CoreCivic (NYSE:CXW) Announces Quarterly Earnings Results

CoreCivic (NYSE:CXW) announced its quarterly earnings data 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. The business had revenue of $500.69 million during the quarter, compared to the consensus estimate of $477.93 million. CoreCivic had a net margin of 3.56% and a return on equity of 4.70%. The business’s revenue was up 9.3% compared to the same quarter last year. During the same period last year, the company earned $0.34 EPS. CoreCivic updated its FY24 guidance to $1.56-$1.66 EPS and its FY 2024 guidance to 1.560-1.660 EPS.

CoreCivic Stock Up 0.8 %

CoreCivic stock traded up $0.13 during midday trading on Thursday, reaching $15.49. The company’s stock had a trading volume of 1,272,006 shares, compared to its average volume of 870,081. The stock’s 50-day simple moving average is $15.20 and its 200-day simple moving average is $14.46. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.60 and a quick ratio of 1.60. CoreCivic has a 52-week low of $8.27 and a 52-week high of $16.24. The stock has a market capitalization of $1.73 billion, a P/E ratio of 26.02 and a beta of 0.81.

Analyst Upgrades and Downgrades

CXW has been the subject of a number of analyst reports. Northland Securities upped their price objective on CoreCivic from $17.00 to $19.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 26th. StockNews.com cut CoreCivic from a “buy” rating to a “hold” rating in a research note on Monday, April 29th. Finally, Wedbush reiterated an “outperform” rating and issued a $19.00 price target on shares of CoreCivic in a research note on Thursday.

Insider Buying and Selling at CoreCivic

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

CoreCivic Company Profile

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.