CoreCivic (NYSE:CXW – Get Free Report) posted its quarterly earnings data on Wednesday. The real estate investment trust reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $15.14 by ($14.65), FiscalAI reports. The company had revenue of $744.09 million for the quarter, compared to analyst estimates of $697.55 million. CoreCivic had a net margin of 5.15% and a return on equity of 9.22%. The company’s revenue was up 28.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.48 EPS.
CoreCivic Stock Down 7.1%
Shares of NYSE:CXW traded down $2.16 during midday trading on Thursday, hitting $28.36. 4,044,039 shares of the company’s stock traded hands, compared to its average volume of 1,405,448. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.32 and a current ratio of 1.32. The company has a market cap of $2.80 billion, a PE ratio of 22.69 and a beta of 0.63. The firm’s fifty day moving average price is $32.54 and its two-hundred day moving average price is $25.90. CoreCivic has a twelve month low of $15.73 and a twelve month high of $36.55.
CoreCivic declared that its Board of Directors has approved a share buyback plan on Monday, August 10th that allows the company to buy back $500 million in outstanding shares. This repurchase authorization allows the real estate investment trust to reacquire up to 15.7% of its stock through open market purchases. Share repurchase plans are often an indication that the company’s board believes its stock is undervalued.
Insider Activity
In other CoreCivic news, CFO David Garfinkle sold 50,000 shares of the firm’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $33.96, for a total value of $1,698,000.00. Following the transaction, the chief financial officer directly owned 293,353 shares of the company’s stock, valued at $9,962,267.88. This trade represents a 14.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mark A. Emkes sold 30,000 shares of the firm’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $34.25, for a total value of $1,027,500.00. Following the completion of the transaction, the director directly owned 141,274 shares in the company, valued at $4,838,634.50. This trade represents a 17.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 459,287 shares of company stock worth $15,431,193 in the last quarter. Insiders own 1.76% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research firms recently issued reports on CXW. JonesTrading restated a “buy” rating and issued a $42.00 target price on shares of CoreCivic in a report on Friday, September 18th. Benchmark increased their price target on shares of CoreCivic from $41.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Wall Street Zen lowered shares of CoreCivic from a “buy” rating to a “hold” rating in a report on Saturday, October 24th. TD Cowen reiterated a “hold” rating on shares of CoreCivic in a report on Friday, October 23rd. Finally, Weiss Ratings cut shares of CoreCivic from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, October 28th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $39.40.
View Our Latest Analysis on CXW
CoreCivic Company Profile
CoreCivic, Inc is a diversified government solutions company that owns, manages and develops correctional and detention facilities in the United States. The company provides detention and corrections services to federal, state and local government agencies, primarily under contracts that call for the housing and care of individuals in custody.
In addition to secure facilities, CoreCivic operates residential reentry centers and provides community-based services designed to support individuals transitioning from incarceration.
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