CoreCivic director Dennis Robert J sells $440,088 in stock

CoreCivic, Inc. (NYSE:) Director Dennis Robert J recently sold 20,000 shares of the company's common stock. The sale, executed on November 13, 2024, was completed at a weighted average price of $22.0044 per share, amounting to a total transaction value of $440,088. Following this transaction, Dennis Robert J holds 76,328 shares of CoreCivic. The shares were sold in multiple trades at prices ranging from $21.5550 to $22.5200.

In other recent news, CoreCivic's third-quarter results for 2024 beat expectations, with a 2% revenue increase to $491.6 million, driven by state revenue growth and improved occupancy rates. The company's normalized funds from operations (FFO) per share also surged by 23% to $0.43. Jones Trading upgraded CoreCivic's stock from Hold to Buy, reflecting the anticipated growth opportunities for the company in light of the new administration's focus on addressing unauthorized migration and bolstering criminal justice enforcement.

CoreCivic is also preparing to respond to potential increased demand, with plans to activate 18,000 vacant beds. The company updated its 2024 financial guidance, expecting an adjusted EPS between $0.69 and $0.75 and normalized FFO per share between $1.59 and $1.65. CoreCivic has also repurchased 4 million shares and maintains a total liquidity of $365 million, with no debt maturities until 2027.

Among these recent developments, the analyst from Jones Trading highlighted that CoreCivic's largest customers, including Immigration and Customs Enforcement (ICE) and the US Marshals Service, are expected to receive increased appropriations following the January inauguration. Investors and market watchers will be keeping a close eye on CoreCivic as the new administration takes office and sets its policies into motion, potentially benefiting the company and its stakeholders.

InvestingPro Insights

The recent insider sale by Director Dennis Robert J comes at a time when CoreCivic (NYSE:CXW) is experiencing significant market momentum. According to InvestingPro data, the company has seen a remarkable 56.85% price return over the past month and an even more impressive 66.95% return over the last three months. This strong performance is reflected in the stock trading at 85.75% of its 52-week high, suggesting investor confidence in the company's prospects.

Despite the positive price action, InvestingPro Tips indicate that CoreCivic is trading at a high earnings multiple, with a P/E ratio of 31.32. This valuation metric may be a factor for investors to consider, especially in light of the company's revenue growth of 5.16% over the last twelve months.

It's worth noting that CoreCivic has a perfect Piotroski Score of 9, which is an InvestingPro Tip highlighting the company's strong financial health. Additionally, five analysts have revised their earnings upwards for the upcoming period, potentially signaling positive expectations for the company's future performance.

For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for CoreCivic, providing a deeper understanding of the company's financial position and market outlook.

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