CoreCivic, Inc. $CXW Stock: CenterBook Partners LP Boosts Holdings

Key Points

• CenterBook Partners increased its CoreCivic stake by 338% in the third quarter, to 67,322 shares worth about $2.17 million. Institutional investors collectively owned 85.13% of the company’s stock.
• CoreCivic reported quarterly revenue of $744.1 million, up 28.2% year over year, and declared a $500 million share-repurchase authorization, allowing it to buy back up to 15.7% of its shares.
• Analysts held a consensus “Moderate Buy” rating, with an average price target of $39.40; meanwhile, company insiders sold about $15.4 million of shares over the prior 90 days.

CenterBook Partners LP grew its holdings in CoreCivic, Inc. (NYSE:CXW - Free Report) by 338.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 67,322 shares of the real estate investment trust's stock after buying an additional 51,951 shares during the quarter. CenterBook Partners LP owned 0.07% of CoreCivic worth $2,171,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Farther Finance Advisors LLC boosted its position in shares of CoreCivic by 48.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,340 shares of the real estate investment trust's stock valued at $43,000 after acquiring an additional 437 shares in the last quarter. USA Financial Formulas acquired a new position in CoreCivic in the third quarter worth about $48,000. Persistent Asset Partners Ltd acquired a new position in CoreCivic in the second quarter worth about $52,000. Public Employees Retirement System of Ohio acquired a new position in CoreCivic in the second quarter worth about $120,000. Finally, State of Wyoming bought a new position in CoreCivic during the second quarter worth about $205,000. 85.13% of the stock is owned by institutional investors.

CoreCivic Price Performance

Shares of CoreCivic stock opened at $28.59 on Monday. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of 1.84 and a beta of 0.63. CoreCivic, Inc. has a 1-year low of $15.73 and a 1-year high of $36.55. The firm's 50-day moving average price is $32.32 and its two-hundred day moving average price is $25.98.

CoreCivic (NYSE:CXW - Get Free Report) last posted its quarterly earnings data on Wednesday, November 4th. The real estate investment trust reported $0.49 earnings per share for the quarter, missing the consensus estimate of $15.14 by ($14.65). CoreCivic had a return on equity of 9.27% and a net margin of 54.60%. The firm had revenue of $744.09 million for the quarter, compared to analyst estimates of $697.55 million. During the same period in the previous year, the business posted $0.48 EPS. The business's quarterly revenue was up 28.2% on a year-over-year basis. On average, equities analysts predict that CoreCivic, Inc. will post 2.82 earnings per share for the current fiscal year.

CoreCivic declared that its board has initiated a share buyback plan on Monday, August 10th that allows the company to repurchase $500 million in shares. This repurchase authorization allows the real estate investment trust to repurchase up to 15.7% of its shares through open market purchases. Share repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at CoreCivic

In other CoreCivic news, EVP Daren Swenson sold 20,000 shares of CoreCivic stock in a transaction on Friday, September 11th. The stock was sold at an average price of $34.85, for a total value of $697,000.00. Following the completion of the transaction, the executive vice president owned 142,666 shares in the company, valued at approximately $4,971,910.10. The trade was a 12.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Mark A. Emkes sold 30,000 shares of the business's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $34.25, for a total value of $1,027,500.00. Following the completion of the transaction, the director directly owned 141,274 shares in the company, valued at approximately $4,838,634.50. This represents a 17.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 459,287 shares of company stock worth $15,431,193 over the last 90 days. Company insiders own 1.76% of the company's stock.

Wall Street Analysts Forecast Growth

CXW has been the topic of a number of recent research reports. Benchmark lifted their price objective on CoreCivic from $41.00 to $45.00 and gave the company a "buy" rating in a report on Friday, August 7th. JonesTrading reiterated a "buy" rating and issued a $42.00 price objective on shares of CoreCivic in a research note on Friday, September 18th. Wall Street Zen cut CoreCivic from a "buy" rating to a "hold" rating in a report on Saturday, October 24th. Weiss Ratings downgraded CoreCivic from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, October 28th. Finally, Noble Financial restated an "outperform" rating on shares of CoreCivic in a research report on Monday, August 10th. Four equities 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.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $39.40.

CoreCivic Company Profile

CoreCivic, Inc is a U.S. corrections and government-services company that operates correctional and detention facilities under contracts with federal, state and local government agencies. Its services include facility management and related support for people in custody.

The company also provides residential reentry services, including transitional housing and programs intended to help people return to their communities. Through its real estate business, CoreCivic owns and develops correctional and detention properties that government agencies may lease.

Founded in 1983 as Corrections Corporation of America, the company adopted the CoreCivic name in 2016.

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