BRENTWOOD, Tenn.—CoreCivic, Inc. (NYSE:CXW) Director Hylton Stacia recently sold 1,800 shares of the company's common stock, according to a recent SEC filing. The shares were sold at an average price of $21.37 each, resulting in a total transaction value of $38,466. The sale comes amid CoreCivic's impressive 56% stock price gain over the past year, with shares trading near their 52-week high of $24.99. Following this transaction, Stacia holds 78,871 shares directly. CoreCivic, a real estate investment trust with a market capitalization of $2.4 billion, continues to focus on its operations in the real estate and construction sector. According to InvestingPro data, the company maintains strong financial health with a perfect Piotroski Score of 9, while analysts have set price targets ranging from $17 to $32 per share. For deeper insights and additional ProTips on CoreCivic's valuation and growth prospects, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, CoreCivic, the diversified government solutions company, has been making headlines with recent developments. Jones Trading upgraded CoreCivic's stock rating from Hold to Buy, expecting growth opportunities due to the anticipated political shift. The company's third-quarter results for 2024 surpassed expectations, driven by strong occupancy gains and improved labor cost management, leading to an upward revision of its guidance.
CoreCivic's largest customers, Immigration and Customs Enforcement (ICE) and the US Marshals Service, are expected to receive increased appropriations, aligning with the new administration's focus on unauthorized migration and criminal justice enforcement. CoreCivic demonstrated operational efficiency and financial growth in the third quarter of 2024, positioning it to potentially benefit from government contracts and funding increases.
The company reported a 2% revenue increase in the third quarter of 2024, reaching $491.6 million, due to state revenue growth and improved occupancy rates. Normalized funds from operations (FFO) per share also rose by 23% to $0.43. CoreCivic 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. The company maintains a total liquidity of $365 million, with no debt maturities until 2027.
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