchased a new position in shares of Corrections Corp. of America during the first quarter valued at about $70,703,000. Hedge funds and other institutional investors own 88.79% 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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