Millennium Management LLC Trims Position in CoreCivic, Inc. $CXW

Key Points

• Millennium Management LLC reduced its stake in CoreCivic by 9.2% in Q1 2023, selling 116,440 shares and holding 1,145,504 shares worth approximately $23.2 million.
• Various other hedge funds increased their investments in CoreCivic, with Wellington Management Group LLP significantly raising its stake by 35.4% during the same period.
• CoreCivic recently reported earnings exceeding analysts' expectations, with a 9.8% revenue increase year-over-year and earnings per share of $0.59 compared to the expected $0.43.

Millennium Management LLC decreased its holdings in CoreCivic, Inc. (NYSE:CXW - Free Report) by 9.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,145,504 shares of the real estate investment trust's stock after selling 116,440 shares during the period. Millennium Management LLC owned about 1.05% of CoreCivic worth $23,242,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of CXW. Copia Wealth Management acquired a new position in shares of CoreCivic in the fourth quarter worth $82,000. GAMMA Investing LLC grew its stake in shares of CoreCivic by 10.0% in the first quarter. GAMMA Investing LLC now owns 5,156 shares of the real estate investment trust's stock worth $105,000 after acquiring an additional 470 shares in the last quarter. Harbour Investments Inc. lifted its position in shares of CoreCivic by 215.6% during the 1st quarter. Harbour Investments Inc. now owns 5,337 shares of the real estate investment trust's stock worth $108,000 after purchasing an additional 3,646 shares during the last quarter. Harvest Fund Management Co. Ltd grew its stake in shares of CoreCivic by 29.6% during the first quarter. Harvest Fund Management Co. Ltd now owns 9,250 shares of the real estate investment trust's stock worth $187,000 after purchasing an additional 2,113 shares in the last quarter. Finally, Fortitude Advisory Group L.L.C. acquired a new position in shares of CoreCivic during the first quarter worth $307,000. Institutional investors and hedge funds own 85.13% of the company's stock.

Insiders Place Their Bets

In other news, EVP Anthony L. Grande sold 22,500 shares of the company's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $21.18, for a total value of $476,550.00. Following the completion of the sale, the executive vice president directly owned 135,559 shares of the company's stock, valued at approximately $2,871,139.62. This represents a 14.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thurgood Marshall, Jr. sold 6,000 shares of the company's stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $20.52, for a total transaction of $123,120.00. Following the completion of the sale, the director directly 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 three months, insiders sold 51,000 shares of company stock valued at $1,042,545. 2.30% of the stock is owned by corporate insiders.

CoreCivic Stock Performance

CXW traded up $0.24 on Thursday, reaching $20.91. The company had a trading volume of 792,064 shares, compared to its average volume of 878,239. CoreCivic, Inc. has a 1 year low of $12.24 and a 1 year high of $24.99. The stock has a market capitalization of $2.24 billion, a PE ratio of 22.24 and a beta of 0.81. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 0.68. The stock has a 50-day moving average price of $20.46 and a 200-day moving average price of $20.93.

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

Wall Street Analyst Weigh In

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

CoreCivic Profile

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.