Zacks: Brokerages Expect CoreSite Realty Corp (NYSE:COR) Will Announce Quarterly Sales of $145.33 Million

Equities research analysts expect CoreSite Realty Corp (NYSE:COR) to report sales of $145.33 million for the current quarter, according to Zacks. Eight analysts have provided estimates for CoreSite Realty’s earnings, with the lowest sales estimate coming in at $143.60 million and the highest estimate coming in at $148.69 million. CoreSite Realty reported sales of $139.18 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 4.4%. The company is scheduled to issue its next quarterly earnings report before the market opens on Thursday, October 31st.

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

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

Several brokerages have weighed in on COR. ValuEngine downgraded CoreSite Realty from a “buy” rating to a “hold” rating in a report on Friday, July 26th. Zacks Investment Research downgraded CoreSite Realty from a “hold” rating to a “sell” rating in a report on Monday, September 30th. Raymond James dropped their price objective on CoreSite Realty from $120.00 to $110.00 and set an “outperform” rating on the stock in a report on Tuesday, July 30th. Credit Suisse Group dropped their price objective on CoreSite Realty from $111.00 to $103.00 and set a “neutral” rating on the stock in a report on Friday, July 26th. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $112.00 price objective on shares of CoreSite Realty in a report on Thursday, July 25th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $108.80.

In related news, SVP Brian Warren sold 2,000 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $108.56, for a total value of $217,120.00. Following the completion of the sale, the senior vice president now directly owns 24,406 shares of the company’s stock, valued at approximately $2,649,515.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Paul E. Szurek sold 3,590 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $110.26, for a total value of $395,833.40. Following the completion of the sale, the chief executive officer now directly owns 174,714 shares of the company’s stock, valued at $19,263,965.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 806,504 shares of company stock worth $89,305,107. Company insiders own 1.20% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in COR. Tortoise Index Solutions LLC bought a new position in shares of CoreSite Realty during the first quarter valued at approximately $28,000. Steward Partners Investment Advisory LLC acquired a new position in CoreSite Realty during the 2nd quarter worth approximately $51,000. Institutional & Family Asset Management LLC increased its position in CoreSite Realty by 33.3% in the 1st quarter. Institutional & Family Asset Management LLC now owns 800 shares of the real estate investment trust’s stock valued at $86,000 after acquiring an additional 200 shares during the period. Destination Wealth Management acquired a new position in CoreSite Realty in the 2nd quarter valued at approximately $103,000. Finally, Huntington National Bank increased its position in CoreSite Realty by 201.7% in the 2nd quarter. Huntington National Bank now owns 1,255 shares of the real estate investment trust’s stock valued at $145,000 after acquiring an additional 839 shares during the period. 92.33% of the stock is owned by hedge funds and other institutional investors.

NYSE COR traded up $1.31 during trading hours on Friday, hitting $118.72. 3,071 shares of the company were exchanged, compared to its average volume of 272,750. The company has a 50 day moving average of $117.13 and a two-hundred day moving average of $114.00. The company has a quick ratio of 0.18, a current 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 $122.45. The firm has a market cap of $4.34 billion, a price-to-earnings ratio of 23.48, a PEG ratio of 1.78 and a beta of 0.48.

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

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.

Read More: Quiet Period Expirations

Get a free copy of the Zacks research report on CoreSite Realty (COR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for CoreSite Realty Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CoreSite Realty and related companies with MarketBeat.com's FREE daily email newsletter.