CoreCivic (NYSE:CXW) Sets New 12-Month High – Here’s Why

Shares of CoreCivic, Inc. (NYSE:CXW) reached a new 52-week high during trading on Monday . The stock traded as high as $31.66 and last traded at $32.3690, with a volume of 794336 shares changing hands. The stock had previously closed at $31.03.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Benchmark boosted their target price on shares of CoreCivic from $28.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, June 26th. Northland Securities set a $40.00 price objective on shares of CoreCivic in a research note on Friday, June 26th. Wall Street Zen downgraded shares of CoreCivic from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Weiss Ratings upgraded CoreCivic from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $35.33.

CoreCivic Stock Performance

The stock has a market cap of $3.10 billion, a price-to-earnings ratio of 25.39 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 has a 50 day simple moving average of $24.11 and a 200 day simple moving average of $20.89.

Hedge Funds Weigh In On CoreCivic

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of CoreCivic by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 12,713,519 shares of the real estate investment trust’s stock worth $242,955,000 after buying an additional 138,846 shares during the last quarter. River Road Asset Management LLC lifted its stake in shares of CoreCivic by 3.3% in the 4th quarter. River Road Asset Management LLC now owns 8,978,240 shares of the real estate investment trust’s stock valued at $171,574,000 after acquiring an additional 287,108 shares during the last quarter. Lee Danner & Bass Inc. lifted its stake in shares of CoreCivic by 273.1% in the 1st quarter. Lee Danner & Bass Inc. now owns 2,173,498 shares of the real estate investment trust’s stock valued at $41,101,000 after acquiring an additional 1,590,940 shares during the last quarter. Rubric Capital Management LP boosted its holdings in shares of CoreCivic by 5.0% during the 1st 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 acquiring an additional 97,770 shares in the last quarter. Finally, Balyasny Asset Management L.P. boosted its holdings in shares of CoreCivic by 361.3% during the 2nd 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 acquiring an additional 987,375 shares in the last quarter. 85.13% of the stock is currently owned by institutional investors and hedge funds.

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.