Corecivic (CXW) Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Corecivic (NYSE:CXW) from a buy rating to a hold rating in a research note published on Tuesday morning.

According to Zacks, “CoreCivic, Inc. is a real estate investment trust which provides correctional, detention and residential reentry facilities. It designs, constructs, owns, manages and renovates jails, prisons, government agencies and inmate transportation companies. CoreCivic, Inc., formerly known as Corrections Corporation of America, is based in Nashville, Tennessee. “

CXW has been the topic of several other research reports. SunTrust Banks reissued a buy rating and set a $37.00 target price on shares of Corecivic in a research report on Friday, November 10th. ValuEngine lowered Corecivic from a buy rating to a hold rating in a research report on Wednesday, November 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $33.50.

Shares of Corecivic (CXW) traded up $0.25 on Tuesday, hitting $22.82. The stock had a trading volume of 558,712 shares, compared to its average volume of 949,615. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.97. The stock has a market cap of $2,700.00, a PE ratio of 13.66, a PEG ratio of 1.67 and a beta of 0.89. Corecivic has a fifty-two week low of $21.41 and a fifty-two week high of $35.33.

Corecivic (NYSE:CXW) last announced its quarterly earnings data on Wednesday, November 8th. The real estate investment trust reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.02. The business had revenue of $442.80 million during the quarter, compared to analysts’ expectations of $437.18 million. Corecivic had a return on equity of 13.54% and a net margin of 11.03%. The business’s quarterly revenue was down 6.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.69 EPS. research analysts forecast that Corecivic will post 2.34 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Tuesday, January 2nd will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 7.36%. The ex-dividend date of this dividend is Friday, December 29th. Corecivic’s dividend payout ratio (DPR) is presently 100.60%.

In other news, CFO David Garfinkle sold 10,000 shares of the firm’s stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $26.01, for a total transaction of $260,100.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.30% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Corecivic by 0.3% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,243 shares of the real estate investment trust’s stock worth $476,000 after acquiring an additional 55 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Corecivic by 11.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,266 shares of the real estate investment trust’s stock worth $118,000 after buying an additional 452 shares during the period. Raymond James Financial Services Advisors Inc. increased its position in Corecivic by 8.2% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 8,272 shares of the real estate investment trust’s stock worth $228,000 after buying an additional 629 shares during the period. Ameritas Investment Partners Inc. increased its position in Corecivic by 1.9% during the second quarter. Ameritas Investment Partners Inc. now owns 35,357 shares of the real estate investment trust’s stock worth $975,000 after buying an additional 670 shares during the period. Finally, Comerica Bank increased its position in Corecivic by 1.1% during the second quarter. Comerica Bank now owns 93,629 shares of the real estate investment trust’s stock worth $2,668,000 after buying an additional 1,036 shares during the period. 83.17% of the stock is currently owned by institutional investors and hedge funds.

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Corecivic Company Profile

CoreCivic, Inc, formerly Corrections Corporation of America, is a diversified government solutions company. The Company provides partnership correctional, detention and residential reentry facilities and operates prison in the United States. The Company’s business offerings include CoreCivic Safety, CoreCivic Properties, and CoreCivic Community.

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