CoreCivic (NYSE:CXW) Hits New 1-Year High – Here’s Why

CoreCivic, Inc. (NYSE:CXW) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $32.69 and last traded at $31.8850, with a volume of 151590 shares trading hands. The stock had previously closed at $31.85.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CXW. Wall Street Zen cut shares of CoreCivic from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Noble Financial raised their price target on shares of CoreCivic from $28.00 to $35.00 and gave the company an “outperform” rating in a research report on Tuesday, July 7th. Weiss Ratings upgraded CoreCivic from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, July 1st. Northland Securities set a $40.00 price objective on CoreCivic in a report on Friday, June 26th. Finally, UBS Group set a $35.00 price objective on CoreCivic in a research note on Tuesday, July 7th. Four research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, CoreCivic presently has a consensus rating of “Buy” and a consensus target price of $36.20.

CoreCivic Price Performance

The stock has a market cap of $3.15 billion, a P/E ratio of 25.89 and a beta of 0.57. The business has a 50 day simple moving average of $26.42 and a 200-day simple moving average of $21.80. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.44 and a current ratio of 2.44.

Institutional Investors Weigh In On CoreCivic

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position 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 acquiring an additional 138,846 shares in the last quarter. Lee Danner & Bass Inc. grew its position in shares of CoreCivic by 20.1% in the fourth quarter. Lee Danner & Bass Inc. now owns 582,558 shares of the real estate investment trust’s stock valued at $11,133,000 after purchasing an additional 97,413 shares in the last quarter. Aberdeen Group plc raised its stake in shares of CoreCivic by 60.1% during the 4th quarter. Aberdeen Group plc now owns 968,300 shares of the real estate investment trust’s stock valued at $18,504,000 after purchasing an additional 363,526 shares during the period. JPMorgan Chase & Co. raised its stake in shares of CoreCivic by 24.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 372,018 shares of the real estate investment trust’s stock valued at $7,571,000 after purchasing an additional 73,145 shares during the period. Finally, Kestrel Investment Management Corp purchased a new stake in CoreCivic during the 4th quarter worth about $5,601,000. Hedge funds and other institutional investors own 85.13% of the company’s stock.

CoreCivic Company Profile

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.