CoreCivic (NYSE:CXW) to Buyback $200.00 million in Shares

CoreCivic (NYSE:CXW) declared that its Board of Directors has authorized a share buyback program on Monday, November 10th, RTT News reports. The company plans to repurchase $200.00 million in shares. This repurchase authorization authorizes the real estate investment trust to purchase up to 10.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

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

CoreCivic Stock Performance

NYSE:CXW traded up $0.54 during mid-day trading on Monday, hitting $17.49. The stock had a trading volume of 1,821,819 shares, compared to its average volume of 1,080,592. CoreCivic has a twelve month low of $16.02 and a twelve month high of $24.84. The company’s 50 day simple moving average is $19.40 and its 200 day simple moving average is $20.59. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.60 and a current ratio of 1.60. The stock has a market cap of $1.87 billion, a price-to-earnings ratio of 18.61 and a beta of 0.68.

CoreCivic (NYSE:CXW) last released its quarterly earnings results on Wednesday, November 5th. The real estate investment trust reported $0.48 earnings per share 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 period last year, the firm posted $0.43 EPS. The firm’s revenue for the quarter was up 18.1% compared to the same quarter last year. CoreCivic has set its FY 2025 guidance at 1.940-2.000 EPS. On average, equities research analysts forecast that CoreCivic will post 1.5 earnings per share for the current year.

Insiders Place Their Bets

In other CoreCivic news, EVP Anthony L. Grande sold 22,500 shares of CoreCivic stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $21.18, for a total value of $476,550.00. Following the completion of the transaction, the executive vice president directly owned 135,559 shares of the company’s stock, valued at $2,871,139.62. The trade was a 14.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thurgood Marshall, Jr. sold 6,000 shares of the company’s stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $20.52, for a total value of $123,120.00. Following the sale, the director owned 44,023 shares of the company’s stock, valued at approximately $903,351.96. The trade was a 11.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 51,000 shares of company stock worth $1,042,545. Corporate insiders own 2.30% of the company’s stock.

CoreCivic Company Profile

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.