CoreCivic (NYSE:CXW) Releases Quarterly Earnings Results, Misses Estimates By $0.12 EPS

CoreCivic (NYSE:CXW) released its quarterly earnings results on Wednesday. The real estate investment trust reported $0.25 earnings per share 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 company had revenue of $500.69 million for the quarter, compared to analyst estimates of $477.93 million. During the same quarter last year, the company earned $0.34 EPS. The firm’s revenue for the quarter 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 Trading Up 0.8 %

NYSE CXW traded up $0.13 on Thursday, reaching $15.49. 1,272,006 shares of the company were exchanged, compared to its average volume of 870,081. CoreCivic has a fifty-two week low of $8.27 and a fifty-two 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. The business’s fifty day moving average price is $15.20 and its 200 day moving average price is $14.46. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.73.

Insider Buying and Selling at CoreCivic

In other CoreCivic news, CEO Damon T. Hininger sold 50,525 shares of the stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $14.62, for a total transaction of $738,675.50. Following the sale, the chief executive officer now directly owns 820,262 shares in the company, valued at approximately $11,992,230.44. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other CoreCivic news, CEO Damon T. Hininger sold 50,525 shares of the stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $14.62, for a total transaction of $738,675.50. Following the sale, the chief executive officer now directly owns 820,262 shares in the company, valued at approximately $11,992,230.44. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Anthony L. Grande sold 15,000 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $14.50, for a total transaction of $217,500.00. Following the completion of the sale, the executive vice president now directly owns 186,692 shares in the company, valued at $2,707,034. The disclosure for this sale can be found here. 2.21% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. StockNews.com downgraded shares of CoreCivic from a “buy” rating to a “hold” rating in a research report on Monday, April 29th. Wedbush restated an “outperform” rating and set a $19.00 price target on shares of CoreCivic in a research report on Thursday. Finally, Northland Securities upped their price target on shares of CoreCivic from $17.00 to $19.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 26th.

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.