Corecivic (CXW) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Corecivic (NYSE:CXW) from a sell rating to a hold rating in a report published on Wednesday.
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. “
A number of other research firms also recently issued reports on CXW. ValuEngine downgraded shares of Corecivic from a buy rating to a hold rating in a research note on Sunday, December 31st. Deutsche Bank decreased their price target on shares of Corecivic from $35.00 to $33.00 and set a buy rating on the stock in a research note on Thursday, February 15th. Finally, SunTrust Banks reaffirmed a buy rating and set a $37.00 price target on shares of Corecivic in a research note on Friday, November 10th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. Corecivic currently has an average rating of Hold and an average price target of $32.75.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Monday, April 2nd will be given a dividend of $0.43 per share. This is a boost from Corecivic’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Thursday, March 29th. This represents a $1.72 dividend on an annualized basis and a yield of 8.07%. Corecivic’s payout ratio is 112.00%.
A number of hedge funds have recently bought and sold shares of CXW. Arrowstreet Capital Limited Partnership bought a new position in Corecivic during the fourth quarter valued at $13,036,000. Wells Fargo & Company MN increased its position in Corecivic by 109.7% during the fourth quarter. Wells Fargo & Company MN now owns 890,404 shares of the real estate investment trust’s stock valued at $20,034,000 after acquiring an additional 465,857 shares during the last quarter. American Century Companies Inc. bought a new position in Corecivic during the fourth quarter valued at $8,672,000. Renaissance Technologies LLC increased its position in Corecivic by 23.7% during the fourth quarter. Renaissance Technologies LLC now owns 1,763,703 shares of the real estate investment trust’s stock valued at $39,683,000 after acquiring an additional 337,600 shares during the last quarter. Finally, Ascend Capital LLC bought a new position in Corecivic during the fourth quarter valued at $7,532,000. Institutional investors and hedge funds own 81.36% of the company’s stock.
Corecivic Company Profile
CoreCivic, Inc, formerly Corrections Corporation of America, is a diversified government solutions company. The Company provides partnership correctional, detention and residential reentry facilities and operates prison in the United States. The Company’s business offerings include CoreCivic Safety, CoreCivic Properties, and CoreCivic Community.
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