Devin Ignatius Murphy Sells 8,098 Shares of CoreCivic (NYSE:CXW) Stock

Key Points

• CoreCivic Director Devin Ignatius Murphy sold 8,098 shares at an average price of $33.79, generating approximately $273,631. The sale reduced Murphy’s direct ownership by 11.26% to 63,826 shares.
• CoreCivic’s board authorized a $500 million share buyback, allowing the company to repurchase up to 15.7% of outstanding shares. The stock traded down 1.2% to $33.52 but remains near its 12-month high of $34.86.
• Analysts maintain a positive outlook, with a consensus “Buy” rating and an average price target of $37.00; Benchmark recently raised its target to $45.00. Institutional investors and hedge funds own approximately 85.13% of the company.

CoreCivic, Inc. (NYSE:CXW - Get Free Report) Director Devin Ignatius Murphy sold 8,098 shares of the company's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $33.79, for a total transaction of $273,631.42. Following the completion of the transaction, the director directly owned 63,826 shares in the company, valued at $2,156,680.54. The trade was a 11.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

CoreCivic Trading Down 1.2%

Shares of CXW traded down $0.40 during trading on Wednesday, reaching $33.52. 2,922,290 shares of the company traded hands, compared to its average volume of 1,186,475. The stock has a 50-day simple moving average of $29.94 and a 200-day simple moving average of $23.21. The stock has a market cap of $3.31 billion, a PE ratio of 26.82 and a beta of 0.58. CoreCivic, Inc. has a twelve month low of $15.73 and a twelve month high of $34.86. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.86.

CoreCivic declared that its board has authorized a share buyback program on Monday, August 10th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the real estate investment trust to buy up to 15.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

CXW has been the topic of a number of research analyst reports. Northland Securities set a $40.00 target price on CoreCivic in a research report on Friday, June 26th. Wall Street Zen raised CoreCivic from a "hold" rating to a "buy" rating in a research note on Monday. Noble Financial reiterated an "outperform" rating on shares of CoreCivic in a report on Monday. JonesTrading reissued a "buy" rating and set a $30.00 target price on shares of CoreCivic in a research note on Wednesday, August 5th. Finally, Benchmark raised their target price on CoreCivic from $41.00 to $45.00 and gave the company a "buy" rating in a report on Friday, August 7th. Four analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $37.00.

Institutional Investors Weigh In On CoreCivic

A number of hedge funds have recently added to or reduced their stakes in CXW. BlackRock Inc. purchased a new position in CoreCivic in the 2nd quarter valued at approximately $480,557,000. Vanguard Group Inc. increased its position in shares of CoreCivic by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 12,713,519 shares of the real estate investment trust's stock worth $242,955,000 after acquiring an additional 138,846 shares during the period. River Road Asset Management LLC raised its stake in shares of CoreCivic by 3.3% in the fourth quarter. River Road Asset Management LLC now owns 8,978,240 shares of the real estate investment trust's stock valued at $171,574,000 after acquiring an additional 287,108 shares in the last quarter. Lee Danner & Bass Inc. boosted its holdings in CoreCivic by 273.1% in the first quarter. Lee Danner & Bass Inc. now owns 2,173,498 shares of the real estate investment trust's stock valued at $41,101,000 after purchasing an additional 1,590,940 shares during the period. Finally, Rubric Capital Management LP increased its holdings 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. 85.13% of the stock is currently owned by institutional investors and hedge funds.

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.

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