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

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

CoreCivic Stock Performance

CXW stock traded up $0.13 during midday trading on Thursday, hitting $15.49. The stock had a trading volume of 1,272,006 shares, compared to its average volume of 870,081. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 26.02 and a beta of 0.81. CoreCivic has a 52 week low of $8.27 and a 52 week high of $16.24. The stock has a 50-day simple moving average of $15.20 and a 200 day simple moving average of $14.46. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.73.

Insider Buying and Selling

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

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Northland Securities upped their target price on CoreCivic from $17.00 to $19.00 and gave the company an “outperform” rating in a report on Tuesday, March 26th. StockNews.com downgraded CoreCivic from a “buy” rating to a “hold” rating in a report on Monday, April 29th. Finally, Wedbush restated an “outperform” rating and issued a $19.00 price objective on shares of CoreCivic in a report on Thursday.

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.