Quantbot Technologies LP Decreases Stake in CoreCivic, Inc. $CXW

Key Points

• Quantbot Technologies LP reduced its stake in CoreCivic by 78.9% in Q3, selling 115,561 shares and leaving it with 30,845 shares valued at about $628,000.
• CoreCivic reported quarterly EPS of $0.27, missing estimates by $0.16, while revenue of $603.95 million beat expectations and rose 26% year‑over‑year.
• The board authorized a $200 million share buyback (up to 10.7% of shares) and analysts have a consensus “Moderate Buy” with a $34 target as the stock trades around $18 (market cap ~$1.77B).

Quantbot Technologies LP lessened its holdings in shares of CoreCivic, Inc. (NYSE:CXW - Free Report) by 78.9% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 30,845 shares of the real estate investment trust's stock after selling 115,561 shares during the quarter. Quantbot Technologies LP's holdings in CoreCivic were worth $628,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Advisors Asset Management Inc. acquired a new stake in shares of CoreCivic in the second quarter worth $25,000. Covestor Ltd lifted its holdings in shares of CoreCivic by 31,516.7% during the 3rd quarter. Covestor Ltd now owns 1,897 shares of the real estate investment trust's stock valued at $39,000 after acquiring an additional 1,891 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of CoreCivic by 33.0% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,829 shares of the real estate investment trust's stock valued at $59,000 after acquiring an additional 702 shares in the last quarter. CWM LLC boosted its position in CoreCivic by 133.5% during the 3rd quarter. CWM LLC now owns 5,105 shares of the real estate investment trust's stock worth $104,000 after purchasing an additional 2,919 shares during the period. Finally, LSV Asset Management acquired a new stake in CoreCivic in the 3rd quarter valued at $151,000. 85.13% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have commented on CXW shares. JonesTrading reissued a "buy" rating and issued a $30.00 price objective on shares of CoreCivic in a research report on Friday, February 13th. Wall Street Zen raised CoreCivic from a "hold" rating to a "buy" rating in a research report on Sunday. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, CoreCivic currently has a consensus rating of "Moderate Buy" and a consensus target price of $34.00.

CoreCivic Price Performance

Shares of CXW stock opened at $18.08 on Monday. The firm has a fifty day simple moving average of $18.81 and a 200-day simple moving average of $18.95. The company has a market capitalization of $1.77 billion, a PE ratio of 16.74 and a beta of 0.72. CoreCivic, Inc. has a twelve month low of $15.73 and a twelve month high of $23.54. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.86.

CoreCivic (NYSE:CXW - Get Free Report) last released its quarterly earnings results on Wednesday, February 11th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.16). The firm had revenue of $603.95 million for the quarter, compared to analysts' expectations of $585.12 million. CoreCivic had a return on equity of 8.17% and a net margin of 5.27%.The business's quarterly revenue was up 26.0% on a year-over-year basis. During the same period last year, the firm earned $0.39 EPS. Equities research analysts anticipate that CoreCivic, Inc. will post 1.5 earnings per share for the current fiscal year.

CoreCivic announced that its board has authorized a stock repurchase plan on Monday, November 10th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the real estate investment trust to reacquire up to 10.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

About CoreCivic

CoreCivic, Inc NYSE: CXW is a real estate investment trust specializing in the ownership, management and operation of private correctional and detention facilities in the United States. The company enters into contracts with federal, state and local government agencies to house inmates and detainees in facilities that it owns or operates on a concession basis. In addition to traditional prison operations, CoreCivic provides specialized services such as community-based reentry programs, electronic monitoring and rehabilitation initiatives aimed at reducing recidivism.

CoreCivic's portfolio encompasses a mix of adult correctional facilities, immigration detention centers, residential reentry centers and other community-based programs.

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