Zacks Investment Research lowered shares of CoreCivic (NYSE:CXW) from a hold rating to a sell rating in a research note published on Tuesday, May 8th.
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. “
Several other analysts have also recently weighed in on the stock. Deutsche Bank reduced their target price on shares of CoreCivic from $35.00 to $33.00 and set a buy rating on the stock in a report on Thursday, February 15th. ValuEngine cut shares of CoreCivic from a buy rating to a hold rating in a report on Friday, February 2nd. Two research analysts have rated the stock with a sell rating and four have issued a buy rating to the company. CoreCivic has an average rating of Hold and an average target price of $32.25.
CoreCivic (NYSE:CXW) last announced its earnings results on Wednesday, February 14th. The real estate investment trust reported $0.40 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by ($0.15). The company had revenue of $440.58 million for the quarter, compared to analysts’ expectations of $429.88 million. CoreCivic had a return on equity of 11.80% and a net margin of 9.41%. analysts forecast that CoreCivic will post 2.26 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 16th. Investors of record on Monday, July 2nd will be given a $0.43 dividend. The ex-dividend date is Friday, June 29th. This represents a $1.72 dividend on an annualized basis and a yield of 8.37%. CoreCivic’s dividend payout ratio (DPR) is 74.14%.
In related news, Director Mark A. Emkes bought 5,000 shares of the firm’s stock in a transaction on Friday, March 2nd. The shares were bought at an average cost of $21.17 per share, for a total transaction of $105,850.00. Following the transaction, the director now owns 56,488 shares of the company’s stock, valued at $1,195,850.96. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.30% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of CXW. State of Alaska Department of Revenue boosted its position in shares of CoreCivic by 12.7% in the 4th quarter. State of Alaska Department of Revenue now owns 74,085 shares of the real estate investment trust’s stock worth $1,666,000 after buying an additional 8,335 shares in the last quarter. Ranger Global Real Estate Advisors LLC raised its stake in CoreCivic by 27.5% in the 4th quarter. Ranger Global Real Estate Advisors LLC now owns 695,964 shares of the real estate investment trust’s stock valued at $15,659,000 after purchasing an additional 149,900 shares during the last quarter. MetLife Investment Advisors LLC acquired a new position in CoreCivic in the 4th quarter valued at about $1,683,000. Arrowstreet Capital Limited Partnership acquired a new position in CoreCivic in the 4th quarter valued at about $13,036,000. Finally, Teacher Retirement System of Texas raised its stake in CoreCivic by 315.7% in the 4th quarter. Teacher Retirement System of Texas now owns 40,605 shares of the real estate investment trust’s stock valued at $914,000 after purchasing an additional 30,836 shares during the last quarter. Institutional investors own 80.95% of the company’s stock.
The Company is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through corrections and detention management, government real estate solutions, and a growing network of residential reentry centers to help address America's recidivism crisis.
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