CoreCivic, Inc. $CXW Shares Sold by Principal Financial Group Inc.

Key Points

• Principal Financial Group reduced its CoreCivic stake by 23.4%, selling 149,053 shares and retaining 486,981 shares valued at approximately $9.2 million. Institutional investors collectively own 85.13% of the company.
• Analyst sentiment is positive: CoreCivic has a consensus “Buy” rating from four analysts, with an average price target of $36.20; Benchmark recently raised its target to $41.
• CoreCivic shares opened at $31.28, near their 52-week high of $32.69, while the company operates correctional, detention, reentry and rehabilitation facilities under government contracts.

Principal Financial Group Inc. trimmed its stake in shares of CoreCivic, Inc. (NYSE:CXW - Free Report) by 23.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 486,981 shares of the real estate investment trust's stock after selling 149,053 shares during the period. Principal Financial Group Inc. owned 0.49% of CoreCivic worth $9,209,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Lee Danner & Bass Inc. increased its stake in shares of CoreCivic by 273.1% during the first quarter. Lee Danner & Bass Inc. now owns 2,173,498 shares of the real estate investment trust's stock worth $41,101,000 after purchasing an additional 1,590,940 shares in the last quarter. Counterpoint Mutual Funds LLC purchased a new position in CoreCivic in the 1st quarter valued at about $539,000. Y Intercept Hong Kong Ltd boosted its holdings in CoreCivic by 298.1% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 87,025 shares of the real estate investment trust's stock worth $1,646,000 after buying an additional 65,167 shares during the last quarter. Pictet Asset Management Holding SA boosted its holdings in CoreCivic by 16.9% in the 1st quarter. Pictet Asset Management Holding SA now owns 16,208 shares of the real estate investment trust's stock worth $306,000 after buying an additional 2,349 shares during the last quarter. Finally, Louisiana State Employees Retirement System purchased a new stake in CoreCivic during the 1st quarter worth approximately $840,000. Institutional investors and hedge funds own 85.13% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on CXW shares. Weiss Ratings raised CoreCivic from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, July 1st. UBS Group set a $35.00 price objective on CoreCivic in a research note on Tuesday, July 7th. Noble Financial raised their price objective on CoreCivic from $28.00 to $35.00 and gave the company an "outperform" rating in a report on Tuesday, July 7th. Wall Street Zen raised shares of CoreCivic from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Benchmark upped their target price on shares of CoreCivic from $36.00 to $41.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. Four analysts have rated the stock with a Buy rating, According to MarketBeat, CoreCivic currently has a consensus rating of "Buy" and an average target price of $36.20.

CoreCivic Stock Down 0.2%

Shares of NYSE:CXW opened at $31.28 on Monday. The company has a quick ratio of 2.44, a current ratio of 2.44 and a debt-to-equity ratio of 0.99. The business has a fifty day moving average of $27.32 and a two-hundred day moving average of $22.16. The stock has a market cap of $3.09 billion, a P/E ratio of 25.43 and a beta of 0.57. CoreCivic, Inc. has a 52-week low of $15.73 and a 52-week high of $32.69.

CoreCivic 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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