Wedbush Weighs in on CoreCivic’s FY2024 Earnings (NYSE:CXW)

CoreCivic, Inc. (NYSE:CXW) – Equities research analysts at Wedbush boosted their FY2024 earnings per share estimates for shares of CoreCivic in a report released on Thursday, November 7th. Wedbush analyst J. Mccanless now anticipates that the real estate investment trust will post earnings per share of $1.64 for the year, up from their prior estimate of $1.51. Wedbush has a “Neutral” rating and a $14.00 price target on the stock. The consensus estimate for CoreCivic’s current full-year earnings is $1.51 per share. Wedbush also issued estimates for CoreCivic’s Q4 2024 earnings at $0.33 EPS, Q1 2025 earnings at $0.36 EPS, Q2 2025 earnings at $0.39 EPS, Q3 2025 earnings at $0.44 EPS, Q4 2025 earnings at $0.42 EPS and FY2025 earnings at $1.61 EPS.

Separately, Northland Securities increased their price objective on shares of CoreCivic from $17.00 to $32.00 and gave the stock an “outperform” rating in a research note on Friday.

CoreCivic Price Performance

NYSE CXW opened at $22.52 on Friday. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.70. CoreCivic has a 12 month low of $10.74 and a 12 month high of $24.99. The stock has a market cap of $2.48 billion, a price-to-earnings ratio of 33.61 and a beta of 0.86. The company’s 50 day moving average is $13.68 and its two-hundred day moving average is $13.83.

CoreCivic (NYSE:CXW) last posted its quarterly earnings data on Wednesday, August 7th. The real estate investment trust reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.20). The company had revenue of $490.11 million for the quarter, compared to analysts’ expectations of $481.87 million. CoreCivic had a net margin of 3.85% and a return on equity of 6.57%. The firm’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.33 earnings per share.

Insider Buying and Selling

In other CoreCivic news, EVP Cole G. Carter sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $12.58, for a total value of $100,640.00. Following the completion of the transaction, the executive vice president now directly owns 207,847 shares in the company, valued at $2,614,715.26. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other CoreCivic news, EVP Cole G. Carter sold 8,000 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $12.58, for a total value of $100,640.00. Following the sale, the executive vice president now owns 207,847 shares in the company, valued at $2,614,715.26. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Damon T. Hininger sold 31,996 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $12.50, for a total transaction of $399,950.00. Following the transaction, the chief executive officer now directly owns 788,266 shares of the company’s stock, valued at $9,853,325. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 169,996 shares of company stock worth $2,177,640. 1.89% of the stock is owned by corporate insiders.

Institutional Trading of CoreCivic

A number of large investors have recently added to or reduced their stakes in the company. River Road Asset Management LLC boosted its position in shares of CoreCivic by 0.5% during the 3rd quarter. River Road Asset Management LLC now owns 8,611,640 shares of the real estate investment trust’s stock valued at $108,937,000 after acquiring an additional 40,365 shares during the last quarter. abrdn plc grew its stake in shares of CoreCivic by 8.7% in the 3rd quarter. abrdn plc now owns 1,031,400 shares of the real estate investment trust’s stock worth $13,047,000 after buying an additional 82,500 shares in the last quarter. Foundry Partners LLC increased its holdings in shares of CoreCivic by 11.4% in the 1st quarter. Foundry Partners LLC now owns 530,237 shares of the real estate investment trust’s stock worth $8,277,000 after buying an additional 54,377 shares during the last quarter. Lee Danner & Bass Inc. purchased a new stake in shares of CoreCivic during the 2nd quarter valued at about $6,818,000. Finally, Nisa Investment Advisors LLC raised its position in shares of CoreCivic by 85.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 400,896 shares of the real estate investment trust’s stock valued at $5,204,000 after buying an additional 185,075 shares in the last quarter. Institutional investors own 85.13% 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.