Smart Money Is Going Crazy for CoreCivic Inc (CXW)

Consequently, specific money managers have jumped into CoreCivic Inc (NYSE:CXW) headfirst. Millennium Management assembled the largest position in CoreCivic Inc (NYSE:CXW), while Elliott Management’s position was also a new one. The following funds were also among the new CXW investors: Alok Agrawal’s Bloom Tree Partners, Kevin D. Eng’s Columbus Hill Capital Management, and Sahm Adrangi’s Kerrisdale Capital.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as CoreCivic Inc (NYSE:CXW) but similarly valued. These stocks are Brunswick Corporation (NYSE:BC), Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL), Olin Corporation (NYSE:OLN), and IDACORP Inc (NYSE:IDA). This group of stocks’ market valuations match CXW’s market valuation.

As you can see these stocks had an average of 19 hedge funds with bullish positions and the average amount invested in these stocks was $428 million. That figure was $187 million in CXW’s case. Brunswick Corporation (NYSE:BC) is the most popular stock in this table. On the other hand IDACORP Inc (NYSE:IDA) is the least popular one with only 6 bullish hedge fund positions. CoreCivic Inc (NYSE:CXW) is not the most popular stock in this group but hedge fund interest is still above average and just jumped. Given that, it may be a good idea to long into CXW and try to uncover the bullish thesis that has driven several prominent investors into the stock.

Disclosure: None