CoreCivic (NYSE:CXW) Board of Directors Initiates Stock Repurchase Plan

CoreCivic (NYSE:CXW) declared that its Board of Directors has approved a stock repurchase plan on Monday, August 10th, RTT News reports. The company plans to repurchase $500.00 million in shares. This repurchase authorization permits the real estate investment trust to purchase up to 15.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Weiss Ratings upgraded shares of CoreCivic from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, July 1st. Wall Street Zen upgraded CoreCivic from a “hold” rating to a “buy” rating in a research note on Monday. Noble Financial reaffirmed an “outperform” rating on shares of CoreCivic in a report on Monday. Benchmark lifted their price target on CoreCivic from $41.00 to $45.00 and gave the company a “buy” rating in a research note on Friday. Finally, UBS Group set a $35.00 price target on CoreCivic in a report on Tuesday, July 7th. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat, CoreCivic presently has a consensus rating of “Buy” and an average target price of $37.00.

CoreCivic Price Performance

CoreCivic stock traded up $0.79 during mid-day trading on Monday, reaching $33.06. The company had a trading volume of 1,629,358 shares, compared to its average volume of 1,102,546. CoreCivic has a fifty-two week low of $15.73 and a fifty-two week high of $34.86. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.86. The company has a market cap of $3.27 billion, a P/E ratio of 26.45 and a beta of 0.58. The business has a fifty day simple moving average of $29.46 and a 200 day simple moving average of $23.02.

About CoreCivic

CoreCivic, Inc (NYSE: CXW) is a real estate investment trust specializing in the ownership, management and operation of private correctional and detention facilities in the United States. The company enters into contracts with federal, state and local government agencies to house inmates and detainees in facilities that it owns or operates on a concession basis. In addition to traditional prison operations, CoreCivic provides specialized services such as community-based reentry programs, electronic monitoring and rehabilitation initiatives aimed at reducing recidivism.

CoreCivic’s portfolio encompasses a mix of adult correctional facilities, immigration detention centers, residential reentry centers and other community-based programs.