CoreCivic (NYSE:CXW) Releases FY24 Earnings Guidance

CoreCivic (NYSE:CXW) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $1.59-1.65 for the period, compared to the consensus estimate of $1.31. CoreCivic also updated its FY 2024 guidance to 1.590-1.650 EPS.

CoreCivic Price Performance

CXW traded up $0.44 on Friday, hitting $22.52. 4,147,843 shares of the company were exchanged, compared to its average volume of 976,815. The business’s fifty day moving average is $13.68 and its 200 day moving average is $13.84. CoreCivic has a fifty-two week low of $10.74 and a fifty-two week high of $24.99. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.44 and a current ratio of 1.44. The firm has a market capitalization of $2.48 billion, a P/E ratio of 33.60 and a beta of 0.86.

CoreCivic (NYSE:CXW) last released its quarterly earnings data 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). CoreCivic had a return on equity of 6.57% and a net margin of 3.85%. The business had revenue of $490.11 million during the quarter, compared to analysts’ expectations of $481.87 million. During the same quarter in the prior year, the firm earned $0.33 earnings per share. CoreCivic’s quarterly revenue was up 5.7% on a year-over-year basis. As a group, sell-side analysts anticipate that CoreCivic will post 1.51 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CXW. Wedbush reissued a “neutral” rating and set a $14.00 price objective on shares of CoreCivic in a research note on Friday, September 13th. Northland Securities lifted their price target on shares of CoreCivic from $17.00 to $32.00 and gave the stock an “outperform” rating in a report on Friday.

Insider Transactions at CoreCivic

In related news, EVP Lucibeth Mayberry sold 40,000 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $12.63, for a total value of $505,200.00. Following the completion of the transaction, the executive vice president now directly owns 223,733 shares in the company, valued at approximately $2,825,747.79. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, 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 on Tuesday, October 1st. The stock was sold at an average price of $12.58, for a total value of $100,640.00. Following the completion of the sale, the executive vice president now directly owns 207,847 shares in the company, valued at approximately $2,614,715.26. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lucibeth Mayberry sold 40,000 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $12.63, for a total value of $505,200.00. Following the transaction, the executive vice president now owns 223,733 shares in the company, valued at approximately $2,825,747.79. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 169,996 shares of company stock worth $2,177,640 over the last quarter. 1.89% of the stock is currently owned by insiders.

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.