CoreCivic (NYSE:CXW) Reaches New 12-Month High – Still a Buy?

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CXW shares. Noble Financial raised their price objective on shares of CoreCivic from $28.00 to $35.00 and gave the company an “outperform” rating in a research report on Tuesday, July 7th. UBS Group set a $35.00 target price on shares of CoreCivic in a report on Tuesday, July 7th. Wall Street Zen cut shares of CoreCivic from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Northland Securities set a $40.00 price target on shares of CoreCivic in a report on Friday, June 26th. Finally, Benchmark boosted their price target 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. Four research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $36.20.

CoreCivic Stock Performance

The company has a market capitalization of $3.15 billion, a P/E ratio of 25.89 and a beta of 0.57. The company has a quick ratio of 2.44, a current ratio of 2.44 and a debt-to-equity ratio of 0.99. The company’s 50-day moving average is $26.42 and its two-hundred day moving average is $21.80.

Institutional Trading of CoreCivic

Institutional investors and hedge funds have recently made changes to their positions in the stock. Handelsbanken Fonder AB lifted its holdings in shares of CoreCivic by 9.5% during the 2nd quarter. Handelsbanken Fonder AB now owns 24,300 shares of the real estate investment trust’s stock worth $738,000 after acquiring an additional 2,100 shares during the last quarter. Bank of America Corp DE increased its stake in CoreCivic by 43.6% in the first quarter. Bank of America Corp DE now owns 236,346 shares of the real estate investment trust’s stock valued at $4,469,000 after acquiring an additional 71,756 shares during the last quarter. Rubric Capital Management LP raised its position in CoreCivic by 5.0% during the first quarter. Rubric Capital Management LP now owns 2,059,216 shares of the real estate investment trust’s stock valued at $38,940,000 after purchasing an additional 97,770 shares in the last quarter. Empowered Funds LLC purchased a new stake in CoreCivic during the first quarter valued at about $4,785,000. Finally, Quantinno Capital Management LP lifted its stake in CoreCivic by 316.4% during the first quarter. Quantinno Capital Management LP now owns 80,070 shares of the real estate investment trust’s stock worth $1,514,000 after purchasing an additional 60,841 shares during the last quarter. Hedge funds and other institutional investors own 85.13% of the company’s stock.

About CoreCivic

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.