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BRENTWOOD, Tenn. - CoreCivic, Inc. (NYSE: CXW), a diversified government solutions company with a market capitalization of $2.09 billion and annual revenue of $1.96 billion, announced the appointment of three new independent members to its Board of Directors, expanding the board’s size from eleven to fourteen directors. According to InvestingPro data, the company has demonstrated strong momentum with a 46.78% price return over the past six months. Effective March 17, 2025, Dawn Smith, Stacey Tank, and Nina Tran will join the board, with thirteen directors being independent. This expansion comes as board members Anne L. Mariucci and Robert Dennis have decided not to stand for re-election at the upcoming Annual Meeting, after serving for 13 and 12 years respectively.
Dawn Smith, 61, brings a wealth of experience from her current role as President of Cologix, Inc., and former positions at McAfee and VMware. Her background spans corporate law, operational leadership, and information technology. Stacey Tank, 43, is the CEO of Bespoke Beauty Brands and has held leadership roles at Heineken and The Home Depot. She also founded a non-profit focused on childhood mental wellness. Nina A. Tran, 56, has a strong financial and accounting background with executive leadership in the real estate sector, having served on the boards of several companies, including American Asset Trust and Compass Datacenters.
CoreCivic’s CEO, Damon Hininger, expressed excitement about the new additions to the board, citing their unique skills and vision. He also acknowledged the significant contributions of Mariucci and Dennis, stating that the company has benefited from their counsel. InvestingPro analysis shows the company maintains a healthy financial position with a current ratio of 1.57, indicating strong liquidity to meet its short-term obligations. Get access to 8 more exclusive ProTips and comprehensive financial analysis through InvestingPro’s detailed research reports.
The new board members are expected to serve on various board committees, contributing to CoreCivic’s mission to provide high-quality corrections and detention management, alternatives to incarceration, and government real estate solutions. CoreCivic is known as the nation’s largest owner of partnership correctional and detention facilities and a major private owner of real estate used by government agencies.
The upcoming Annual Meeting will see the board size reduced to twelve directors following the departures of Mariucci and Dennis. With the next earnings report due on April 30, 2025, investors can access detailed financial analysis and Fair Value estimates through InvestingPro’s comprehensive research reports, available for over 1,400 US stocks including CoreCivic. This information is based on a press release statement from CoreCivic, Inc.
In other recent news, CoreCivic has entered into a new agreement with U.S. Immigration and Customs Enforcement (ICE) to resume operations at the South Texas Family Residential Center, owned by Target Hospitality. This partnership is expected to bring in approximately $180 million in annual revenue for CoreCivic once the facility is fully operational, with earnings impact anticipated to begin in the second quarter of 2025. Additionally, Noble Capital has upgraded CoreCivic’s stock rating from Market Perform to Outperform, citing growth potential under the new political administration. Wedbush also raised its outlook on CoreCivic, upgrading the stock from Neutral to Outperform and increasing the price target to $30.00, driven by the potential reactivation of a significant ICE contract.
Recent actions by President Trump, including the revocation of previous immigration orders, are expected to increase demand for detention facilities, which could benefit CoreCivic. In a leadership update, CoreCivic announced the appointment of Patrick Swindle as President and Chief Operating Officer, effective January 1, 2025. Swindle’s promotion is expected to steer the company through a period of anticipated growth. These developments indicate significant changes and opportunities for CoreCivic in the near future.
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