CoreCivic (NYSE:CXW) Trading 17.3% Higher – Here’s What Happened

CoreCivic, Inc. (NYSE:CXW) shares were up 17.3% during mid-day trading on Thursday . The company traded as high as $20.71 and last traded at $20.63. Approximately 705,382 shares changed hands during mid-day trading, a decline of 25% from the average daily volume of 946,541 shares. The stock had previously closed at $17.58.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CXW. Wedbush reissued a “neutral” rating and set a $14.00 target price on shares of CoreCivic in a report on Friday, September 13th. Northland Securities upped their price objective on shares of CoreCivic from $17.00 to $32.00 and gave the company an “outperform” rating in a report on Friday.

CoreCivic Stock Performance

The company has a market cap of $2.48 billion, a P/E ratio of 33.60 and a beta of 0.86. The stock has a 50 day moving average price of $13.68 and a two-hundred day moving average price of $13.84. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.70.

CoreCivic (NYSE:CXW) last posted its quarterly earnings data on Wednesday, August 7th. The real estate investment trust reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.20). The firm had revenue of $490.11 million for the quarter, compared to the consensus estimate of $481.87 million. CoreCivic had a return on equity of 6.57% and a net margin of 3.85%. The firm’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.33 EPS. On average, research analysts predict that CoreCivic, Inc. will post 1.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Cole G. Carter sold 8,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $12.58, for a total value of $100,640.00. Following the completion of the transaction, the executive vice president now owns 207,847 shares of the company’s stock, valued at $2,614,715.26. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CFO David Garfinkle sold 25,000 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $13.60, for a total value of $340,000.00. Following the completion of the transaction, the chief financial officer now directly owns 326,528 shares in the company, valued at approximately $4,440,780.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Cole G. Carter sold 8,000 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $12.58, for a total value of $100,640.00. Following the completion of the transaction, the executive vice president now owns 207,847 shares of the company’s stock, valued at $2,614,715.26. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 169,996 shares of company stock valued at $2,177,640 over the last 90 days. 1.89% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CoreCivic

A number of institutional investors have recently added to or reduced their stakes in the business. Headlands Technologies LLC acquired a new position in shares of CoreCivic during the second quarter worth $29,000. nVerses Capital LLC bought a new stake in shares of CoreCivic in the 2nd quarter valued at about $40,000. GAMMA Investing LLC increased its stake in shares of CoreCivic by 77.7% in the third quarter. GAMMA Investing LLC now owns 3,733 shares of the real estate investment trust’s stock valued at $47,000 after buying an additional 1,632 shares during the period. EntryPoint Capital LLC bought a new position in shares of CoreCivic during the first quarter worth about $84,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of CoreCivic in the first quarter worth approximately $87,000. 85.13% of the stock is owned by institutional investors.

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.