Brokers Issue Forecasts for CoreCivic, Inc.’s Q3 2024 Earnings (NYSE:CXW)

CoreCivic, Inc. (NYSE:CXW) – Research analysts at Wedbush raised their Q3 2024 EPS estimates for CoreCivic in a report released on Monday, April 8th. Wedbush analyst J. Mccanless now expects that the real estate investment trust will post earnings per share of $0.40 for the quarter, up from their previous forecast of $0.39. Wedbush has a “Outperform” rating and a $19.00 price target on the stock. The consensus estimate for CoreCivic’s current full-year earnings is $1.30 per share. Wedbush also issued estimates for CoreCivic’s Q4 2024 earnings at $0.47 EPS and FY2024 earnings at $1.60 EPS.

CoreCivic (NYSE:CXW) last released its quarterly earnings data on Wednesday, February 7th. The real estate investment trust reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.17). The company had revenue of $491.25 million for the quarter, compared to analyst estimates of $489.62 million. CoreCivic had a return on equity of 4.70% and a net margin of 3.56%.

Several other equities research analysts have also commented on the stock. Northland Securities boosted their target price on shares of CoreCivic from $17.00 to $19.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 26th. StockNews.com downgraded shares of CoreCivic from a “buy” rating to a “hold” rating in a research note on Thursday, February 22nd.

CoreCivic Stock Performance

NYSE:CXW opened at $15.71 on Wednesday. The firm’s fifty day moving average price is $14.94 and its 200 day moving average price is $13.91. CoreCivic has a 1-year low of $7.84 and a 1-year high of $16.24. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.60 and a quick ratio of 1.60. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of 26.62 and a beta of 0.81.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Versant Capital Management Inc increased its stake in CoreCivic by 15.7% in the 1st quarter. Versant Capital Management Inc now owns 94,352 shares of the real estate investment trust’s stock worth $1,473,000 after purchasing an additional 12,784 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of CoreCivic by 1,050.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,138,544 shares of the real estate investment trust’s stock valued at $45,603,000 after buying an additional 2,865,763 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of CoreCivic by 13.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 209,189 shares of the real estate investment trust’s stock valued at $3,041,000 after buying an additional 25,114 shares during the last quarter. Barclays PLC lifted its holdings in shares of CoreCivic by 217.8% during the 4th quarter. Barclays PLC now owns 179,304 shares of the real estate investment trust’s stock valued at $2,606,000 after buying an additional 122,886 shares during the last quarter. Finally, No Street GP LP acquired a new stake in shares of CoreCivic during the 4th quarter valued at about $14,530,000. 85.13% of the stock is owned by institutional investors and hedge funds.

Insider Activity

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