CoreCivic (NYSE:CXW) Posts 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 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 Price Performance

Shares of CXW traded down $0.20 during midday trading on Wednesday, hitting $18.49. 661,109 shares of the company traded hands, compared to its average volume of 901,003. CoreCivic has a one year low of $15.95 and a one year high of $23.54. The firm has a market cap of $1.93 billion, a P/E ratio of 18.68 and a beta of 0.71. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.41 and a quick ratio of 1.41. The stock has a 50-day moving average of $19.18 and a 200-day moving average of $19.25.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Smartleaf Asset Management LLC raised its position in shares of CoreCivic by 33.0% in the second quarter. Smartleaf Asset Management LLC now owns 2,829 shares of the real estate investment trust’s stock worth $59,000 after buying an additional 702 shares in the last quarter. Evergreen Capital Management LLC bought a new stake in shares of CoreCivic during the 2nd quarter valued at about $202,000. Osaic Holdings Inc. grew its holdings in shares of CoreCivic by 19.1% during the second quarter. Osaic Holdings Inc. now owns 10,102 shares of the real estate investment trust’s stock worth $213,000 after purchasing an additional 1,618 shares in the last quarter. CIBC Asset Management Inc bought a new position in shares of CoreCivic in the fourth quarter worth approximately $199,000. Finally, Lazard Asset Management LLC lifted its position in CoreCivic by 10.4% during the second quarter. Lazard Asset Management LLC now owns 10,595 shares of the real estate investment trust’s stock valued at $223,000 after purchasing an additional 1,002 shares during the last quarter. 85.13% of the stock is owned by institutional investors.

CoreCivic announced that its Board of Directors has authorized a stock buyback plan on Monday, November 10th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to purchase up to 10.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Jones Trading reaffirmed a “buy” rating and issued a $30.00 price target on shares of CoreCivic in a report on Friday, November 7th. Wall Street Zen downgraded CoreCivic from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.00.

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.