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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.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
BC 30 500919 -1
CBRL 22 127400 7
OLN 18 989434 -10
IDA 6 96192 -4

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

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