Rhumbline Advisers Trims Stock Holdings in CoreCivic, Inc. $CXW

Key Points

• Rhumbline Advisers reduced its position in CoreCivic, Inc. by 4.9%, owning approximately 0.28% of the company after selling 15,965 shares in the first quarter.
• CoreCivic reported earnings per share of $0.59, exceeding analyst estimates of $0.43, with revenue increasing by 9.8% year-over-year to $538.17 million.
• Various institutional investors, including Intech Investment Management and UBS AM, have altered their positions in CoreCivic, reflecting a significant institutional ownership of 85.13% in the company.

Rhumbline Advisers cut its holdings in CoreCivic, Inc. (NYSE:CXW - Free Report) by 4.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 309,505 shares of the real estate investment trust's stock after selling 15,965 shares during the quarter. Rhumbline Advisers owned approximately 0.28% of CoreCivic worth $6,280,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of CoreCivic by 2.2% during the first quarter. Vanguard Group Inc. now owns 12,215,492 shares of the real estate investment trust's stock valued at $247,852,000 after buying an additional 267,198 shares during the last quarter. Allianz Asset Management GmbH raised its position in shares of CoreCivic by 7.3% in the 1st quarter. Allianz Asset Management GmbH now owns 1,622,800 shares of the real estate investment trust's stock valued at $32,927,000 after purchasing an additional 109,769 shares during the last quarter. Millennium Management LLC raised its position in shares of CoreCivic by 88.4% in 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 purchasing an additional 592,070 shares during the last quarter. Wellington Management Group LLP raised its position in shares of CoreCivic by 35.4% in the 1st quarter. Wellington Management Group LLP now owns 1,073,573 shares of the real estate investment trust's stock valued at $21,783,000 after purchasing an additional 280,495 shares during the last quarter. Finally, Invenomic Capital Management LP raised its position in shares of CoreCivic by 99.5% in the 1st quarter. Invenomic Capital Management LP now owns 907,390 shares of the real estate investment trust's stock valued at $18,411,000 after purchasing an additional 452,559 shares during the last quarter. 85.13% of the stock is owned by hedge funds and other institutional investors.

CoreCivic Price Performance

Shares of NYSE:CXW traded up $0.19 during midday trading on Thursday, reaching $20.86. 237,328 shares of the company's stock traded hands, compared to its average volume of 1,093,547. CoreCivic, Inc. has a 1 year low of $12.24 and a 1 year high of $24.99. The company has a market cap of $2.23 billion, a P/E ratio of 22.17 and a beta of 0.81. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.60 and a current ratio of 1.60. The company has a fifty day simple moving average of $20.49 and a two-hundred day simple moving average of $20.91.

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, beating analysts' consensus estimates of $0.43 by $0.16. The company 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%.The firm's revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.42 EPS. Equities analysts predict that CoreCivic, Inc. will post 1.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other CoreCivic news, Director Thurgood Marshall, Jr. sold 6,000 shares of the firm's stock in a transaction 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 transaction, the director owned 44,023 shares in the company, valued at approximately $903,351.96. This trade represents a 11.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Anthony L. Grande sold 22,500 shares of the firm's stock in a transaction on 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 transaction, the executive vice president owned 135,559 shares in the company, valued at $2,871,139.62. The trade was a 14.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,000 shares of company stock worth $1,042,545 in the last 90 days. 2.30% of the stock is currently owned by insiders.

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.