CoreCivic (NYSE:CXW) Trading Down 6.8% – What’s Next?
by Teresa Graham · The Cerbat GemCoreCivic, Inc. (NYSE:CXW – Get Free Report)’s stock price was down 6.8% during trading on Monday . The company traded as low as $18.82 and last traded at $18.70. Approximately 414,273 shares were traded during trading, a decline of 46% from the average daily volume of 765,525 shares. The stock had previously closed at $20.07.
Analysts Set New Price Targets
CXW has been the subject of a number of research reports. Jones Trading restated a “buy” rating and issued a $30.00 target price on shares of CoreCivic in a research note on Friday, November 7th. Wall Street Zen cut shares of CoreCivic from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 8th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of CoreCivic in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $34.00.
View Our Latest Stock Analysis on CoreCivic
CoreCivic Stock Performance
The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.41 and a current ratio of 1.41. The stock has a market capitalization of $1.96 billion, a PE ratio of 18.94 and a beta of 0.69. The firm has a 50 day moving average of $18.86 and a 200-day moving average of $19.44.
CoreCivic (NYSE:CXW – Get Free Report) last released its earnings results on Wednesday, November 5th. The real estate investment trust reported $0.48 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.48. CoreCivic had a net margin of 5.24% and a return on equity of 7.38%. The company had revenue of $580.44 million during the quarter, compared to the consensus estimate of $544.38 million. During the same quarter in the prior year, the firm earned $0.43 EPS. The company’s revenue was up 18.1% compared to the same quarter last year. CoreCivic has set its FY 2025 guidance at 1.940-2.000 EPS. Research analysts forecast that CoreCivic, Inc. will post 1.5 earnings per share for the current year.
CoreCivic announced that its board has authorized a share buyback program 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 repurchase up to 10.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
Institutional Investors Weigh In On CoreCivic
Several institutional investors and hedge funds have recently modified their holdings of the business. Advisors Asset Management Inc. bought a new stake in CoreCivic during the second quarter worth approximately $25,000. Covestor Ltd lifted its position in shares of CoreCivic by 31,516.7% during the 3rd quarter. Covestor Ltd now owns 1,897 shares of the real estate investment trust’s stock worth $39,000 after purchasing an additional 1,891 shares during the last quarter. CWM LLC boosted its position in shares of CoreCivic by 80.1% in the second quarter. CWM LLC now owns 2,186 shares of the real estate investment trust’s stock valued at $46,000 after acquiring an additional 972 shares during the period. Smartleaf Asset Management LLC grew its stake in shares of CoreCivic by 33.0% in the second quarter. Smartleaf Asset Management LLC now owns 2,829 shares of the real estate investment trust’s stock worth $59,000 after acquiring an additional 702 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in CoreCivic by 9.9% in the 2nd quarter. GAMMA Investing LLC now owns 5,667 shares of the real estate investment trust’s stock worth $119,000 after purchasing an additional 511 shares during the last quarter. Institutional investors and hedge funds 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.