Research Analysts Offer Predictions for CoreCivic, Inc.’s Q1 2024 Earnings (NYSE:CXW)

CoreCivic, Inc. (NYSE:CXWFree Report) – Equities researchers at Wedbush dropped their Q1 2024 earnings per share estimates for CoreCivic in a report released on Friday, February 9th. Wedbush analyst J. Mccanless now forecasts that the real estate investment trust will post earnings per share of $0.37 for the quarter, down from their prior estimate of $0.39. Wedbush has a “Outperform” rating and a $18.00 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 Q2 2024 earnings at $0.35 EPS and FY2025 earnings at $1.76 EPS.

Several other equities analysts have also recently issued reports on the company. StockNews.com upgraded CoreCivic from a “hold” rating to a “buy” rating in a research report on Sunday. Northland Securities began coverage on CoreCivic in a research note on Thursday, October 19th. They set an “outperform” rating and a $16.00 price target on the stock.

Check Out Our Latest Analysis on CXW

CoreCivic Stock Performance

Shares of CXW stock opened at $14.69 on Monday. The stock has a market capitalization of $1.67 billion, a PE ratio of 24.89 and a beta of 0.81. CoreCivic has a 52-week low of $7.84 and a 52-week high of $15.17. The stock’s 50-day moving average price is $14.25 and its 200 day moving average price is $12.53. The company has a quick ratio of 1.38, a current ratio of 1.60 and a debt-to-equity ratio of 0.73.

Hedge Funds Weigh In On CoreCivic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in shares of CoreCivic by 1.1% during the 1st quarter. BlackRock Inc. now owns 18,939,729 shares of the real estate investment trust’s stock valued at $174,246,000 after buying an additional 199,682 shares during the period. FMR LLC raised its holdings in CoreCivic by 0.6% in the 3rd quarter. FMR LLC now owns 8,597,388 shares of the real estate investment trust’s stock worth $96,721,000 after acquiring an additional 53,395 shares during the period. State Street Corp raised its holdings in CoreCivic by 1.1% in the 2nd quarter. State Street Corp now owns 4,239,868 shares of the real estate investment trust’s stock worth $47,105,000 after acquiring an additional 48,018 shares during the period. Cooper Creek Partners Management LLC increased its holdings in shares of CoreCivic by 24.2% during the 3rd quarter. Cooper Creek Partners Management LLC now owns 3,297,002 shares of the real estate investment trust’s stock worth $37,091,000 after purchasing an additional 641,576 shares during the period. Finally, Boston Partners boosted its position in shares of CoreCivic by 13.7% during the 3rd quarter. Boston Partners now owns 2,910,746 shares of the real estate investment trust’s stock valued at $33,343,000 after acquiring an additional 351,508 shares in the last quarter. Institutional investors and hedge funds own 80.89% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Cole G. Carter sold 39,345 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $13.53, for a total transaction of $532,337.85. Following the transaction, the executive vice president now owns 181,817 shares in the company, valued at $2,459,984.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.89% of the stock is currently owned by corporate insiders.

About CoreCivic

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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.

Further Reading

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