Wedbush Reaffirms “Neutral” Rating for CoreCivic (NYSE:CXW)

Wedbush reaffirmed their neutral rating on shares of CoreCivic (NYSE:CXW) in a research note issued to investors on Friday, Benzinga reports. The firm currently has a $14.00 target price on the real estate investment trust’s stock.

Separately, Noble Financial downgraded shares of CoreCivic from a strong-buy rating to a hold rating in a research report on Wednesday, June 12th.

CoreCivic Stock Performance

CXW opened at $13.16 on Friday. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.70. The business’s 50 day moving average is $13.44 and its 200-day moving average is $14.22. The stock has a market cap of $1.45 billion, a PE ratio of 23.50 and a beta of 0.87. CoreCivic has a twelve month low of $10.11 and a twelve month high of $16.54.

CoreCivic (NYSE:CXW) last released its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.20). CoreCivic had a return on equity of 6.10% and a net margin of 3.50%. The business had revenue of $490.11 million during the quarter, compared to the consensus estimate of $481.87 million. During the same period in the previous year, the company posted $0.33 EPS. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. On average, analysts predict that CoreCivic will post 1.49 earnings per share for the current year.

Insider Activity

In related news, COO Patrick D. Swindle sold 15,000 shares of CoreCivic stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $12.40, for a total transaction of $186,000.00. Following the transaction, the chief operating officer now directly owns 203,504 shares of the company’s stock, valued at $2,523,449.60. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, COO Patrick D. Swindle sold 15,000 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $12.40, for a total transaction of $186,000.00. Following the completion of the sale, the chief operating officer now directly owns 203,504 shares of the company’s stock, valued at $2,523,449.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO David Garfinkle sold 25,000 shares of CoreCivic stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $13.60, for a total transaction of $340,000.00. Following the completion of the transaction, the chief financial officer now owns 326,528 shares in the company, valued at approximately $4,440,780.80. The disclosure for this sale can be found here. Insiders sold a total of 161,996 shares of company stock worth $2,077,000 over the last 90 days. 1.89% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CoreCivic

Several hedge funds have recently modified their holdings of CXW. Dynamic Technology Lab Private Ltd increased its stake in CoreCivic by 255.5% in the 4th quarter. Dynamic Technology Lab Private Ltd now owns 53,429 shares of the real estate investment trust’s stock worth $776,000 after purchasing an additional 38,398 shares in the last quarter. Trexquant Investment LP increased its position in shares of CoreCivic by 173.5% in the fourth quarter. Trexquant Investment LP now owns 192,456 shares of the real estate investment trust’s stock worth $2,796,000 after acquiring an additional 122,096 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of CoreCivic by 1.7% during the fourth quarter. Franklin Resources Inc. now owns 181,433 shares of the real estate investment trust’s stock valued at $2,636,000 after acquiring an additional 3,014 shares during the period. Chesapeake Capital Corp IL purchased a new stake in shares of CoreCivic in the 4th quarter valued at approximately $689,000. Finally, Allianz Asset Management GmbH boosted its stake in CoreCivic by 15.4% in the 4th quarter. Allianz Asset Management GmbH now owns 688,497 shares of the real estate investment trust’s stock worth $10,004,000 after purchasing an additional 92,112 shares during the period. 85.13% of the stock is owned by hedge funds and other institutional investors.

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.