Analysts Expect Corrections Corp. of America (CXW) Will Post Earnings of $0.54 Per Share

Wall Street brokerages predict that Corrections Corp. of America (NYSE:CXW) will announce earnings of $0.54 per share for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Corrections Corp. of America’s earnings, with the lowest EPS estimate coming in at $0.53 and the highest estimate coming in at $0.54. Corrections Corp. of America posted earnings per share of $0.47 during the same quarter last year, which indicates a positive year-over-year growth rate of 14.9%. The company is expected to report its next earnings report on Wednesday, November 1st.

According to Zacks, analysts expect that Corrections Corp. of America will report full-year earnings of $2.33 per share for the current year, with EPS estimates ranging from $2.32 to $2.33. For the next financial year, analysts anticipate that the firm will post earnings of $2.25 per share, with EPS estimates ranging from $2.21 to $2.28. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research analysts that cover Corrections Corp. of America.

Corrections Corp. of America (NYSE:CXW) last announced its earnings results on Monday, August 7th. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.23. Corrections Corp. of America had a net margin of 11.62% and a return on equity of 14.54%. The firm had revenue of $436.39 million for the quarter, compared to analyst estimates of $437.92 million. During the same quarter last year, the business earned $0.49 earnings per share. Corrections Corp. of America’s revenue was down 5.8% compared to the same quarter last year.

A number of equities research analysts have recently issued reports on CXW shares. BidaskClub lowered shares of Corrections Corp. of America from a “hold” rating to a “sell” rating in a report on Wednesday, June 21st. Zacks Investment Research lowered shares of Corrections Corp. of America from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. ValuEngine upgraded shares of Corrections Corp. of America from a “hold” rating to a “buy” rating in a report on Saturday, July 8th. Canaccord Genuity set a $36.00 price objective on shares of Corrections Corp. of America and gave the company a “buy” rating in a research note on Monday, August 7th. Finally, Deutsche Bank AG dropped their price objective on shares of Corrections Corp. of America from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Corrections Corp. of America presently has an average rating of “Buy” and a consensus target price of $34.25.

In other Corrections Corp. of America news, CFO David Garfinkle sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $25.90, for a total value of $259,000.00. Following the completion of the sale, the chief financial officer now directly owns 90,114 shares of the company’s stock, valued at $2,333,952.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kim White sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $26.27, for a total transaction of $131,350.00. Following the completion of the sale, the executive vice president now directly owns 22,393 shares of the company’s stock, valued at $588,264.11. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,360 shares of company stock worth $451,474. Company insiders own 1.30% of the company’s stock.

A number of hedge funds have recently bought and sold shares of CXW. UBS Asset Management Americas Inc. grew its position in Corrections Corp. of America by 15.8% in the first quarter. UBS Asset Management Americas Inc. now owns 111,980 shares of the real estate investment trust’s stock worth $3,518,000 after acquiring an additional 15,297 shares in the last quarter. Karp Capital Management Corp bought a new stake in Corrections Corp. of America in the first quarter worth approximately $1,173,000. Sei Investments Co. grew its position in Corrections Corp. of America by 830.5% in the first quarter. Sei Investments Co. now owns 78,594 shares of the real estate investment trust’s stock worth $2,470,000 after acquiring an additional 70,148 shares in the last quarter. Envestnet Asset Management Inc. grew its position in Corrections Corp. of America by 41.6% in the first quarter. Envestnet Asset Management Inc. now owns 36,478 shares of the real estate investment trust’s stock worth $1,145,000 after acquiring an additional 10,708 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in Corrections Corp. of America by 612.1% in the first quarter. JPMorgan Chase & Co. now owns 399,439 shares of the real estate investment trust’s stock worth $12,550,000 after acquiring an additional 343,347 shares in the last quarter. 86.18% of the stock is owned by institutional investors.

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Shares of Corrections Corp. of America (NYSE:CXW) traded down 1.99% during mid-day trading on Thursday, reaching $25.67. 660,201 shares of the company were exchanged. The company’s 50 day moving average price is $25.87 and its 200 day moving average price is $28.99. Corrections Corp. of America has a 12 month low of $12.99 and a 12 month high of $35.33. The firm has a market capitalization of $3.03 billion, a PE ratio of 14.26 and a beta of 0.92.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be paid a $0.42 dividend. The ex-dividend date of this dividend is Friday, September 29th. This represents a $1.68 annualized dividend and a yield of 6.54%. Corrections Corp. of America’s dividend payout ratio is presently 93.86%.

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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Earnings History and Estimates for Corrections Corp. of America (NYSE:CXW)

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