CoreCivic (NYSE:CXW) Issues FY24 Earnings Guidance

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

Analyst Upgrades and Downgrades

Separately, Wedbush reiterated a “neutral” rating and issued a $14.00 price objective on shares of CoreCivic in a research note on Friday, September 13th.

CoreCivic Stock Performance

Shares of NYSE:CXW traded up $3.96 on Wednesday, reaching $17.59. The company’s stock had a trading volume of 6,538,632 shares, compared to its average volume of 947,622. CoreCivic has a 52-week low of $10.74 and a 52-week high of $18.24. The stock has a market capitalization of $1.94 billion, a P/E ratio of 29.28 and a beta of 0.86. The stock’s 50-day moving average is $13.27 and its two-hundred day moving average is $13.70. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.44 and a quick ratio of 1.44.

CoreCivic (NYSE:CXW) last posted 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). The company had revenue of $490.11 million for the quarter, compared to analysts’ expectations of $481.87 million. CoreCivic had a net margin of 3.50% and a return on equity of 6.10%. The firm’s revenue was up 5.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.33 earnings per share. As a group, sell-side analysts forecast that CoreCivic will post 1.51 EPS for the current year.

Insiders Place Their Bets

In other CoreCivic news, CEO Damon T. Hininger sold 31,996 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $12.50, for a total transaction of $399,950.00. Following the sale, the chief executive officer now directly owns 788,266 shares in the company, valued at approximately $9,853,325. The trade was 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. In other news, insider David K. Churchill sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $13.61, for a total transaction of $204,150.00. Following the completion of the transaction, the insider now directly owns 214,056 shares of the company’s stock, valued at $2,913,302.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Damon T. Hininger sold 31,996 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $12.50, for a total value of $399,950.00. Following the completion of the sale, the chief executive officer now directly owns 788,266 shares in the company, valued at approximately $9,853,325. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 169,996 shares of company stock worth $2,177,640. 2.21% of the stock is 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.