CoreSite Realty Co. (NYSE:COR) Short Interest Up 25.3% in April


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CoreSite Realty Co. (NYSE:COR) was the target of a large growth in short interest in April. As of April 15th, there was short interest totalling 783,100 shares, a growth of 25.3% from the March 31st total of 625,100 shares. Based on an average daily volume of 337,500 shares, the days-to-cover ratio is presently 2.3 days. Approximately 2.1% of the shares of the company are short sold.

NYSE COR traded down $1.90 during trading hours on Tuesday, reaching $119.10. The company’s stock had a trading volume of 497,025 shares, compared to its average volume of 343,748. The firm has a market capitalization of $5.12 billion, a price-to-earnings ratio of 59.25, a P/E/G ratio of 1.04 and a beta of 0.23. CoreSite Realty has a 1-year low of $107.23 and a 1-year high of $141.50. The company’s 50-day moving average is $121.67 and its two-hundred day moving average is $122.83. The company has a debt-to-equity ratio of 16.41, a current ratio of 0.22 and a quick ratio of 0.22.

CoreSite Realty (NYSE:COR) last issued its quarterly earnings results on Thursday, April 29th. The real estate investment trust reported $0.51 EPS for the quarter, missing the consensus estimate of $1.33 by ($0.82). The company had revenue of $157.60 million during the quarter, compared to analysts’ expectations of $156.63 million. CoreSite Realty had a return on equity of 51.47% and a net margin of 13.19%. CoreSite Realty’s revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.29 EPS. Equities analysts forecast that CoreSite Realty will post 5.29 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, April 15th. Investors of record on Wednesday, March 31st were paid a $1.23 dividend. This represents a $4.92 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date of this dividend was Tuesday, March 30th. CoreSite Realty’s dividend payout ratio is presently 96.47%.

In other news, SVP Brian Warren sold 1,425 shares of the business’s stock in a transaction on Thursday, March 4th. The shares were sold at an average price of $109.67, for a total transaction of $156,279.75. Following the sale, the senior vice president now directly owns 22,826 shares of the company’s stock, valued at $2,503,327.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Aleksandra Krusko sold 301 shares of the firm’s stock in a transaction on Wednesday, March 17th. The stock was sold at an average price of $115.89, for a total value of $34,882.89. Following the completion of the transaction, the senior vice president now owns 8,165 shares of the company’s stock, valued at approximately $946,241.85. The disclosure for this sale can be found here. Insiders have sold a total of 41,657 shares of company stock worth $4,708,727 in the last 90 days. 1.50% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of COR. Norges Bank purchased a new position in CoreSite Realty in the 4th quarter valued at $100,427,000. Lord Abbett & CO. LLC acquired a new stake in CoreSite Realty in the 4th quarter valued at about $37,086,000. BlackRock Inc. lifted its stake in CoreSite Realty by 4.7% in the 4th quarter. BlackRock Inc. now owns 4,080,674 shares of the real estate investment trust’s stock worth $511,227,000 after purchasing an additional 185,036 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of CoreSite Realty by 145.8% in the fourth quarter. Russell Investments Group Ltd. now owns 179,003 shares of the real estate investment trust’s stock valued at $22,330,000 after purchasing an additional 106,164 shares in the last quarter. Finally, M&G Investment Management Ltd. increased its holdings in shares of CoreSite Realty by 14.3% in the fourth quarter. M&G Investment Management Ltd. now owns 670,628 shares of the real estate investment trust’s stock valued at $83,829,000 after purchasing an additional 83,689 shares during the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities research analysts recently commented on the company. Mizuho upped their target price on CoreSite Realty from $120.00 to $130.00 and gave the company a “neutral” rating in a research report on Wednesday, April 21st. Zacks Investment Research upgraded shares of CoreSite Realty from a “sell” rating to a “hold” rating in a research note on Tuesday. Cowen upgraded shares of CoreSite Realty from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $132.00 to $152.00 in a research report on Tuesday, February 2nd. Barclays increased their price target on CoreSite Realty from $113.00 to $116.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 27th. Finally, Evercore ISI started coverage on CoreSite Realty in a research note on Thursday, March 18th. They issued an “in-line” rating and a $130.00 target price on the stock. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $133.44.

About CoreSite Realty

CoreSite Realty Corporation (NYSE:COR) delivers secure, reliable, high-performance data center, cloud access and interconnection solutions to a growing customer ecosystem across eight key North American markets. More than 1,375 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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