CoreCivic, Inc. Forecasted to Post Q3 2024 Earnings of $0.31 Per Share (NYSE:CXW)

CoreCivic, Inc. (NYSE:CXW) – Stock analysts at Noble Financial lowered their Q3 2024 earnings estimates for shares of CoreCivic in a report issued on Wednesday, July 10th. Noble Financial analyst J. Gomes now anticipates that the real estate investment trust will post earnings of $0.31 per share for the quarter, down from their previous forecast of $0.39. Noble Financial currently has a “Hold” rating on the stock. The consensus estimate for CoreCivic’s current full-year earnings is $1.52 per share.

A number of other brokerages also recently weighed in on CXW. Wedbush downgraded shares of CoreCivic from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $19.00 to $14.00 in a report on Tuesday, June 11th. StockNews.com lowered CoreCivic from a “buy” rating to a “hold” rating in a report on Monday, April 29th. Finally, Northland Securities increased their price target on shares of CoreCivic from $17.00 to $19.00 and gave the company an “outperform” rating in a research report on Tuesday, March 26th.

CoreCivic Price Performance

Shares of NYSE:CXW opened at $13.21 on Thursday. The company’s 50-day moving average is $14.02 and its 200 day moving average is $14.50. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.17 and a current ratio of 1.17. The company has a market capitalization of $1.47 billion, a P/E ratio of 23.59 and a beta of 0.87. CoreCivic has a fifty-two week low of $9.18 and a fifty-two week high of $16.54.

CoreCivic (NYSE:CXW) last posted its quarterly earnings results on Wednesday, May 8th. The real estate investment trust reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.12). The business had revenue of $500.69 million during the quarter, compared to analyst estimates of $477.93 million. CoreCivic had a net margin of 3.34% and a return on equity of 5.74%. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.34 EPS.

Hedge Funds Weigh In On CoreCivic

Large investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. increased its holdings in CoreCivic by 1,050.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,138,544 shares of the real estate investment trust’s stock worth $45,603,000 after buying an additional 2,865,763 shares in the last quarter. Allianz Asset Management GmbH lifted its holdings in CoreCivic by 15.4% in the 4th quarter. Allianz Asset Management GmbH now owns 688,497 shares of the real estate investment trust’s stock worth $10,004,000 after purchasing an additional 92,112 shares in the last quarter. Teacher Retirement System of Texas lifted its holdings in CoreCivic by 1,284.1% in the 4th quarter. Teacher Retirement System of Texas now owns 545,967 shares of the real estate investment trust’s stock worth $7,933,000 after purchasing an additional 506,522 shares in the last quarter. Foundry Partners LLC increased its position in shares of CoreCivic by 11.4% during the 1st quarter. Foundry Partners LLC now owns 530,237 shares of the real estate investment trust’s stock valued at $8,277,000 after purchasing an additional 54,377 shares during the last quarter. Finally, Raymond James & Associates increased its position in shares of CoreCivic by 1.9% during the 1st quarter. Raymond James & Associates now owns 516,206 shares of the real estate investment trust’s stock valued at $8,058,000 after purchasing an additional 9,411 shares during the last quarter. Hedge funds and other institutional investors own 85.13% of the company’s stock.

Insider Transactions at CoreCivic

In related news, CFO David Garfinkle sold 19,900 shares of CoreCivic stock in a transaction on Monday, May 20th. The shares were sold at an average price of $15.18, for a total value of $302,082.00. Following the sale, the chief financial officer now owns 361,628 shares in the company, valued at $5,489,513.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CFO David Garfinkle sold 19,900 shares of CoreCivic stock in a transaction on Monday, May 20th. The shares were sold at an average price of $15.18, for a total value of $302,082.00. Following the sale, the chief financial officer now owns 361,628 shares in the company, valued at $5,489,513.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Anthony L. Grande sold 15,000 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $15.51, for a total value of $232,650.00. Following the transaction, the executive vice president now directly owns 168,380 shares of the company’s stock, valued at approximately $2,611,573.80. 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.