CoreCivic (NYSE:CXW) Stock Price Down 4.6% – Here’s Why

CoreCivic, Inc. (NYSE:CXW) dropped 4.6% during mid-day trading on Wednesday . The company traded as low as $22.30 and last traded at $21.88. Approximately 96,267 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 950,297 shares. The stock had previously closed at $22.94.

Analyst Ratings Changes

Several equities analysts recently issued reports on CXW shares. Northland Securities upped their target price on CoreCivic from $17.00 to $32.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Wedbush upgraded CoreCivic from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $19.00 to $30.00 in a research note on Tuesday, December 10th.

CoreCivic Stock Performance

The firm’s fifty day simple moving average is $21.90 and its 200 day simple moving average is $16.69. The company has a market capitalization of $2.34 billion, a PE ratio of 31.68 and a beta of 1.01. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.51 and a quick ratio of 1.51.

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, November 11th. The shares were sold at an average price of $24.20, for a total transaction of $1,210,000.00. Following the completion of the transaction, the chief financial officer now directly owns 276,528 shares in the company, valued at approximately $6,691,977.60. This represents a 15.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Anne L. Mariucci sold 10,000 shares of CoreCivic stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $24.00, for a total transaction of $240,000.00. Following the completion of the sale, the director now owns 101,936 shares in the company, valued at approximately $2,446,464. This trade represents a 8.93 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 102,000 shares of company stock worth $2,389,880. 1.89% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC grew its holdings in shares of CoreCivic by 77.7% during the third quarter. GAMMA Investing LLC now owns 3,733 shares of the real estate investment trust’s stock worth $47,000 after buying an additional 1,632 shares in the last quarter. KBC Group NV boosted its position in CoreCivic by 57.3% during the fourth quarter. KBC Group NV now owns 5,477 shares of the real estate investment trust’s stock worth $119,000 after acquiring an additional 1,995 shares during the last quarter. nVerses Capital LLC grew its stake in CoreCivic by 177.4% during the 3rd quarter. nVerses Capital LLC now owns 8,600 shares of the real estate investment trust’s stock valued at $109,000 after acquiring an additional 5,500 shares in the last quarter. Caprock Group LLC acquired a new stake in CoreCivic in the 4th quarter valued at about $220,000. Finally, Chesapeake Capital Corp IL purchased a new position in CoreCivic in the 3rd quarter worth approximately $139,000. 85.13% of the stock is owned by hedge funds and other 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.