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Wedbush Comments on CoreCivic, Inc.'s FY2024 Earnings (NYSE:CXW)

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CoreCivic, Inc. (NYSE:CXW - Free Report) - Stock analysts at Wedbush reduced their FY2024 earnings per share (EPS) estimates for shares of CoreCivic in a report issued on Tuesday, June 11th. Wedbush analyst J. Mccanless now forecasts that the real estate investment trust will earn $1.46 per share for the year, down from their prior forecast of $1.62. Wedbush has a "Neutral" rating and a $14.00 price objective on the stock. The consensus estimate for CoreCivic's current full-year earnings is $1.64 per share. Wedbush also issued estimates for CoreCivic's FY2025 earnings at $1.49 EPS.

CoreCivic (NYSE:CXW - Get Free Report) last issued its earnings results on Wednesday, May 8th. 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). CoreCivic had a return on equity of 5.74% and a net margin of 3.34%. The firm had revenue of $500.69 million during the quarter, compared to analyst estimates of $477.93 million. During the same period in the previous year, the company earned $0.34 EPS. CoreCivic's revenue for the quarter was up 9.3% on a year-over-year basis.

CXW has been the topic of a number of other research reports. Northland Securities upped their price target on CoreCivic from $17.00 to $19.00 and gave the company an "outperform" rating in a research report on Tuesday, March 26th. Noble Financial lowered CoreCivic from a "strong-buy" rating to a "hold" rating in a research report on Wednesday. Finally, StockNews.com lowered CoreCivic from a "buy" rating to a "hold" rating in a research report on Monday, April 29th.


View Our Latest Report on CXW

CoreCivic Trading Up 2.9 %

Shares of NYSE CXW traded up $0.33 during trading on Thursday, reaching $11.74. The company had a trading volume of 1,143,817 shares, compared to its average volume of 909,815. The company's fifty day moving average price is $15.19 and its 200-day moving average price is $14.77. CoreCivic has a 12 month low of $9.02 and a 12 month high of $16.54. The stock has a market cap of $1.31 billion, a P/E ratio of 20.96 and a beta of 0.87. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.68.

Insider Activity at CoreCivic

In related news, CFO David Garfinkle sold 19,900 shares of the company'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 approximately $5,489,513.04. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other CoreCivic news, CFO David Garfinkle sold 19,900 shares of the stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $15.18, for a total value of $302,082.00. Following the transaction, the chief financial officer now owns 361,628 shares in the company, valued at $5,489,513.04. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Anthony L. Grande sold 15,000 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $15.51, for a total value of $232,650.00. Following the completion of the transaction, the executive vice president now owns 168,380 shares in the company, valued at approximately $2,611,573.80. The disclosure for this sale can be found here. 2.21% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC bought a new position in CoreCivic in the fourth quarter worth approximately $29,000. Criterion Capital Advisors LLC purchased a new stake in shares of CoreCivic in the fourth quarter worth approximately $32,000. USA Financial Formulas purchased a new stake in shares of CoreCivic in the fourth quarter worth approximately $69,000. EntryPoint Capital LLC purchased a new stake in shares of CoreCivic in the first quarter worth approximately $84,000. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of CoreCivic in the first quarter worth approximately $87,000. Institutional investors own 85.13% of the company's stock.

About CoreCivic

(Get Free Report)

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.

See Also

Earnings History and Estimates for CoreCivic (NYSE:CXW)

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