CoreCivic’s (CXW) “Outperform” Rating Reiterated at Wedbush

Wedbush restated their outperform rating on shares of CoreCivic (NYSE:CXW) in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a $38.00 target price on the real estate investment trust’s stock.

Several other equities research analysts also recently weighed in on CXW. Noble Financial upgraded CoreCivic from a “market perform” rating to an “outperform” rating in a report on Wednesday, February 12th. Wall Street Zen upgraded CoreCivic from a “hold” rating to a “buy” rating in a report on Monday, June 9th.

CoreCivic Price Performance

CXW opened at $20.62 on Wednesday. The stock’s 50-day moving average price is $21.91 and its 200 day moving average price is $21.03. CoreCivic has a 12-month low of $11.23 and a 12-month high of $24.99. The company has a current ratio of 1.57, a quick ratio of 1.51 and a debt-to-equity ratio of 0.65. The firm has a market cap of $2.25 billion, a price-to-earnings ratio of 33.80 and a beta of 0.79.

CoreCivic (NYSE:CXW) last posted its earnings results on Wednesday, May 7th. The real estate investment trust reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.10. CoreCivic had a return on equity of 5.97% and a net margin of 3.51%. The firm had revenue of $488.60 million for the quarter, compared to analyst estimates of $478.49 million. During the same quarter in the prior year, the company earned $0.46 EPS. CoreCivic’s revenue was down 2.4% on a year-over-year basis. As a group, sell-side analysts expect that CoreCivic will post 1.5 earnings per share for the current year.

Insider Activity

In other news, Director Stacia Hylton sold 4,000 shares of the stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $21.69, for a total value of $86,760.00. Following the transaction, the director now owns 82,969 shares in the company, valued at approximately $1,799,597.61. This represents a 4.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Anthony L. Grande sold 10,000 shares of the stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $22.22, for a total value of $222,200.00. Following the completion of the transaction, the executive vice president now owns 180,559 shares in the company, valued at approximately $4,012,020.98. The trade was a 5.25% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 184,246 shares of company stock worth $4,061,215. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of CoreCivic by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 12,215,492 shares of the real estate investment trust’s stock valued at $247,852,000 after acquiring an additional 267,198 shares during the last quarter. Cooper Creek Partners Management LLC increased its holdings in shares of CoreCivic by 9.9% in the 4th quarter. Cooper Creek Partners Management LLC now owns 6,127,227 shares of the real estate investment trust’s stock valued at $133,206,000 after acquiring an additional 553,336 shares during the last quarter. Allianz Asset Management GmbH increased its holdings in shares of CoreCivic by 7.3% in the 1st quarter. Allianz Asset Management GmbH now owns 1,622,800 shares of the real estate investment trust’s stock valued at $32,927,000 after acquiring an additional 109,769 shares during the last quarter. Millennium Management LLC grew its stake in CoreCivic by 88.4% during the 4th quarter. Millennium Management LLC now owns 1,261,944 shares of the real estate investment trust’s stock worth $27,435,000 after buying an additional 592,070 shares during the last quarter. Finally, Northern Trust Corp grew its stake in CoreCivic by 3.1% during the 4th quarter. Northern Trust Corp now owns 1,251,464 shares of the real estate investment trust’s stock worth $27,207,000 after buying an additional 37,639 shares during the last quarter. Hedge funds and other institutional investors own 85.13% of the company’s stock.

CoreCivic Company Profile

CoreCivic, Inc owns and operates partnership correctional, detention, and residential reentry facilities in the United States. It operates through three segments: CoreCivic Safety, CoreCivic Community, and CoreCivic Properties. The company provides a range of solutions to government partners that serve the public good through corrections and detention management, a network of residential reentry centers to help address America’s recidivism crisis, and government real estate solutions.