CoreCivic (NYSE:CXW) Updates 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 $1.56-$1.66 for the period, compared to the consensus estimate of $1.55.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CXW. Wedbush upped their target price on shares of CoreCivic from $18.00 to $19.00 and gave the stock an outperform rating in a research note on Monday, April 8th. Northland Securities upped their price target on CoreCivic from $17.00 to $19.00 and gave the stock an outperform rating in a research report on Tuesday, March 26th. Finally, StockNews.com lowered shares of CoreCivic from a buy rating to a hold rating in a research report on Monday, April 29th.

CoreCivic Stock Up 0.3 %

CXW traded up $0.05 on Wednesday, hitting $15.36. 656,636 shares of the company were exchanged, compared to its average volume of 865,561. The stock’s fifty day moving average is $15.19 and its 200-day moving average is $14.45. 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 quick ratio of 1.60 and a current ratio of 1.60. The company has a market cap of $1.71 billion, a PE ratio of 25.95 and a beta of 0.81.

CoreCivic (NYSE:CXW) last announced its quarterly earnings data on Wednesday, February 7th. The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.17). CoreCivic had a return on equity of 4.70% and a net margin of 3.56%. The company had revenue of $491.25 million for the quarter, compared to the consensus estimate of $489.62 million. Equities research analysts predict that CoreCivic will post 1.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other CoreCivic news, CEO Damon T. Hininger sold 50,525 shares of the firm’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $14.62, for a total transaction of $738,675.50. Following the completion of the sale, the chief executive officer now owns 820,262 shares of the company’s stock, valued at approximately $11,992,230.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Damon T. Hininger sold 50,525 shares of the business’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 820,262 shares in the company, valued at approximately $11,992,230.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Anthony L. Grande sold 15,000 shares of the stock in a transaction 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 transaction, the executive vice president now owns 186,692 shares in the company, valued at approximately $2,707,034. The disclosure for this sale can be found here. Insiders own 2.21% of the company’s stock.

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.