CoreCivic, Inc. to Post FY2023 Earnings of $1.70 Per Share, Wedbush Forecasts (NYSE:CXW)

CoreCivic, Inc. (NYSE:CXWGet Rating) – Equities researchers at Wedbush dropped their FY2023 EPS estimates for CoreCivic in a note issued to investors on Thursday, August 4th. Wedbush analyst J. Mccanless now expects that the real estate investment trust will post earnings of $1.70 per share for the year, down from their prior forecast of $1.75. Wedbush has a “Outperform” rating and a $17.00 price objective on the stock. The consensus estimate for CoreCivic’s current full-year earnings is $1.29 per share.

A number of other equities analysts also recently commented on CXW. Wells Fargo & Company raised shares of CoreCivic from a “neutral” rating to an “outperform” rating and set a $17.00 price objective for the company in a report on Thursday, April 14th. StockNews.com downgraded shares of CoreCivic from a “buy” rating to a “hold” rating in a report on Thursday.

CoreCivic Stock Down 2.4 %

Shares of NYSE:CXW opened at $9.58 on Friday. The company has a current ratio of 1.06, a quick ratio of 1.87 and a debt-to-equity ratio of 0.84. The company has a fifty day simple moving average of $11.35 and a 200 day simple moving average of $10.98. The firm has a market cap of $1.16 billion, a PE ratio of 13.12 and a beta of 0.82. CoreCivic has a 12-month low of $8.23 and a 12-month high of $14.24.

CoreCivic (NYSE:CXWGet Rating) last issued its quarterly earnings results on Wednesday, May 4th. The real estate investment trust reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.06). The company had revenue of $453.00 million during the quarter, compared to the consensus estimate of $467.34 million. CoreCivic had a return on equity of 7.30% and a net margin of 4.73%. The firm’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter last year, the firm posted $0.44 EPS.

Hedge Funds Weigh In On CoreCivic

Large investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC bought a new stake in shares of CoreCivic in the 4th quarter valued at approximately $75,000. Yousif Capital Management LLC bought a new stake in shares of CoreCivic in the 4th quarter valued at approximately $1,099,000. Robeco Institutional Asset Management B.V. bought a new stake in CoreCivic during the fourth quarter worth approximately $250,000. Roosevelt Investment Group LLC bought a new stake in CoreCivic during the fourth quarter worth approximately $100,000. Finally, Cambria Investment Management L.P. bought a new stake in CoreCivic during the fourth quarter worth approximately $213,000. Institutional investors and hedge funds own 82.35% of the company’s stock.

Insiders Place Their Bets

In other CoreCivic news, EVP Lucibeth Mayberry sold 75,000 shares of the business’s stock in a transaction dated Tuesday, June 28th. The shares were sold at an average price of $11.37, for a total value of $852,750.00. Following the sale, the executive vice president now directly owns 229,799 shares in the company, valued at $2,612,814.63. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other CoreCivic news, Director Thurgood Marshall, Jr. sold 10,000 shares of the business’s stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $12.98, for a total transaction of $129,800.00. Following the sale, the director now owns 49,547 shares in the company, valued at approximately $643,120.06. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Lucibeth Mayberry sold 75,000 shares of the business’s stock in a transaction dated Tuesday, June 28th. The stock was sold at an average price of $11.37, for a total value of $852,750.00. Following the sale, the executive vice president now owns 229,799 shares in the company, valued at approximately $2,612,814.63. The disclosure for this sale can be found here. Over the last three months, insiders have sold 105,000 shares of company stock worth $1,247,350. 1.93% of the stock is 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.

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