National Bank of Canada FI Sells 346,000 Shares of CoreCivic, Inc. (NYSE:CXW)

Key Points

• National Bank of Canada FI decreased its stake in CoreCivic, Inc. by 38% during the first quarter, selling 346,000 shares, and now owns approximately 564,000 shares valued at $11.44 million.
• CoreCivic's stock has seen a 1.5% decrease recently, opening at $20.20, with a 12-month trading range between $12.13 and $24.99.
• Despite recent stock performance, analysts maintain a generally positive outlook on CoreCivic, with an average target price of $33.33 and recommendations for buying from several firms.

National Bank of Canada FI reduced its stake in shares of CoreCivic, Inc. (NYSE:CXW - Free Report) by 38.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 564,000 shares of the real estate investment trust's stock after selling 346,000 shares during the quarter. National Bank of Canada FI owned approximately 0.52% of CoreCivic worth $11,444,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of CXW. Millennium Management LLC lifted its stake in CoreCivic by 88.4% during the 4th quarter. Millennium Management LLC now owns 1,261,944 shares of the real estate investment trust's stock valued at $27,435,000 after acquiring an additional 592,070 shares during the period. Forest Avenue Capital Management LP bought a new stake in CoreCivic in the fourth quarter worth $11,205,000. Voloridge Investment Management LLC purchased a new position in CoreCivic during the fourth quarter worth $11,194,000. Two Sigma Investments LP boosted its stake in CoreCivic by 1,428.2% during the fourth quarter. Two Sigma Investments LP now owns 480,275 shares of the real estate investment trust's stock worth $10,441,000 after buying an additional 448,848 shares during the period. Finally, Tudor Investment Corp ET AL boosted its stake in CoreCivic by 1,398.6% during the fourth quarter. Tudor Investment Corp ET AL now owns 411,772 shares of the real estate investment trust's stock worth $8,952,000 after buying an additional 384,295 shares during the period. Institutional investors own 85.13% of the company's stock.

CoreCivic Stock Up 1.7%

CXW stock traded up $0.34 during trading on Friday, hitting $20.80. 527,799 shares of the company's stock were exchanged, compared to its average volume of 1,117,279. The business has a 50-day moving average price of $20.81 and a two-hundred day moving average price of $20.67. The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of 22.13 and a beta of 0.80. CoreCivic, Inc. has a 52-week low of $12.13 and a 52-week high of $24.99. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.68.

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

Insider Transactions at CoreCivic

In other news, EVP Anthony L. Grande sold 10,000 shares of CoreCivic stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $22.22, for a total value of $222,200.00. Following the completion of the transaction, the executive vice president owned 180,559 shares in the company, valued at approximately $4,012,020.98. This trade represents a 5.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stacia Hylton sold 4,000 shares of CoreCivic stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $21.69, for a total value of $86,760.00. Following the completion of the transaction, the director owned 82,969 shares of the company's stock, valued at approximately $1,799,597.61. The trade was a 4.60% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 109,246 shares of company stock valued at $2,449,465. 2.30% of the stock is owned by company insiders.

Analyst Ratings Changes

CXW has been the subject of a number of recent analyst reports. Wedbush reissued an "outperform" rating and set a $38.00 target price on shares of CoreCivic in a research note on Wednesday, June 11th. Wall Street Zen upgraded shares of CoreCivic from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 9th. Finally, Jones Trading reiterated a "buy" rating and issued a $30.00 price target on shares of CoreCivic in a report on Thursday, August 7th. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, CoreCivic has a consensus rating of "Buy" and an average price target of $33.33.

CoreCivic Company 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.