Wedbush Has Optimistic Outlook of CoreCivic FY2024 Earnings

CoreCivic, Inc. (NYSE:CXW) – Equities researchers at Wedbush upped their FY2024 earnings per share (EPS) estimates for shares of CoreCivic in a report issued on Thursday, November 7th. Wedbush analyst J. Mccanless now anticipates that the real estate investment trust will post earnings of $1.64 per share for the year, up from their previous forecast of $1.51. Wedbush has a “Neutral” rating and a $14.00 price objective on the stock. The consensus estimate for CoreCivic’s current full-year earnings is $1.51 per share. Wedbush also issued estimates for CoreCivic’s Q4 2024 earnings at $0.33 EPS, Q1 2025 earnings at $0.36 EPS, Q2 2025 earnings at $0.39 EPS, Q3 2025 earnings at $0.44 EPS, Q4 2025 earnings at $0.42 EPS and FY2025 earnings at $1.61 EPS.

CoreCivic Stock Up 25.6 %

NYSE CXW opened at $22.08 on Friday. CoreCivic has a twelve month low of $10.74 and a twelve month high of $22.35. The stock has a market cap of $2.43 billion, a PE ratio of 36.80 and a beta of 0.86. The firm has a 50-day simple moving average of $13.51 and a 200 day simple moving average of $13.79. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.44 and a current ratio of 1.44.

CoreCivic (NYSE:CXW) last released its earnings results on Wednesday, August 7th. The real estate investment trust reported $0.17 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.20). The company had revenue of $490.11 million for the quarter, compared to analyst estimates of $481.87 million. CoreCivic had a net margin of 3.50% and a return on equity of 6.10%. CoreCivic’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.33 earnings per share.

Insider Buying and Selling at CoreCivic

In other news, EVP Cole G. Carter sold 8,000 shares of CoreCivic stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $12.58, for a total transaction of $100,640.00. Following the sale, the executive vice president now owns 207,847 shares of the company’s stock, valued at approximately $2,614,715.26. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Cole G. Carter sold 8,000 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $12.58, for a total value of $100,640.00. Following the completion of the transaction, the executive vice president now owns 207,847 shares of the company’s stock, valued at $2,614,715.26. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Patrick D. Swindle sold 15,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $12.40, for a total transaction of $186,000.00. Following the transaction, the chief operating officer now owns 203,504 shares of the company’s stock, valued at approximately $2,523,449.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 169,996 shares of company stock valued at $2,177,640 in the last quarter. Corporate insiders own 2.21% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CXW. Allspring Global Investments Holdings LLC bought a new position in shares of CoreCivic in the 1st quarter valued at about $87,000. BNP Paribas Financial Markets grew its holdings in shares of CoreCivic by 159.3% in the 1st quarter. BNP Paribas Financial Markets now owns 115,555 shares of the real estate investment trust’s stock valued at $1,804,000 after acquiring an additional 70,999 shares in the last quarter. Texas Permanent School Fund Corp grew its stake in shares of CoreCivic by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 99,426 shares of the real estate investment trust’s stock valued at $1,552,000 after buying an additional 1,330 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of CoreCivic during the 1st quarter worth about $140,000. Finally, ProShare Advisors LLC lifted its position in shares of CoreCivic by 7.4% in the first quarter. ProShare Advisors LLC now owns 22,927 shares of the real estate investment trust’s stock valued at $358,000 after buying an additional 1,578 shares during the last quarter. 85.13% of the stock is owned by institutional investors and hedge funds.

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.