CoreCivic (NYSE:CXW) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of CoreCivic (NYSE:CXW) from a hold rating to a buy rating in a report published on Monday.

Other equities analysts have also issued research reports about the stock. Benchmark boosted their target price on shares of CoreCivic from $41.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday. JonesTrading reiterated a “buy” rating and set a $30.00 target price on shares of CoreCivic in a research report on Wednesday, August 5th. Noble Financial upped their target price on shares of CoreCivic from $28.00 to $35.00 and gave the company an “outperform” rating in a research note on Tuesday, July 7th. UBS Group set a $35.00 price objective on CoreCivic in a report on Tuesday, July 7th. Finally, Weiss Ratings upgraded CoreCivic from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, July 1st. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $37.00.

CoreCivic Stock Up 2.4%

CXW stock opened at $33.06 on Monday. The firm has a market cap of $3.27 billion, a PE ratio of 26.45 and a beta of 0.58. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.86. The company has a fifty day simple moving average of $29.46 and a 200 day simple moving average of $23.02. CoreCivic has a 1 year low of $15.73 and a 1 year high of $34.86.

CoreCivic declared that its board has initiated a share repurchase plan on Monday, August 10th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the real estate investment trust to purchase up to 15.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On CoreCivic

Large investors have recently modified their holdings of the business. NBC Securities Inc. increased its position in CoreCivic by 533.9% during the fourth quarter. NBC Securities Inc. now owns 1,458 shares of the real estate investment trust’s stock worth $28,000 after buying an additional 1,228 shares during the last quarter. Persistent Asset Partners Ltd acquired a new stake in CoreCivic during the 2nd quarter worth approximately $52,000. Leonteq Securities AG bought a new position in CoreCivic during the fourth quarter worth about $57,000. Smartleaf Asset Management LLC raised its stake in CoreCivic by 33.0% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,829 shares of the real estate investment trust’s stock worth $59,000 after purchasing an additional 702 shares in the last quarter. Finally, Fifth Third Bancorp boosted its holdings in CoreCivic by 320.7% in the 4th quarter. Fifth Third Bancorp now owns 3,340 shares of the real estate investment trust’s stock valued at $64,000 after purchasing an additional 2,546 shares during the period. 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.