CoreCivic (NYSE:CXW) Issues Earnings Results

CoreCivic (NYSE:CXW) posted its quarterly earnings data on Wednesday. The real estate investment trust reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.03, Zacks reports. CoreCivic had a net margin of 5.24% and a return on equity of 7.38%. The company’s quarterly revenue was up 26.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.39 earnings per share.

CoreCivic Price Performance

Shares of CXW traded down $0.20 during midday trading on Wednesday, reaching $18.49. The stock had a trading volume of 661,698 shares, compared to its average volume of 909,810. CoreCivic has a 52 week low of $15.95 and a 52 week high of $23.54. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.41 and a quick ratio of 1.41. The firm’s 50 day moving average price is $19.18 and its 200-day moving average price is $19.25. The company has a market capitalization of $1.93 billion, a P/E ratio of 18.68 and a beta of 0.71.

Institutional Investors Weigh In On CoreCivic

Hedge funds and other institutional investors have recently bought and sold shares of the business. Smartleaf Asset Management LLC increased its position in CoreCivic by 33.0% during the second quarter. Smartleaf Asset Management LLC now owns 2,829 shares of the real estate investment trust’s stock worth $59,000 after buying an additional 702 shares during the last quarter. Evergreen Capital Management LLC bought a new position in CoreCivic in the second quarter worth $202,000. Osaic Holdings Inc. raised its position in CoreCivic by 19.1% in the second quarter. Osaic Holdings Inc. now owns 10,102 shares of the real estate investment trust’s stock worth $213,000 after purchasing an additional 1,618 shares in the last quarter. CIBC Asset Management Inc bought a new stake in CoreCivic in the fourth quarter valued at $199,000. Finally, Lazard Asset Management LLC increased its position in shares of CoreCivic by 10.4% during the 2nd quarter. Lazard Asset Management LLC now owns 10,595 shares of the real estate investment trust’s stock worth $223,000 after purchasing an additional 1,002 shares in the last quarter. 85.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on CXW shares. Wall Street Zen lowered shares of CoreCivic from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 8th. Jones Trading reiterated a “buy” rating and issued a $30.00 price target on shares of CoreCivic in a research note on Friday, November 7th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $34.00.

CoreCivic declared that its Board of Directors has initiated a share repurchase plan on Monday, November 10th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the real estate investment trust to purchase up to 10.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

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.