Zacks Investment Research Downgrades Corecivic (NYSE:CXW) to Hold

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Zacks Investment Research downgraded shares of Corecivic (NYSE:CXW) from a buy rating to a hold rating in a research report released on Wednesday, Zacks.com reports.

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 subject of several other research reports. ValuEngine cut shares of Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd. TheStreet cut shares of Worthington Industries from a b- rating to a c+ rating in a research note on Monday, June 10th.

Shares of NYSE CXW opened at $16.63 on Wednesday. Corecivic has a 12-month low of $16.60 and a 12-month high of $26.09. The stock has a market cap of $2.02 billion, a PE ratio of 7.20 and a beta of 1.09. The company has a debt-to-equity ratio of 1.32, a quick ratio of 1.03 and a current ratio of 1.03. The company’s 50-day simple moving average is $21.15.

Corecivic (NYSE:CXW) last announced its quarterly earnings data on Wednesday, May 8th. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.59 by ($0.18). Corecivic had a net margin of 9.09% and a return on equity of 12.72%. The business had revenue of $484.06 million for the quarter, compared to analysts’ expectations of $466.75 million. During the same period in the prior year, the company posted $0.53 EPS. The firm’s revenue was up 9.8% on a year-over-year basis. On average, research analysts anticipate that Corecivic will post 2.47 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 16th. Stockholders of record on Monday, July 1st were paid a $0.44 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.76 annualized dividend and a dividend yield of 10.58%. Corecivic’s dividend payout ratio (DPR) is 76.19%.

Institutional investors have recently bought and sold shares of the company. Amundi Pioneer Asset Management Inc. grew its stake in shares of Corecivic by 94.1% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 372,603 shares of the real estate investment trust’s stock valued at $6,644,000 after buying an additional 180,656 shares during the period. 6 Meridian purchased a new stake in shares of Corecivic in the 1st quarter valued at approximately $474,000. ARP Americas LP lifted its holdings in shares of Corecivic by 177.7% in the 1st quarter. ARP Americas LP now owns 92,256 shares of the real estate investment trust’s stock worth $1,794,000 after acquiring an additional 59,035 shares during the last quarter. NumerixS Investment Technologies Inc lifted its holdings in shares of Corecivic by 26.8% in the 1st quarter. NumerixS Investment Technologies Inc now owns 15,600 shares of the real estate investment trust’s stock worth $308,000 after acquiring an additional 3,300 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of Corecivic by 20.9% in the 1st quarter. First Trust Advisors LP now owns 440,000 shares of the real estate investment trust’s stock worth $8,558,000 after acquiring an additional 76,008 shares during the last quarter. 80.68% of the stock is owned by institutional investors and hedge funds.

About Corecivic

CoreCivic is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through corrections and detention management, a growing network of residential reentry centers to help address America's recidivism crisis, and government real estate solutions.

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