CoreCivic (NYSE:CXW) Director Sells $273,631.42 in Stock

CoreCivic, Inc. (NYSE:CXW) Director Devin Ignatius Murphy sold 8,098 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $33.79, for a total transaction of $273,631.42. Following the transaction, the director owned 63,826 shares of the company’s stock, valued at $2,156,680.54. This trade represents a 11.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

CoreCivic Stock Down 1.2%

Shares of CXW traded down $0.40 during midday trading on Wednesday, reaching $33.52. The stock had a trading volume of 2,922,290 shares, compared to its average volume of 1,186,475. The company has a market cap of $3.31 billion, a price-to-earnings ratio of 26.82 and a beta of 0.58. The company’s fifty day simple moving average is $29.94 and its two-hundred day simple moving average is $23.21. CoreCivic, Inc. has a 1-year low of $15.73 and a 1-year high of $34.86. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.32 and a quick ratio of 1.32.

CoreCivic declared that its board has approved a stock repurchase plan on Monday, August 10th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the real estate investment trust to buy up to 15.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CXW. NBC Securities Inc. lifted its stake in CoreCivic by 533.9% in the fourth quarter. NBC Securities Inc. now owns 1,458 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 1,228 shares during the last quarter. Persistent Asset Partners Ltd purchased a new position in shares of CoreCivic during the second quarter worth approximately $52,000. Leonteq Securities AG acquired a new position in shares of CoreCivic in the 4th quarter valued at $57,000. Smartleaf Asset Management LLC increased its holdings in shares of CoreCivic by 33.0% in 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 during the period. Finally, Fifth Third Bancorp raised its position in CoreCivic by 320.7% in the 4th quarter. Fifth Third Bancorp now owns 3,340 shares of the real estate investment trust’s stock valued at $64,000 after purchasing an additional 2,546 shares during the last quarter. Institutional investors and hedge funds own 85.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. UBS Group set a $35.00 price target on CoreCivic in a report on Tuesday, July 7th. Wall Street Zen raised CoreCivic from a “hold” rating to a “buy” rating in a research report on Monday. Benchmark boosted their target price on CoreCivic from $41.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Northland Securities set a $40.00 price target on CoreCivic in a report on Friday, June 26th. Finally, JonesTrading reiterated a “buy” rating and issued a $30.00 price target on shares of CoreCivic in a research note on Wednesday, August 5th. Four equities research analysts have rated the stock with a Buy rating, According to MarketBeat, CoreCivic currently has an average rating of “Buy” and a consensus target price of $37.00.

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.