Wedbush Reaffirms Outperform Rating for CoreCivic (NYSE:CXW)

CoreCivic (NYSE:CXW)‘s stock had its “outperform” rating reaffirmed by research analysts at Wedbush in a research note issued on Wednesday,Benzinga reports. They currently have a $38.00 price target on the real estate investment trust’s stock. Wedbush’s price objective would indicate a potential upside of 77.07% from the company’s current price.

Several other brokerages also recently weighed in on CXW. Wall Street Zen upgraded shares of CoreCivic from a “hold” rating to a “buy” rating in a research note 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 Up 0.1%

Shares of NYSE CXW opened at $21.46 on Wednesday. CoreCivic has a 52-week low of $11.23 and a 52-week high of $24.99. The firm has a market capitalization of $2.34 billion, a price-to-earnings ratio of 35.18 and a beta of 0.79. The stock has a 50 day moving average price of $21.88 and a 200 day moving average price of $21.04. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.51 and a current ratio of 1.57.

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

Insider Transactions at CoreCivic

In other CoreCivic news, CEO Damon T. Hininger sold 72,246 shares of the business’s stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $22.50, for a total transaction of $1,625,535.00. Following the completion of the sale, the chief executive officer now directly owns 879,324 shares in the company, valued at approximately $19,784,790. The trade was a 7.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stacia Hylton sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $21.69, for a total value of $86,760.00. Following the sale, the director now owns 82,969 shares of the company’s stock, valued at $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. Insiders have sold 184,246 shares of company stock valued at $4,061,215 in the last 90 days. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CoreCivic

A number of hedge funds have recently modified their holdings of the business. GAMMA Investing LLC grew its holdings in CoreCivic by 10.0% in the 1st quarter. GAMMA Investing LLC now owns 5,156 shares of the real estate investment trust’s stock valued at $105,000 after buying an additional 470 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of CoreCivic by 8.0% in the 4th quarter. Bank of Montreal Can now owns 12,742 shares of the real estate investment trust’s stock worth $277,000 after acquiring an additional 944 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of CoreCivic by 2.2% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,000 shares of the real estate investment trust’s stock worth $1,348,000 after acquiring an additional 1,322 shares during the last quarter. State of Wyoming boosted its position in shares of CoreCivic by 7.5% during the 4th quarter. State of Wyoming now owns 20,796 shares of the real estate investment trust’s stock worth $452,000 after purchasing an additional 1,443 shares during the period. Finally, Smartleaf Asset Management LLC raised its position in CoreCivic by 318.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,442 shares of the real estate investment trust’s stock valued at $53,000 after purchasing an additional 1,859 shares during the period. 85.13% of the stock is currently owned by institutional investors and hedge funds.

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.