CoreCivic (NYSE:CXW) Issues Earnings Results

CoreCivic (NYSE:CXW) posted its quarterly earnings data on Wednesday. The real estate investment trust reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.22), FiscalAI reports. CoreCivic had a net margin of 5.24% and a return on equity of 7.38%.

CoreCivic Stock Down 1.0%

Shares of NYSE:CXW traded down $0.20 during trading on Wednesday, hitting $18.49. The stock had a trading volume of 660,976 shares, compared to its average volume of 897,287. CoreCivic has a 12 month low of $15.95 and a 12 month high of $23.54. The company has a market capitalization of $1.93 billion, a PE ratio of 18.68 and a beta of 0.71. The firm’s fifty day moving average is $19.18 and its 200 day moving average is $19.25. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.70.

CoreCivic announced that its board has authorized a stock buyback plan on Monday, November 10th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to repurchase 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.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC grew its position in CoreCivic by 33.0% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,829 shares of the real estate investment trust’s stock valued at $59,000 after purchasing an additional 702 shares during the last quarter. Lazard Asset Management LLC grew its holdings in shares of CoreCivic by 10.4% in the second quarter. Lazard Asset Management LLC now owns 10,595 shares of the real estate investment trust’s stock worth $223,000 after acquiring an additional 1,002 shares during the period. Osaic Holdings Inc. grew its holdings in shares of 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 acquiring an additional 1,618 shares during the period. Tidal Investments LLC increased its position in CoreCivic by 14.5% during the second quarter. Tidal Investments LLC now owns 21,862 shares of the real estate investment trust’s stock valued at $461,000 after acquiring an additional 2,766 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in CoreCivic by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,828 shares of the real estate investment trust’s stock valued at $1,315,000 after acquiring an additional 2,828 shares during the period. 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.