Cubist Systematic Strategies LLC Boosts Stake in CoreCivic, Inc. $CXW

Key Points

• Cubist Systematic Strategies LLC increased its holdings in CoreCivic, Inc. by 6.5% in the first quarter, owning approximately 0.22% of the company, worth about $4.8 million.
• CoreCivic reported earnings of $0.59 per share for the last quarter, surpassing analysts' expectations by $0.16 and achieving a 9.8% year-over-year revenue increase.
• Analysts have a consensus rating of "Buy" for CoreCivic, with price targets ranging up to $38.00, reflecting optimism in the company's performance.

Cubist Systematic Strategies LLC grew its holdings in CoreCivic, Inc. (NYSE:CXW - Free Report) by 6.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 237,511 shares of the real estate investment trust's stock after acquiring an additional 14,426 shares during the period. Cubist Systematic Strategies LLC owned about 0.22% of CoreCivic worth $4,819,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Envestnet Asset Management Inc. acquired a new position in CoreCivic during the fourth quarter valued at $257,000. The Manufacturers Life Insurance Company boosted its stake in shares of CoreCivic by 4.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 58,563 shares of the real estate investment trust's stock worth $1,273,000 after buying an additional 2,420 shares during the last quarter. Northern Trust Corp boosted its stake in shares of CoreCivic by 3.1% in the fourth quarter. Northern Trust Corp now owns 1,251,464 shares of the real estate investment trust's stock worth $27,207,000 after buying an additional 37,639 shares during the last quarter. Algert Global LLC grew its holdings in CoreCivic by 167.8% during the fourth quarter. Algert Global LLC now owns 136,266 shares of the real estate investment trust's stock worth $2,962,000 after acquiring an additional 85,383 shares during the period. Finally, Bank of America Corp DE raised its position in CoreCivic by 5.3% during the fourth quarter. Bank of America Corp DE now owns 144,807 shares of the real estate investment trust's stock valued at $3,148,000 after acquiring an additional 7,242 shares in the last quarter. Hedge funds and other institutional investors own 85.13% of the company's stock.

CoreCivic Price Performance

NYSE:CXW traded down $0.10 during trading hours on Wednesday, reaching $20.34. 831,587 shares of the company were exchanged, compared to its average volume of 894,955. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.68. The stock's 50-day moving average is $20.59 and its 200-day moving average is $20.82. The firm has a market cap of $2.18 billion, a PE ratio of 21.63 and a beta of 0.81. CoreCivic, Inc. has a twelve month low of $12.13 and a twelve month high of $24.99.

CoreCivic (NYSE:CXW - Get Free Report) last announced its earnings results on Wednesday, August 6th. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.16. CoreCivic had a net margin of 5.21% and a return on equity of 7.12%. The business had revenue of $538.17 million for the quarter, compared to analyst estimates of $499.02 million. During the same quarter last year, the business earned $0.42 earnings per share. The company's revenue for the quarter was up 9.8% compared to the same quarter last year. On average, sell-side analysts anticipate that CoreCivic, Inc. will post 1.5 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on CXW. Wall Street Zen upgraded CoreCivic from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 9th. Jones Trading reissued a "buy" rating and set a $30.00 price target on shares of CoreCivic in a report on Thursday, August 7th. Finally, Wedbush restated an "outperform" rating and set a $38.00 price target on shares of CoreCivic in a research report on Wednesday, June 11th. Four equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $33.33.

Insider Activity at CoreCivic

In other news, EVP Anthony L. Grande sold 12,500 shares of CoreCivic stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $19.71, for a total value of $246,375.00. Following the sale, the executive vice president directly owned 158,059 shares of the company's stock, valued at $3,115,342.89. The trade was a 7.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Thurgood Marshall, Jr. sold 6,000 shares of the business's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $20.52, for a total value of $123,120.00. Following the sale, the director owned 44,023 shares of the company's stock, valued at $903,351.96. The trade was a 11.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,500 shares of company stock valued at $565,995. 2.30% of the stock is owned by company insiders.

About CoreCivic

CoreCivic, Inc owns and operates partnership correctional, detention, and residential reentry facilities in the United States. It operates through three segments: CoreCivic Safety, CoreCivic Community, and CoreCivic Properties. The company provides a range of solutions to government partners that serve the public good through corrections and detention management, a network of residential reentry centers to help address America's recidivism crisis, and government real estate solutions.