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

CoreCivic (NYSE:CXW - Get Free Report) released its quarterly earnings data on Wednesday. The real estate investment trust reported $0.25 earnings per share for the quarter, missing analysts' consensus estimates of $0.37 by ($0.12), RTT News reports. The firm had revenue of $500.69 million for the quarter, compared to the consensus estimate of $477.93 million. CoreCivic had a net margin of 3.56% and a return on equity of 4.70%. The firm's revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.34 earnings per share. 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

NYSE CXW traded up $0.13 on Thursday, reaching $15.49. 1,272,006 shares of the stock were exchanged, compared to its average volume of 870,081. CoreCivic has a one year low of $8.27 and a one year high of $16.24. The firm has a market capitalization of $1.73 billion, a PE ratio of 26.02 and a beta of 0.81. The company's 50-day simple moving average is $15.20 and its two-hundred day simple moving average is $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 Activity

In other news, CEO Damon T. Hininger sold 50,525 shares of CoreCivic stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $14.62, for a total transaction of $738,675.50. Following the sale, the chief executive officer now owns 820,262 shares in the company, valued at $11,992,230.44. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Damon T. Hininger sold 50,525 shares of the business's 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 sale, the chief executive officer now owns 820,262 shares in the company, valued at $11,992,230.44. The sale 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 business's stock in a transaction on Monday, February 26th. The stock was sold at an average price of $14.50, for a total transaction of $217,500.00. Following the completion of the sale, 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. Company insiders own 2.21% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. StockNews.com downgraded shares of CoreCivic from a "buy" rating to a "hold" rating in a report on Monday, April 29th. Northland Securities raised their price target on shares of CoreCivic from $17.00 to $19.00 and gave the company an "outperform" rating in a report on Tuesday, March 26th. Finally, Wedbush reissued 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.