JonesTrading Reaffirms "Buy" Rating for CoreCivic (NYSE:CXW)

Key Points

• JonesTrading reaffirmed its “Buy” rating on CoreCivic and set a $30 price target, slightly below the stock’s reported $30.57 trading price.
• Analyst sentiment remains positive overall: CoreCivic has a consensus “Buy” rating and a consensus price target of $36.20, despite one recent downgrade to “Hold.”
• CoreCivic shares have risen substantially, with a 200-day moving average of $22.68 versus a 50-day average of $28.58; institutional investors and hedge funds own approximately 85.13% of the stock.

CoreCivic (NYSE:CXW - Get Free Report)'s stock had its "buy" rating reaffirmed by JonesTrading in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $30.00 price objective on the real estate investment trust's stock. JonesTrading's price target points to a potential downside of 1.86% from the company's current price.

A number of other research firms have also recently commented on CXW. Wall Street Zen cut CoreCivic from a "buy" rating to a "hold" rating in a research report on Sunday. Benchmark upped their price target on CoreCivic from $36.00 to $41.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. Weiss Ratings upgraded CoreCivic from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, July 1st. Noble Financial raised their price objective on CoreCivic from $28.00 to $35.00 and gave the company an "outperform" rating in a report on Tuesday, July 7th. Finally, UBS Group set a $35.00 price objective on CoreCivic in a research report on Tuesday, July 7th. Four investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $36.20.

CoreCivic Stock Performance

CXW stock traded up $0.42 during midday trading on Wednesday, hitting $30.57. 725,485 shares of the stock traded hands, compared to its average volume of 1,148,558. The firm has a market cap of $3.02 billion, a P/E ratio of 24.87 and a beta of 0.58. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.44 and a quick ratio of 2.44. The stock's fifty day simple moving average is $28.58 and its 200-day simple moving average is $22.68. CoreCivic has a 1-year low of $15.73 and a 1-year high of $32.69.

Institutional Trading of CoreCivic

A number of institutional investors have recently made changes to their positions in CXW. Summit Global Investments acquired a new position in CoreCivic in the 2nd quarter valued at $490,000. Handelsbanken Fonder AB boosted its stake in CoreCivic by 9.5% during the 2nd quarter. Handelsbanken Fonder AB now owns 24,300 shares of the real estate investment trust's stock worth $738,000 after purchasing an additional 2,100 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of CoreCivic by 43.6% during the first quarter. Bank of America Corp DE now owns 236,346 shares of the real estate investment trust's stock worth $4,469,000 after buying an additional 71,756 shares in the last quarter. Rubric Capital Management LP grew its holdings in shares of CoreCivic by 5.0% during the first quarter. Rubric Capital Management LP now owns 2,059,216 shares of the real estate investment trust's stock worth $38,940,000 after buying an additional 97,770 shares in the last quarter. Finally, Empowered Funds LLC acquired a new stake in shares of CoreCivic in the first quarter valued at about $4,785,000. 85.13% of the stock is owned by institutional investors and hedge funds.

CoreCivic Company Profile

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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