Legal & General Group Plc acquired a new position in shares of CoreCivic, Inc. (NYSE:CXW – Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 230,112 shares of the real estate investment trust’s stock, valued at approximately $6,991,000.
Several other large investors also recently added to or reduced their stakes in CXW. Vanguard Group Inc. raised its holdings in shares of CoreCivic by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 12,713,519 shares of the real estate investment trust’s stock worth $242,955,000 after acquiring an additional 138,846 shares during the period. BlackRock Inc. purchased a new stake in shares of CoreCivic in the second quarter valued at about $480,557,000. KCM Capital Inc purchased a new stake in shares of CoreCivic in the first quarter valued at about $10,400,000. Empowered Funds LLC acquired a new stake in CoreCivic during the first quarter worth about $4,785,000. Finally, Caxton Associates LLP purchased a new position in CoreCivic during the first quarter worth about $310,000. 85.13% of the stock is currently owned by hedge funds and other institutional investors.
CoreCivic Trading Down 0.4%
Shares of CXW stock opened at $32.60 on Thursday. CoreCivic, Inc. has a 1-year low of $15.73 and a 1-year high of $34.86. The firm has a market cap of $3.22 billion, a PE ratio of 26.08 and a beta of 0.60. The company has a 50-day moving average of $31.72 and a two-hundred day moving average of $24.74. 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 buyback plan on Monday, August 10th that allows the company to repurchase $500.00 million in 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 usually an indication that the company’s board believes its stock is undervalued.
Analyst Upgrades and Downgrades
Several research firms have weighed in on CXW. Northland Securities set a $40.00 target price on shares of CoreCivic in a report on Friday, June 26th. Wall Street Zen upgraded shares of CoreCivic from a “hold” rating to a “buy” rating in a report on Monday, August 10th. Weiss Ratings raised shares of CoreCivic from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, July 1st. UBS Group set a $35.00 price objective on CoreCivic in a report on Tuesday, July 7th. Finally, Noble Financial reissued an “outperform” rating on shares of CoreCivic in a research note on Monday, August 10th. Four analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $37.00.
Get Our Latest Stock Analysis on CoreCivic
Insider Activity at CoreCivic
In other CoreCivic news, CFO David Garfinkle sold 50,000 shares of the company’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $33.76, for a total transaction of $1,688,000.00. Following the transaction, the chief financial officer directly owned 343,353 shares in the company, valued at $11,591,597.28. This represents a 12.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John R. Prann, Jr. sold 40,000 shares of the firm’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $33.54, for a total value of $1,341,600.00. Following the transaction, the director owned 30,396 shares of the company’s stock, valued at approximately $1,019,481.84. This represents a 56.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 439,287 shares of company stock valued at $14,734,193 over the last ninety days. 1.76% of the stock is owned by insiders.
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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