CoreCivic (NYSE:CXW) Posts Quarterly Earnings Results, Misses Estimates By $0.12 EPS

CoreCivic (NYSE:CXW) issued its quarterly earnings data on Wednesday. The real estate investment trust reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.12), RTT News reports. The company had revenue of $500.69 million for the quarter, compared to analysts’ expectations of $477.93 million. CoreCivic had a return on equity of 4.70% and a net margin of 3.56%. The business’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period last year, the company posted $0.34 EPS. CoreCivic updated its FY24 guidance to $1.56-$1.66 EPS and its FY 2024 guidance to 1.560-1.660 EPS.

CoreCivic Price Performance

CXW traded down $0.30 during trading on Thursday, reaching $15.06. The stock had a trading volume of 498,865 shares, compared to its average volume of 861,000. 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 business has a 50-day moving average of $15.20 and a 200-day moving average of $14.46. CoreCivic has a one year low of $8.27 and a one year high of $16.24. The stock has a market cap of $1.68 billion, a PE ratio of 26.02 and a beta of 0.81.

Analysts Set New Price Targets

CXW has been the subject of several recent analyst reports. Wedbush reaffirmed an “outperform” rating and set a $19.00 price objective on shares of CoreCivic in a research note on Thursday. StockNews.com cut shares of CoreCivic from a “buy” rating to a “hold” rating in a report on Monday, April 29th. Finally, Northland Securities boosted their target price on CoreCivic from $17.00 to $19.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 26th.

Insiders Place Their Bets

In other news, EVP Anthony L. Grande sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $14.50, for a total value of $217,500.00. Following the completion of the sale, the executive vice president now directly owns 186,692 shares in the company, valued at approximately $2,707,034. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Damon T. Hininger sold 50,525 shares of CoreCivic stock in a transaction on Friday, March 8th. The shares were sold at an average price of $14.62, for a total value of $738,675.50. Following the transaction, the chief executive officer now directly owns 820,262 shares of the company’s stock, valued at $11,992,230.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Anthony L. Grande sold 15,000 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $14.50, for a total transaction of $217,500.00. Following the transaction, the executive vice president now directly owns 186,692 shares of the company’s stock, valued at $2,707,034. The disclosure for this sale can be found here. Corporate insiders own 2.21% of the company’s stock.

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.