CoreCivic (NYSE:CXW) Releases Earnings Results, Misses Expectations By $0.22 EPS

CoreCivic (NYSE:CXW) posted its quarterly earnings data on Wednesday. The real estate investment trust reported $0.27 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.22), FiscalAI reports. CoreCivic had a return on equity of 7.38% and a net margin of 5.24%.

CoreCivic Trading Down 1.0%

CXW traded down $0.20 during trading hours on Wednesday, reaching $18.49. 660,976 shares of the company’s stock traded hands, compared to its average volume of 897,287. The firm has a 50-day moving average price of $19.18 and a 200 day moving average price of $19.25. The firm has a market capitalization of $1.93 billion, a PE ratio of 18.68 and a beta of 0.71. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.70. CoreCivic has a 52-week low of $15.95 and a 52-week high of $23.54.

Analyst Ratings Changes

Several brokerages have weighed in on CXW. Jones Trading reaffirmed a “buy” rating and set a $30.00 price target on shares of CoreCivic in a report on Friday, November 7th. Wall Street Zen lowered shares of CoreCivic from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 8th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, CoreCivic has an average rating of “Moderate Buy” and a consensus target price of $34.00.

CoreCivic announced that its Board of Directors has initiated a share buyback program on Monday, November 10th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the real estate investment trust to repurchase up to 10.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Institutional Trading of CoreCivic

A number of hedge funds have recently added to or reduced their stakes in the business. Verition Fund Management LLC increased its position in CoreCivic by 63.7% during the 3rd quarter. Verition Fund Management LLC now owns 58,458 shares of the real estate investment trust’s stock valued at $1,190,000 after purchasing an additional 22,744 shares during the period. Cerity Partners LLC boosted its position in CoreCivic by 42.5% during the fourth quarter. Cerity Partners LLC now owns 56,417 shares of the real estate investment trust’s stock valued at $1,078,000 after purchasing an additional 16,824 shares in the last quarter. Tidal Investments LLC grew its stake in CoreCivic by 14.5% in the second quarter. Tidal Investments LLC now owns 21,862 shares of the real estate investment trust’s stock valued at $461,000 after purchasing an additional 2,766 shares during the last quarter. Chesapeake Capital Corp IL acquired a new stake in CoreCivic in the third quarter valued at approximately $381,000. Finally, Creative Planning increased its position in shares of CoreCivic by 63.3% during the third quarter. Creative Planning now owns 18,002 shares of the real estate investment trust’s stock worth $366,000 after purchasing an additional 6,976 shares in the last quarter. 85.13% of the stock is owned by hedge funds and other institutional investors.

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.