Corecivic Inc (NYSE:CXW)‘s stock had its “buy” rating restated by equities researchers at Canaccord Genuity in a note issued to investors on Friday. They presently have a $34.00 target price on the real estate investment trust’s stock. Canaccord Genuity’s price objective would suggest a potential upside of 3.91% from the company’s current price.
A number of other brokerages have also recently commented on CXW. Wells Fargo & Co restated a “market perform” rating on shares of Corecivic in a research note on Thursday, February 23rd. Deutsche Bank AG began coverage on shares of Corecivic in a research note on Wednesday, February 22nd. They set a “buy” rating and a $38.00 price target for the company. Finally, Zacks Investment Research upgraded shares of Corecivic from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 13th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Corecivic has a consensus rating of “Buy” and a consensus price target of $30.00.
Corecivic (NYSE:CXW) opened at 32.72 on Friday. The firm’s 50-day moving average price is $31.94 and its 200-day moving average price is $22.74. The company has a market capitalization of $3.85 billion, a price-to-earnings ratio of 17.50 and a beta of 0.99. Corecivic has a 52 week low of $12.99 and a 52 week high of $35.33.
Corecivic (NYSE:CXW) last announced its quarterly earnings results on Wednesday, February 8th. The real estate investment trust reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.29. The firm earned $464.10 million during the quarter, compared to analysts’ expectations of $458.96 million. Corecivic had a net margin of 11.89% and a return on equity of 15.26%. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.63 earnings per share. On average, equities analysts expect that Corecivic will post $1.50 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 17th. Shareholders of record on Monday, April 3rd will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 5.13%. The ex-dividend date of this dividend is Thursday, March 30th. Corecivic’s dividend payout ratio is 89.84%.
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In other Corecivic news, Director C Michael Jacobi sold 12,331 shares of the firm’s stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $33.81, for a total transaction of $416,911.11. Following the completion of the transaction, the director now owns 1 shares in the company, valued at $33.81. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Damon T. Hininger sold 13,409 shares of the firm’s stock in a transaction dated Monday, February 13th. The stock was sold at an average price of $31.51, for a total transaction of $422,517.59. Following the transaction, the chief executive officer now owns 213,740 shares of the company’s stock, valued at approximately $6,734,947.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 150,171 shares of company stock valued at $4,714,404. Corporate insiders own 1.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in CXW. P.A.W. Capital Corp purchased a new position in Corecivic during the third quarter worth about $277,000. Lee Danner & Bass Inc. boosted its position in Corecivic by 2.1% in the third quarter. Lee Danner & Bass Inc. now owns 898,612 shares of the real estate investment trust’s stock worth $12,464,000 after buying an additional 18,751 shares during the period. Denali Advisors LLC purchased a new position in Corecivic during the third quarter worth about $613,000. State of Alaska Department of Revenue boosted its position in Corecivic by 10.7% in the third quarter. State of Alaska Department of Revenue now owns 49,180 shares of the real estate investment trust’s stock worth $682,000 after buying an additional 4,740 shares during the period. Finally, Sterling Investment Management Inc. purchased a new position in Corecivic during the third quarter worth about $413,000. Hedge funds and other institutional investors own 85.99% of the company’s stock.
CoreCivic, Inc, formerly Corrections Corporation of America, is a real estate investment trust (REIT). The Company provides a range of solutions to government partners that serve the public good through corrections and detention management, government real estate solutions, and a network of residential reentry centers to help address America’s recidivism crisis.
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