CoreCivic (NYSE:CXW) Board Authorizes Share Buyback Plan

CoreCivic (NYSE:CXW) announced that its board has authorized a stock buyback plan on Monday, November 10th, RTT News reports. The company plans to buyback $200.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to reacquire up to 10.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

CoreCivic Stock Performance

CXW stock opened at $17.09 on Thursday. The firm has a market cap of $1.79 billion, a PE ratio of 18.18 and a beta of 0.68. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.68. The stock has a 50-day moving average price of $19.28 and a 200-day moving average price of $20.53. CoreCivic has a 1-year low of $16.02 and a 1-year high of $23.85.

CoreCivic (NYSE:CXW) last released its earnings results on Wednesday, November 5th. The real estate investment trust reported $0.48 EPS for the quarter, hitting the consensus estimate of $0.48. CoreCivic had a return on equity of 7.12% and a net margin of 5.21%.The business had revenue of $580.44 million during the quarter, compared to analysts’ expectations of $544.38 million. During the same quarter last year, the firm posted $0.43 earnings per share. The firm’s revenue was up 18.1% on a year-over-year basis. CoreCivic has set its FY 2025 guidance at 1.940-2.000 EPS. As a group, equities research analysts expect that CoreCivic will post 1.5 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CXW. Jones Trading reaffirmed a “buy” rating and issued a $30.00 target price on shares of CoreCivic in a report on Friday, November 7th. Wall Street Zen cut CoreCivic from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 8th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of CoreCivic in a report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, CoreCivic has an average rating of “Moderate Buy” and a consensus target price of $34.00.

Insider Buying and Selling at CoreCivic

In related news, Director Thurgood Marshall, Jr. sold 6,000 shares of the business’s stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $20.52, for a total transaction of $123,120.00. Following the transaction, the director owned 44,023 shares in the company, valued at $903,351.96. The trade was a 11.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Anthony L. Grande sold 22,500 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $21.18, for a total transaction of $476,550.00. Following the transaction, the executive vice president directly owned 135,559 shares in the company, valued at approximately $2,871,139.62. This represents a 14.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 51,000 shares of company stock valued at $1,042,545 in the last quarter. 2.30% of the stock is currently owned by company insiders.

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.