CoreCivic, Inc. $CXW Stock: VIRGINIA RETIREMENT SYSTEMS ET Al Reduces Stake

Key Points

• Virginia Retirement Systems cut its CoreCivic stake by 89.7% in the third quarter, selling 58,150 shares and retaining 6,700 shares valued at about $216,000.
• Other investors added positions, including Assenagon Asset Management, which acquired shares valued at roughly $93.8 million. Institutional investors collectively own 85.13% of CoreCivic.
• CoreCivic reported quarterly revenue of $744.1 million, up 28.2% year over year, but the article says earnings per share missed analysts’ estimates. The company also has a $500 million share-repurchase authorization, and analysts’ average rating is “Moderate Buy.”

VIRGINIA RETIREMENT SYSTEMS ET Al reduced its stake in shares of CoreCivic, Inc. (NYSE:CXW - Free Report) by 89.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,700 shares of the real estate investment trust's stock after selling 58,150 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al's holdings in CoreCivic were worth $216,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of CXW. Hanseatic Management Services Inc. bought a new stake in CoreCivic in the 3rd quarter valued at $1,221,000. T3 Companies LLC purchased a new stake in CoreCivic in the 3rd quarter worth $416,000. USA Financial Formulas bought a new position in shares of CoreCivic during the 3rd quarter valued at about $48,000. Fortitude Advisory Group L.L.C. bought a new position in shares of CoreCivic during the 3rd quarter valued at about $369,000. Finally, Assenagon Asset Management S.A. bought a new position in shares of CoreCivic during the 3rd quarter valued at about $93,789,000. Institutional investors own 85.13% of the company's stock.

Insider Transactions at CoreCivic

In related news, EVP Anthony Grande sold 12,564 shares of CoreCivic stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $33.85, for a total transaction of $425,291.40. Following the completion of the transaction, the executive vice president directly owned 144,782 shares of the company's stock, valued at approximately $4,900,870.70. The trade was a 7.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director R Jr sold 3,098 shares of CoreCivic stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $34.00, for a total transaction of $105,332.00. Following the transaction, the director directly owned 5,000 shares of the company's stock, valued at approximately $170,000. This represents a 38.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 459,287 shares of company stock worth $15,431,193. 1.76% of the stock is currently owned by insiders.

CoreCivic Price Performance

NYSE:CXW opened at $28.59 on Monday. The firm has a market capitalization of $2.83 billion, a price-to-earnings ratio of 1.84 and a beta of 0.63. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.41 and a quick ratio of 2.41. The business has a 50 day simple moving average of $32.32 and a 200-day simple moving average of $25.98. CoreCivic, Inc. has a 1 year low of $15.73 and a 1 year high of $36.55.

CoreCivic (NYSE:CXW - Get Free Report) last released its quarterly earnings results 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). The company had revenue of $744.09 million for the quarter, compared to analysts' expectations of $697.55 million. CoreCivic had a net margin of 54.60% and a return on equity of 9.27%. The business's quarterly revenue was up 28.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.48 EPS. Equities analysts forecast that CoreCivic, Inc. will post 2.82 EPS for the current year.

CoreCivic announced that its Board of Directors has initiated a share buyback program on Monday, August 10th that allows the company to repurchase $500 million in shares. This buyback authorization allows the real estate investment trust to repurchase up to 15.7% of its stock through open market purchases. Share buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CXW shares. Noble Financial reaffirmed an "outperform" rating on shares of CoreCivic in a report on Monday, August 10th. JonesTrading reissued a "buy" rating and set a $42.00 price target on shares of CoreCivic in a research note on Friday, September 18th. Weiss Ratings cut CoreCivic from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, October 28th. TD Cowen restated a "hold" rating on shares of CoreCivic in a report on Friday, October 23rd. Finally, Wall Street Zen downgraded CoreCivic from a "buy" rating to a "hold" rating in a research note on Saturday, October 24th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, CoreCivic currently has an average rating of "Moderate Buy" and an average price target of $39.40.

About CoreCivic

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.