CoreCivic (NYSE:CXW) Announces Earnings Results

CoreCivic (NYSE:CXW) issued its earnings results on Wednesday. The real estate investment trust reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.12), RTT News reports. The company had revenue of $500.69 million during the quarter, compared to analysts’ expectations of $477.93 million. CoreCivic had a return on equity of 4.70% and a net margin of 3.56%. The firm’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same quarter in the previous 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 Trading Up 0.8 %

NYSE CXW opened at $15.49 on Friday. The firm’s 50-day moving average is $15.21 and its two-hundred day moving average is $14.46. The stock has a market capitalization of $1.73 billion, a P/E ratio of 26.25 and a beta of 0.81. CoreCivic has a 12 month low of $8.27 and a 12 month high of $16.24. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.60 and a quick ratio of 1.60.

Insider Buying and Selling

In other news, EVP Anthony L. Grande sold 15,000 shares of the stock in a transaction dated 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 owns 186,692 shares of the company’s stock, valued at $2,707,034. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other CoreCivic news, 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 transaction, the chief executive officer now directly owns 820,262 shares in the company, valued at approximately $11,992,230.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Anthony L. Grande sold 15,000 shares of the company’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 sale, the executive vice president now owns 186,692 shares of the company’s stock, valued at approximately $2,707,034. The disclosure for this sale can be found here. 2.21% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CXW has been the subject of a number of research reports. StockNews.com lowered shares of CoreCivic from a “buy” rating to a “hold” rating in a report on Monday, April 29th. Wedbush reissued an “outperform” rating and issued a $19.00 target price on shares of CoreCivic in a research note on Thursday. Finally, Northland Securities upped their price target on CoreCivic from $17.00 to $19.00 and gave the company an “outperform” rating in a research 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.