CoreCivic (NYSE:CXW) Issues Earnings Results

CoreCivic (NYSE:CXW) released its quarterly earnings results on Wednesday. The real estate investment trust reported $0.25 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.12), RTT News reports. CoreCivic had a return on equity of 4.70% and a net margin of 3.56%. The firm had revenue of $500.69 million for the quarter, compared to the consensus estimate of $477.93 million. During the same quarter in the prior year, the company posted $0.34 EPS. The firm’s revenue was up 9.3% on a year-over-year basis. CoreCivic updated its FY24 guidance to $1.56-$1.66 EPS and its FY 2024 guidance to 1.560-1.660 EPS.

CoreCivic Stock Down 2.0 %

Shares of CXW traded down $0.30 during trading hours on Thursday, reaching $15.06. The company’s stock had a trading volume of 498,865 shares, compared to its average volume of 861,000. CoreCivic has a 1-year low of $8.27 and a 1-year high of $16.24. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 0.73. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of 26.02 and a beta of 0.81. The company has a 50 day moving average of $15.20 and a two-hundred day moving average of $14.46.

Insider Buying and Selling at CoreCivic

In related news, EVP Anthony L. Grande sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $14.50, for a total value of $217,500.00. Following the completion of the sale, the executive vice president now owns 186,692 shares of the company’s stock, valued at approximately $2,707,034. The sale was disclosed in a document filed with the SEC, which is available at this link. In other CoreCivic news, EVP Anthony L. Grande sold 15,000 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $14.50, for a total value of $217,500.00. Following the completion of the sale, the executive vice president now owns 186,692 shares of the company’s stock, valued at $2,707,034. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Damon T. Hininger sold 50,525 shares of the stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $14.62, for a total value of $738,675.50. Following the transaction, the chief executive officer now directly owns 820,262 shares in the company, valued at approximately $11,992,230.44. The disclosure for this sale can be found here. Company insiders own 2.21% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on CXW. Wedbush reiterated an “outperform” rating and set a $19.00 price objective on shares of CoreCivic in a research report on Thursday. Northland Securities raised their price target on CoreCivic from $17.00 to $19.00 and gave the company an “outperform” rating in a report on Tuesday, March 26th. Finally, StockNews.com lowered shares of CoreCivic from a “buy” rating to a “hold” rating in a research report on Monday, April 29th.

About CoreCivic

CoreCivic, Inc owns and operates partnership correctional, detention, and residential reentry facilities in the United States. It operates through three segments: CoreCivic Safety, CoreCivic Community, and CoreCivic Properties. The company provides a range of solutions to government partners that serve the public good through corrections and detention management, a network of residential reentry centers to help address America's recidivism crisis, and government real estate solutions.