Corrections Corp Of America (CXW) reported quarterly earnings results on Wednesday, May-4-2016. The company said it had a profit of $0.61 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.03. Analysts had a consensus of $0.58. The company posted revenue of $447.40 million in the period, compared to analysts expectations of $443.47 million. The company’s revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.68 EPS.
Many Wall Street Analysts have commented on Corrections Corp Of America. Company shares were Reiterated by Canaccord Genuity on Mar 22, 2016 to “Hold”, Firm has raised the Price Target to $ 33 from a previous price target of $30 .
Corrections Corp Of America opened for trading at $30.5 and hit $31.28 on the upside on Monday, eventually ending the session at $31.01, with a gain of 1.94% or 0.59 points. The heightened volatility saw the trading volume jump to 5,85,591 shares. Company has a market cap of $3,636 M.
In a different news, on Mar 29, 2016, John D Ferguson (Executive Chairman) sold 60,000 shares at $32.16 per share price. According to the SEC, on Mar 17, 2016, Steve E Groom (EVP, GENERAL COUNSEL & SECY.) sold 58,150 shares at $30.95 per share price. On Mar 9, 2016, Harley G. Lappin (EVP, Chief Corrections Officer) sold 11,133 shares at $29.13 per share price, according to the Form-4 filing with the securities and exchange commission.
Corrections Corporation of America (CCA) is a real estate investment trust (REIT). The Company is engaged in owning operating and managing prisons and other correctional facilities and providing residential community re-entry and prisoner transportation services for governmental agencies. In addition to providing fundamental residential services the Companys facilities offer a variety of rehabilitation and educational programs including basic education faith-based services life skills and employment training and substance abuse treatment. It also provides or makes available to offenders certain health care (including medical dental and mental health services) food services and work and recreational programs. The Companys customers consist of federal state and local correctional and detention authorities. The Company also provides transportation services to governmental agencies through its wholly owned TRS TransCor America LLC (TransCor).