Corecivic’s (CXW) Buy Rating Reaffirmed at Canaccord Genuity

Canaccord Genuity reissued their buy rating on shares of Corecivic Inc (NYSE:CXW) in a report published on Friday morning. Canaccord Genuity currently has a $34.00 price objective on the real estate investment trust’s stock.

A number of other research analysts have also issued reports on the company. Wells Fargo & Co restated a market perform rating on shares of Corecivic in a research report on Thursday, February 23rd. Zacks Investment Research upgraded Corecivic from a strong sell rating to a hold rating in a research report on Tuesday, December 13th. Finally, Deutsche Bank AG initiated coverage on Corecivic in a research report on Wednesday, February 22nd. They set a buy rating and a $38.00 price objective for the company. 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 an average rating of Buy and an average price target of $30.00.

Shares of Corecivic (NYSE:CXW) traded down 0.67% on Friday, hitting $32.83. The stock had a trading volume of 331,409 shares. The company’s 50-day moving average price is $31.94 and its 200 day moving average price is $22.74. Corecivic has a 12-month low of $12.99 and a 12-month high of $35.33. The firm has a market cap of $3.86 billion, a P/E ratio of 17.56 and a beta of 0.99.

Corecivic (NYSE:CXW) last released its quarterly earnings data on Wednesday, February 8th. The real estate investment trust reported $0.72 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.29. Corecivic had a return on equity of 15.26% and a net margin of 11.89%. The business earned $464.10 million during the quarter, compared to analyst estimates of $458.96 million. During the same quarter in the previous year, the firm posted $0.63 EPS. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. On average, equities research analysts forecast that Corecivic will post $1.50 earnings per share for the current fiscal year.

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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 given a dividend of $0.42 per share. The ex-dividend date is Thursday, March 30th. This represents a $1.68 dividend on an annualized basis and a yield of 5.08%. Corecivic’s dividend payout ratio (DPR) is presently 89.84%.

In other Corecivic news, CEO Damon T. Hininger sold 13,409 shares of the business’s stock in a transaction on Monday, February 13th. The stock was sold at an average price of $31.51, for a total transaction of $422,517.59. Following the completion of the transaction, the chief executive officer now owns 213,740 shares in the company, valued at approximately $6,734,947.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Harley G. Lappin sold 9,000 shares of the business’s stock in a transaction on Monday, March 13th. The stock was sold at an average price of $31.94, for a total value of $287,460.00. Following the transaction, the executive vice president now owns 61,846 shares of the company’s stock, valued at approximately $1,975,361.24. The disclosure for this sale can be found here. Insiders have sold a total of 150,171 shares of company stock valued at $4,714,404 in the last quarter. 1.80% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC raised its position in shares of Corecivic by 332.7% in the fourth quarter. FMR LLC now owns 3,413,693 shares of the real estate investment trust’s stock worth $83,499,000 after buying an additional 2,624,693 shares during the period. Bloom Tree Partners LLC acquired a new position in shares of Corecivic during the third quarter worth about $21,685,000. Two Sigma Advisers LP raised its position in shares of Corecivic by 2,361.7% in the third quarter. Two Sigma Advisers LP now owns 1,322,739 shares of the real estate investment trust’s stock worth $18,346,000 after buying an additional 1,269,007 shares during the period. Anson Funds Management LP acquired a new position in shares of Corecivic during the third quarter worth about $7,034,000. Finally, Quantitative Investment Management LLC acquired a new position in shares of Corecivic during the third quarter worth about $5,586,000. Institutional investors own 85.99% of the company’s stock.

About Corecivic

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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