State Board of Administration of Florida Retirement System Trims Stake in CoreSite (COR)

State Board of Administration of Florida Retirement System decreased its holdings in shares of CoreSite (NYSE:COR) by 9.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 39,700 shares of the real estate investment trust’s stock after selling 4,300 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.12% of CoreSite worth $3,980,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of COR. BlackRock Inc. lifted its stake in CoreSite by 6.2% during the fourth quarter. BlackRock Inc. now owns 3,362,411 shares of the real estate investment trust’s stock valued at $382,978,000 after buying an additional 196,323 shares in the last quarter. Wells Fargo & Company MN lifted its stake in CoreSite by 3.9% during the fourth quarter. Wells Fargo & Company MN now owns 1,768,110 shares of the real estate investment trust’s stock valued at $201,387,000 after buying an additional 65,560 shares in the last quarter. Franklin Resources Inc. lifted its stake in CoreSite by 2.7% during the fourth quarter. Franklin Resources Inc. now owns 465,515 shares of the real estate investment trust’s stock valued at $53,022,000 after buying an additional 12,345 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in CoreSite by 16.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 343,317 shares of the real estate investment trust’s stock valued at $39,103,000 after buying an additional 49,687 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in CoreSite by 1.8% during the fourth quarter. Geode Capital Management LLC now owns 270,320 shares of the real estate investment trust’s stock valued at $30,789,000 after buying an additional 4,658 shares in the last quarter. Institutional investors own 97.53% of the company’s stock.

CoreSite opened at $104.38 on Friday, according to Marketbeat. The company has a quick ratio of 0.25, a current ratio of 0.25 and a debt-to-equity ratio of 2.45. The company has a market capitalization of $3.56 billion, a PE ratio of 23.09, a P/E/G ratio of 1.21 and a beta of 0.39. CoreSite has a 52-week low of $89.76 and a 52-week high of $120.85.

CoreSite (NYSE:COR) last posted its quarterly earnings results on Thursday, April 26th. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.64). The company had revenue of $129.60 million during the quarter, compared to analysts’ expectations of $129.43 million. CoreSite had a return on equity of 17.91% and a net margin of 15.46%. CoreSite’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same period last year, the company earned $1.13 earnings per share. sell-side analysts predict that CoreSite will post 5.04 EPS for the current fiscal year.

A number of research firms have commented on COR. Credit Suisse Group reduced their price objective on shares of CoreSite from $111.00 to $107.00 and set a “neutral” rating for the company in a research note on Friday, February 9th. TheStreet lowered shares of CoreSite from a “b-” rating to a “c+” rating in a research note on Friday, February 9th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $113.00 price objective on shares of CoreSite in a research note on Monday, February 12th. Robert W. Baird set a $126.00 price objective on shares of CoreSite and gave the company a “buy” rating in a research note on Saturday, March 10th. Finally, KeyCorp raised shares of CoreSite from a “sector weight” rating to an “overweight” rating and upped their price objective for the company from $98.19 to $110.00 in a research note on Monday, March 12th. Six analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $115.54.

In other news, CEO Paul E. Szurek sold 2,610 shares of the stock in a transaction that occurred on Monday, March 12th. The shares were sold at an average price of $101.91, for a total value of $265,985.10. Following the completion of the sale, the chief executive officer now directly owns 89,560 shares of the company’s stock, valued at $9,127,059.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Steven James Smith sold 492 shares of the stock in a transaction that occurred on Tuesday, March 13th. The stock was sold at an average price of $102.42, for a total transaction of $50,390.64. Following the completion of the sale, the senior vice president now directly owns 36,101 shares of the company’s stock, valued at $3,697,464.42. The disclosure for this sale can be found here. Insiders sold 44,948 shares of company stock valued at $4,381,585 over the last three months. 1.50% of the stock is owned by insiders.

About CoreSite

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 1,250 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.

Institutional Ownership by Quarter for CoreSite (NYSE:COR)

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