CoreCivic (NYSE:CXW) Shares Gap Up on Analyst Upgrade

Shares of CoreCivic, Inc. (NYSE:CXW) gapped up before the market opened on Monday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The stock had previously closed at $32.27, but opened at $33.97. CoreCivic shares last traded at $34.3750, with a volume of 186,997 shares traded.

A number of other research firms have also recently weighed in on CXW. UBS Group set a $35.00 price objective on shares of CoreCivic in a report on Tuesday, July 7th. Benchmark raised their price objective on CoreCivic from $41.00 to $45.00 and gave the stock a “buy” rating in a report on Friday. Northland Securities set a $40.00 target price on CoreCivic in a research report on Friday, June 26th. JonesTrading reiterated a “buy” rating and set a $30.00 target price on shares of CoreCivic in a research report on Wednesday, August 5th. Finally, Noble Financial upped their price target on shares of CoreCivic from $28.00 to $35.00 and gave the company an “outperform” rating in a research report on Tuesday, July 7th. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $37.00.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. lifted its position in CoreCivic by 1.6% during the first quarter. PNC Financial Services Group Inc. now owns 31,880 shares of the real estate investment trust’s stock valued at $603,000 after buying an additional 510 shares in the last quarter. State of Wyoming increased its position in shares of CoreCivic by 3.1% in the first quarter. State of Wyoming now owns 22,172 shares of the real estate investment trust’s stock worth $419,000 after acquiring an additional 659 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in shares of CoreCivic by 33.0% in 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 acquiring an additional 702 shares during the period. Bessemer Group Inc. raised its stake in shares of CoreCivic by 0.4% in the 1st quarter. Bessemer Group Inc. now owns 166,475 shares of the real estate investment trust’s stock valued at $3,148,000 after acquiring an additional 742 shares during the period. Finally, Lazard Asset Management LLC lifted its holdings 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 valued at $223,000 after acquiring an additional 1,002 shares in the last quarter. Institutional investors and hedge funds own 85.13% of the company’s stock.

CoreCivic Price Performance

The company’s fifty day moving average is $29.22 and its two-hundred day moving average is $22.93. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market cap of $3.41 billion, a price-to-earnings ratio of 27.55 and a beta of 0.58.

CoreCivic Company Profile

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.