CoreCivic (NYSE:CXW) Reaches New 12-Month High – What’s Next?

CoreCivic, Inc. (NYSE:CXW) hit a new 52-week high during trading on Tuesday . The stock traded as high as $32.69 and last traded at $31.8850, with a volume of 151590 shares trading hands. The stock had previously closed at $31.85.

Analysts Set New Price Targets

CXW has been the topic of several recent research reports. UBS Group set a $35.00 price objective on shares of CoreCivic in a report on Tuesday, July 7th. Benchmark boosted their target price on shares of CoreCivic from $36.00 to $41.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Wall Street Zen lowered shares of CoreCivic from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Northland Securities set a $40.00 price target on CoreCivic in a research report on Friday, June 26th. Finally, Noble Financial lifted their price objective on CoreCivic from $28.00 to $35.00 and gave the company an “outperform” rating in a research note on Tuesday, July 7th. Four investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $36.20.

CoreCivic Stock Up 0.3%

The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.44 and a current ratio of 2.44. The firm has a market cap of $3.18 billion, a price-to-earnings ratio of 26.17 and a beta of 0.57. The business’s 50 day moving average price is $26.90 and its 200 day moving average price is $21.98.

Institutional Trading of CoreCivic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lee Danner & Bass Inc. increased its stake in shares of CoreCivic by 273.1% in the 1st quarter. Lee Danner & Bass Inc. now owns 2,173,498 shares of the real estate investment trust’s stock valued at $41,101,000 after purchasing an additional 1,590,940 shares in the last quarter. Rubric Capital Management LP raised its holdings in CoreCivic by 140.6% in the 3rd quarter. Rubric Capital Management LP now owns 1,961,446 shares of the real estate investment trust’s stock worth $39,915,000 after purchasing an additional 1,146,166 shares during the period. Balyasny Asset Management L.P. boosted its position in CoreCivic by 361.3% during the second quarter. Balyasny Asset Management L.P. now owns 1,260,637 shares of the real estate investment trust’s stock worth $26,562,000 after purchasing an additional 987,375 shares in the last quarter. Hatch Cove Capital LLC purchased a new position in CoreCivic during the fourth quarter worth approximately $12,951,000. Finally, Philosophy Capital Management LLC grew its holdings in CoreCivic by 144.9% in the third quarter. Philosophy Capital Management LLC now owns 1,021,373 shares of the real estate investment trust’s stock valued at $20,785,000 after purchasing an additional 604,311 shares during the period. Institutional investors and hedge funds own 85.13% of the company’s stock.

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.