CoreCivic (NYSE:CXW) Updates FY24 Earnings Guidance

CoreCivic (NYSE:CXW) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $1.48 to $1.56 for the period, compared to the consensus EPS estimate of $1.28.

CoreCivic Stock Performance

NYSE:CXW traded up $0.07 during midday trading on Wednesday, hitting $12.26. The company’s stock had a trading volume of 1,362,145 shares, compared to its average volume of 933,375. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.17 and a quick ratio of 1.17. CoreCivic has a fifty-two week low of $9.52 and a fifty-two week high of $16.54. The firm’s 50 day moving average is $13.54 and its 200-day moving average is $14.49. The firm has a market cap of $1.36 billion, a P/E ratio of 21.77 and a beta of 0.87.

CoreCivic (NYSE:CXW) last announced its quarterly earnings results on Wednesday, May 8th. The real estate investment trust reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.12). The company had revenue of $500.69 million for the quarter, compared to analyst estimates of $477.93 million. CoreCivic had a return on equity of 5.74% and a net margin of 3.34%. CoreCivic’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.34 earnings per share. Equities analysts anticipate that CoreCivic will post 1.45 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Noble Financial cut shares of CoreCivic from a strong-buy rating to a hold rating in a research note on Wednesday, June 12th. StockNews.com lowered shares of CoreCivic from a buy rating to a hold rating in a report on Monday, April 29th. Finally, Wedbush downgraded shares of CoreCivic from an outperform rating to a neutral rating and decreased their price target for the stock from $19.00 to $14.00 in a research note on Tuesday, June 11th.

Insider Buying and Selling at CoreCivic

In related news, EVP Anthony L. Grande sold 15,000 shares of CoreCivic stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $15.51, for a total value of $232,650.00. Following the completion of the sale, the executive vice president now owns 168,380 shares in the company, valued at approximately $2,611,573.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Anthony L. Grande sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $15.51, for a total transaction of $232,650.00. Following the completion of the transaction, the executive vice president now directly owns 168,380 shares in the company, valued at approximately $2,611,573.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO David Garfinkle sold 19,900 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $15.18, for a total transaction of $302,082.00. Following the sale, the chief financial officer now owns 361,628 shares in the company, valued at $5,489,513.04. The disclosure for this sale can be found here. 1.89% of the stock is currently owned by corporate insiders.

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.