Zacks Investment Research cut shares of Corrections Corp. of America (NYSE:CXW) from a buy rating to a hold rating in a report released on Wednesday 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 research firms have also recently commented on CXW. Canaccord Genuity set a $36.00 target price on Corrections Corp. of America and gave the stock a buy rating in a research note on Friday, May 19th. TheStreet cut Corrections Corp. of America from a b- rating to a c+ rating in a research note on Monday, August 21st. BidaskClub cut Corrections Corp. of America from a sell rating to a strong sell rating in a research note on Tuesday, August 1st. Deutsche Bank AG lifted their target price on Corrections Corp. of America from $38.00 to $40.00 and gave the stock a buy rating in a research note on Friday, May 5th. Finally, ValuEngine upgraded Corrections Corp. of America from a hold rating to a buy rating in a research note on Saturday, July 8th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $30.25.

Corrections Corp. of America (NYSE CXW) opened at 26.75 on Wednesday. Corrections Corp. of America has a 12-month low of $12.99 and a 12-month high of $35.33. The firm has a 50 day moving average of $26.64 and a 200 day moving average of $30.19. The firm has a market capitalization of $3.16 billion, a P/E ratio of 14.89 and a beta of 0.92.

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, topping the Zacks’ consensus estimate of $0.36 by $0.23. The company had revenue of $436.39 million for 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 for the quarter was down 5.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.49 EPS. On average, 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 $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 6.28%. The ex-dividend date of this dividend is Friday, September 29th. Corrections Corp. of America’s dividend payout ratio is currently 93.86%.

In related news, EVP Kim White sold 5,000 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $26.27, for a total value of $131,350.00. Following the sale, the executive vice president now directly owns 22,393 shares in the company, valued at approximately $588,264.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.30% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Corrections Corp. of America by 0.3% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,243 shares of the real estate investment trust’s stock worth $476,000 after buying an additional 55 shares in the last quarter. World Asset Management Inc raised its position in Corrections Corp. of America by 1.8% in the first quarter. World Asset Management Inc now owns 8,756 shares of the real estate investment trust’s stock worth $275,000 after buying an additional 155 shares during the last quarter. Capstone Asset Management Co. raised its position in Corrections Corp. of America by 1.4% in the first quarter. Capstone Asset Management Co. now owns 12,446 shares of the real estate investment trust’s stock worth $391,000 after buying an additional 170 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in Corrections Corp. of America by 1.6% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 18,673 shares of the real estate investment trust’s stock worth $587,000 after buying an additional 300 shares during the last quarter. Finally, Steinberg Global Asset Management raised its position in Corrections Corp. of America by 1.6% in the second quarter. Steinberg Global Asset Management now owns 23,158 shares of the real estate investment trust’s stock worth $639,000 after buying an additional 369 shares during the last quarter. Institutional investors and hedge funds own 86.18% 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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