Wedbush Reaffirms Outperform Rating for CoreCivic (NYSE:CXW)

Wedbush reiterated their outperform rating on shares of CoreCivic (NYSE:CXW) in a report published on Wednesday,Benzinga reports. They currently have a $38.00 target price on the real estate investment trust’s stock.

A number of other research analysts have also commented on CXW. Wall Street Zen raised CoreCivic from a “hold” rating to a “buy” rating in a report on Monday. Noble Financial upgraded CoreCivic from a “market perform” rating to an “outperform” rating in a research report on Wednesday, February 12th.

CoreCivic Stock Performance

Shares of CXW stock opened at $21.43 on Wednesday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.57 and a quick ratio of 1.51. CoreCivic has a fifty-two week low of $11.23 and a fifty-two week high of $24.99. The stock’s 50-day moving average is $21.84 and its two-hundred day moving average is $21.05. The firm has a market cap of $2.34 billion, a P/E ratio of 35.12 and a beta of 0.79.

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

Insider Activity

In other CoreCivic news, EVP Lucibeth Mayberry sold 75,000 shares of the business’s stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $21.49, for a total value of $1,611,750.00. Following the completion of the transaction, the executive vice president now directly owns 211,232 shares of the company’s stock, valued at approximately $4,539,375.68. The trade was a 26.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stacia Hylton sold 4,000 shares of the business’s stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $21.69, for a total value of $86,760.00. Following the completion of the transaction, the director now directly owns 82,969 shares of the company’s stock, valued at approximately $1,799,597.61. The trade was a 4.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 184,246 shares of company stock valued at $4,061,215. Company insiders own 2.30% of the company’s stock.

Institutional Trading of CoreCivic

Institutional investors and hedge funds have recently bought and sold shares of the stock. Barclays PLC raised its stake in CoreCivic by 312.4% in the third quarter. Barclays PLC now owns 184,332 shares of the real estate investment trust’s stock valued at $2,331,000 after buying an additional 139,631 shares during the period. Empowered Funds LLC bought a new stake in CoreCivic in the fourth quarter valued at approximately $1,477,000. Principal Financial Group Inc. raised its stake in CoreCivic by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 534,687 shares of the real estate investment trust’s stock valued at $11,624,000 after buying an additional 14,892 shares during the period. Allianz Asset Management GmbH raised its stake in CoreCivic by 11.4% in the fourth quarter. Allianz Asset Management GmbH now owns 1,513,031 shares of the real estate investment trust’s stock valued at $32,893,000 after buying an additional 154,426 shares during the period. Finally, Y Intercept Hong Kong Ltd raised its stake in CoreCivic by 55.2% in the fourth quarter. Y Intercept Hong Kong Ltd now owns 38,264 shares of the real estate investment trust’s stock valued at $832,000 after buying an additional 13,617 shares during the period. 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.