Wall Street Zen Downgrades CoreCivic (NYSE:CXW) to Hold

CoreCivic (NYSE:CXW) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Sunday.

CXW has been the topic of several other research reports. Northland Securities set a $40.00 target price on CoreCivic in a report on Friday, June 26th. UBS Group set a $35.00 price objective on CoreCivic in a report on Tuesday, July 7th. Weiss Ratings raised CoreCivic from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, July 1st. Benchmark boosted their target price on CoreCivic from $36.00 to $41.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Finally, Noble Financial upped their price target on CoreCivic from $28.00 to $35.00 and gave the company an “outperform” rating in a report on Tuesday, July 7th. Four equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $36.20.

CoreCivic Price Performance

Shares of CXW opened at $30.39 on Friday. CoreCivic has a twelve month low of $15.73 and a twelve month high of $32.69. The firm’s fifty day simple moving average is $28.40 and its 200-day simple moving average is $22.60. The firm has a market capitalization of $3.01 billion, a price-to-earnings ratio of 24.71 and a beta of 0.58. The company has a current ratio of 2.44, a quick ratio of 2.44 and a debt-to-equity ratio of 0.99.

Institutional Investors Weigh In On CoreCivic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CXW. Summit Global Investments purchased a new position in shares of CoreCivic during the second quarter worth approximately $490,000. Handelsbanken Fonder AB raised its position in CoreCivic by 9.5% in the 2nd quarter. Handelsbanken Fonder AB now owns 24,300 shares of the real estate investment trust’s stock valued at $738,000 after purchasing an additional 2,100 shares during the last quarter. Bank of America Corp DE raised its position in CoreCivic by 43.6% in the 1st quarter. Bank of America Corp DE now owns 236,346 shares of the real estate investment trust’s stock valued at $4,469,000 after purchasing an additional 71,756 shares during the last quarter. Rubric Capital Management LP boosted its stake in CoreCivic by 5.0% during the 1st quarter. Rubric Capital Management LP now owns 2,059,216 shares of the real estate investment trust’s stock worth $38,940,000 after purchasing an additional 97,770 shares during the period. Finally, Empowered Funds LLC purchased a new position in CoreCivic during the 1st quarter worth $4,785,000. Hedge funds and other institutional investors own 85.13% of the company’s stock.

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.