Insider Selling: CoreCivic (NYSE:CXW) EVP Sells 10,000 Shares of Stock

Key Points

• CoreCivic's EVP, Anthony Grande, sold 10,000 shares at an average price of $19.65, totaling $196,500, reducing his stake by 5.54% to 170,559 shares.
• The company's stock is currently trading at $20.34, below its 50-day moving average of $20.59, with a market cap of $2.18 billion.
• CoreCivic reported $0.59 earnings per share, exceeding expectations, and institutional investors have increased their stakes significantly, indicating a strong interest in the company.

CoreCivic, Inc. (NYSE:CXW - Get Free Report) EVP Anthony Grande sold 10,000 shares of the firm's stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $19.65, for a total transaction of $196,500.00. Following the completion of the sale, the executive vice president owned 170,559 shares of the company's stock, valued at $3,351,484.35. This trade represents a 5.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

CoreCivic Trading Down 0.5%

Shares of CXW traded down $0.10 during mid-day trading on Wednesday, reaching $20.34. 831,587 shares of the company's stock traded hands, compared to its average volume of 894,955. The stock's 50-day moving average is $20.59 and its two-hundred day moving average is $20.82. The stock has a market cap of $2.18 billion, a P/E ratio of 21.63 and a beta of 0.81. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.60 and a quick ratio of 1.60. CoreCivic, Inc. has a 12 month low of $12.13 and a 12 month high of $24.99.

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

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Balyasny Asset Management L.P. increased its holdings in shares of CoreCivic by 361.3% during the second quarter. Balyasny Asset Management L.P. now owns 1,260,637 shares of the real estate investment trust's stock valued at $26,562,000 after acquiring an additional 987,375 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC acquired a new stake in CoreCivic during the 1st quarter worth about $18,186,000. Millennium Management LLC lifted its holdings in CoreCivic by 88.4% in the fourth 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. Nuveen LLC purchased a new stake in CoreCivic during the first quarter worth $10,629,000. Finally, Voloridge Investment Management LLC acquired a new stake in shares of CoreCivic during the 4th quarter valued at about $11,194,000. Hedge funds and other institutional investors own 85.13% of the company's stock.

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.

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