CoreCivic (NYSE:CXW) Posts Earnings Results, Beats Estimates By $0.09 EPS

CoreCivic (NYSE:CXW) posted its quarterly earnings data on Wednesday. The real estate investment trust reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.09, Zacks reports. CoreCivic had a return on equity of 7.38% and a net margin of 5.24%.The company had revenue of $603.95 million for the quarter, compared to analyst estimates of $585.12 million. During the same period in the previous year, the firm earned $0.39 earnings per share. The firm’s quarterly revenue was up 26.0% on a year-over-year basis.

CoreCivic Trading Up 5.9%

NYSE:CXW opened at $19.60 on Thursday. The firm has a market cap of $2.05 billion, a price-to-earnings ratio of 19.80 and a beta of 0.71. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.41 and a current ratio of 1.41. The firm has a 50-day moving average price of $19.18 and a two-hundred day moving average price of $19.24. CoreCivic has a 52 week low of $15.95 and a 52 week high of $23.54.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CXW. Wall Street Zen cut shares of CoreCivic from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. Jones Trading reaffirmed a “buy” rating and set a $30.00 price objective on shares of CoreCivic in a research report on Friday, November 7th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.00.

Institutional Investors Weigh In On CoreCivic

Large investors have recently made changes to their positions in the business. Rubric Capital Management LP grew its position in shares of CoreCivic by 140.6% during the 3rd quarter. Rubric Capital Management LP now owns 1,961,446 shares of the real estate investment trust’s stock valued at $39,915,000 after acquiring an additional 1,146,166 shares during the period. Balyasny Asset Management L.P. raised its position in shares of CoreCivic by 361.3% in the second quarter. Balyasny Asset Management L.P. now owns 1,260,637 shares of the real estate investment trust’s stock valued at $26,562,000 after purchasing an additional 987,375 shares during the period. Philosophy Capital Management LLC lifted its stake in shares of CoreCivic by 144.9% during the 3rd 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 buying an additional 604,311 shares in the last quarter. Millennium Management LLC lifted its position in shares of CoreCivic by 4.4% during the third quarter. Millennium Management LLC now owns 809,535 shares of the real estate investment trust’s stock worth $16,474,000 after acquiring an additional 33,915 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in CoreCivic by 142.7% during the 3rd quarter. Invesco Ltd. now owns 800,403 shares of the real estate investment trust’s stock valued at $16,288,000 after buying an additional 470,670 shares in the last quarter. 85.13% of the stock is owned by hedge funds and other institutional investors.

CoreCivic declared that its board has authorized a share repurchase plan on Monday, November 10th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to purchase up to 10.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

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.