CoreSite Realty Corp (NYSE:COR) Expected to Announce Quarterly Sales of $145.33 Million

Equities research analysts forecast that CoreSite Realty Corp (NYSE:COR) will post $145.33 million in sales for the current fiscal quarter, according to Zacks Investment Research. Eight analysts have provided estimates for CoreSite Realty’s earnings. The lowest sales estimate is $143.60 million and the highest is $148.69 million. CoreSite Realty posted sales of $139.18 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 4.4%. The firm is scheduled to report its next quarterly earnings results on Thursday, October 24th.

According to Zacks, analysts expect that CoreSite Realty will report full year sales of $575.26 million for the current financial year, with estimates ranging from $571.20 million to $577.70 million. For the next fiscal year, analysts forecast that the company will post sales of $641.33 million, with estimates ranging from $628.32 million to $659.00 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover CoreSite Realty.

CoreSite Realty (NYSE:COR) last released its earnings results on Wednesday, July 24th. The real estate investment trust reported $0.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.28 by ($0.75). The firm had revenue of $142.91 million during the quarter, compared to the consensus estimate of $142.85 million. CoreSite Realty had a return on equity of 24.19% and a net margin of 13.82%. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.28 EPS.

COR has been the subject of several recent research reports. ValuEngine downgraded CoreSite Realty from a “buy” rating to a “hold” rating in a research report on Friday, July 26th. Zacks Investment Research downgraded CoreSite Realty from a “hold” rating to a “sell” rating in a research report on Monday, August 19th. Stifel Nicolaus set a $110.00 price objective on CoreSite Realty and gave the company a “hold” rating in a research report on Friday, July 26th. Credit Suisse Group lowered their price objective on CoreSite Realty from $111.00 to $103.00 and set a “neutral” rating for the company in a research report on Friday, July 26th. Finally, Raymond James lowered their price objective on CoreSite Realty from $120.00 to $110.00 and set an “outperform” rating for the company in a research report on Tuesday, July 30th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $112.82.

COR stock traded up $0.84 during midday trading on Thursday, hitting $116.50. The company had a trading volume of 179,610 shares, compared to its average volume of 289,675. The company has a current ratio of 0.18, a quick ratio of 0.18 and a debt-to-equity ratio of 4.74. CoreSite Realty has a 52 week low of $82.64 and a 52 week high of $121.64. The stock’s 50 day moving average price is $113.14 and its 200 day moving average price is $112.23. The stock has a market cap of $4.20 billion, a price-to-earnings ratio of 23.02, a PEG ratio of 1.72 and a beta of 0.50.

The firm also recently announced a — dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a dividend of $1.22 per share. The ex-dividend date is Friday, September 27th. This represents a dividend yield of 4.1%. CoreSite Realty’s dividend payout ratio (DPR) is presently 96.44%.

In other news, CRO Steven James Smith sold 1,300 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $120.00, for a total transaction of $156,000.00. Following the transaction, the executive now directly owns 40,349 shares of the company’s stock, valued at $4,841,880. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Brian Warren sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $108.56, for a total value of $217,120.00. Following the transaction, the senior vice president now directly owns 24,406 shares in the company, valued at $2,649,515.36. The disclosure for this sale can be found here. Insiders have sold 813,385 shares of company stock worth $90,114,133 over the last three months. Insiders own 1.20% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its stake in shares of CoreSite Realty by 0.8% during the second quarter. BlackRock Inc. now owns 3,907,508 shares of the real estate investment trust’s stock valued at $450,027,000 after buying an additional 30,895 shares during the period. JPMorgan Chase & Co. increased its stake in shares of CoreSite Realty by 21.1% during the first quarter. JPMorgan Chase & Co. now owns 1,519,234 shares of the real estate investment trust’s stock valued at $162,588,000 after buying an additional 264,542 shares during the period. Renaissance Technologies LLC increased its stake in shares of CoreSite Realty by 4.9% during the second quarter. Renaissance Technologies LLC now owns 1,131,000 shares of the real estate investment trust’s stock valued at $130,257,000 after buying an additional 52,400 shares during the period. Invesco Ltd. increased its stake in shares of CoreSite Realty by 888.7% during the second quarter. Invesco Ltd. now owns 955,548 shares of the real estate investment trust’s stock valued at $110,050,000 after buying an additional 858,903 shares during the period. Finally, Bank of America Corp DE increased its stake in shares of CoreSite Realty by 5.8% during the second quarter. Bank of America Corp DE now owns 807,275 shares of the real estate investment trust’s stock valued at $92,974,000 after buying an additional 44,131 shares during the period. 92.33% of the stock is currently owned by hedge funds and other institutional investors.

CoreSite Realty Company Profile

CoreSite Realty Corporation (NYSE:COR) delivers secure, reliable, high-performance data center and interconnection solutions to a growing customer ecosystem across eight key North American markets. More than 1,350 of the world's leading enterprises, network operators, cloud providers, and supporting service providers choose CoreSite to connect, protect and optimize their performance-sensitive data, applications and computing workloads.

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Earnings History and Estimates for CoreSite Realty (NYSE:COR)

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