CoreCivic, Inc. $CXW Shares Sold by Invenomic Capital Management LP

Key Points

• Invenomic Capital Management LP reduced its stake in CoreCivic by 19.1% in Q3, selling 59,367 shares and ending the quarter with 252,230 shares (about 0.24% of the company) valued at $5.13 million.
• Several institutions adjusted positions—most notably Rubric Capital increased its holding by 140.6% to 1,961,446 shares (≈$39.9M)—and institutional investors now own about 85.13% of the stock.
• CoreCivic missed EPS (reported $0.27 vs. $0.43 consensus) but beat revenue at $603.95M (up 26% YoY“Moderate Buy” consensus with a $34 target.

Invenomic Capital Management LP reduced its position in CoreCivic, Inc. (NYSE:CXW - Free Report) by 19.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 252,230 shares of the real estate investment trust's stock after selling 59,367 shares during the period. Invenomic Capital Management LP owned approximately 0.24% of CoreCivic worth $5,133,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Elevation Point Wealth Partners LLC bought a new position in CoreCivic during the 3rd quarter valued at $221,000. Creative Planning grew its stake in CoreCivic by 63.3% in the third quarter. Creative Planning now owns 18,002 shares of the real estate investment trust's stock worth $366,000 after purchasing an additional 6,976 shares in the last quarter. Lazard Asset Management LLC grew its stake in CoreCivic by 283.3% in the third quarter. Lazard Asset Management LLC now owns 40,615 shares of the real estate investment trust's stock worth $827,000 after purchasing an additional 30,020 shares in the last quarter. Rubric Capital Management LP increased its holdings in CoreCivic by 140.6% in the third quarter. Rubric Capital Management LP now owns 1,961,446 shares of the real estate investment trust's stock valued at $39,915,000 after buying an additional 1,146,166 shares during the last quarter. Finally, Horizon Investments LLC raised its stake in CoreCivic by 11.3% during the third quarter. Horizon Investments LLC now owns 48,953 shares of the real estate investment trust's stock valued at $996,000 after buying an additional 4,977 shares in the last quarter. 85.13% of the stock is owned by hedge funds and other institutional investors.

CoreCivic Trading Up 3.1%

NYSE:CXW opened at $18.20 on Monday. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.86. CoreCivic, Inc. has a 1-year low of $15.73 and a 1-year high of $23.54. The firm has a market capitalization of $1.78 billion, a price-to-earnings ratio of 16.85 and a beta of 0.72. The stock has a fifty day simple moving average of $18.67 and a 200 day simple moving average of $18.86.

CoreCivic (NYSE:CXW - Get Free Report) last posted its quarterly earnings data on Wednesday, February 11th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.16). The company had revenue of $603.95 million for the quarter, compared to analyst estimates of $585.12 million. CoreCivic had a return on equity of 8.17% and a net margin of 5.27%.CoreCivic's quarterly revenue was up 26.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.39 EPS. Sell-side analysts forecast that CoreCivic, Inc. will post 1.5 earnings per share for the current year.

Analyst Upgrades and Downgrades

CXW has been the subject of a number of recent research reports. Wall Street Zen upgraded CoreCivic from a "hold" rating to a "buy" rating in a research note on Sunday, March 8th. JonesTrading reissued a "buy" rating and set a $30.00 price target on shares of CoreCivic in a report on Friday, February 13th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $34.00.

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.

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