CoreCivic (NYSE:CXW) Announces Quarterly Earnings Results

CoreCivic (NYSE:CXW) issued its quarterly earnings data 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 business had revenue of $500.69 million during the quarter, compared to analyst estimates of $477.93 million. During the same quarter last year, the firm earned $0.34 EPS. CoreCivic’s revenue for the quarter was up 9.3% compared to the same quarter last year. CoreCivic updated its FY24 guidance to $1.56-$1.66 EPS and its FY 2024 guidance to 1.560-1.660 EPS.

CoreCivic Price Performance

Shares of CoreCivic stock traded up $0.13 during midday trading on Thursday, hitting $15.49. 1,272,006 shares of the company traded hands, compared to its average volume of 870,081. The stock has a market cap of $1.73 billion, a price-to-earnings ratio of 26.02 and a beta of 0.81. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.60 and a current ratio of 1.60. The firm’s fifty day moving average price is $15.20 and its 200-day moving average price is $14.46. CoreCivic has a 12 month low of $8.27 and a 12 month high of $16.24.

Insider Activity at CoreCivic

In related news, EVP Anthony L. Grande sold 15,000 shares of CoreCivic 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 sale, the executive vice president now directly owns 186,692 shares in the company, valued at approximately $2,707,034. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Damon T. Hininger sold 50,525 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now owns 820,262 shares in the company, valued at approximately $11,992,230.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Anthony L. Grande sold 15,000 shares of the business’s stock in a transaction 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 transaction, the executive vice president now owns 186,692 shares in the company, valued at approximately $2,707,034. The disclosure for this sale can be found here. 2.21% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Wedbush reissued an “outperform” rating and issued a $19.00 target price on shares of CoreCivic in a report on Thursday. StockNews.com lowered shares of CoreCivic from a “buy” rating to a “hold” rating in a report on Monday, April 29th. Finally, Northland Securities raised their target price on shares of CoreCivic from $17.00 to $19.00 and gave the company an “outperform” rating in a report on Tuesday, March 26th.

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.