In a recent transaction filed with the Securities and Exchange Commission, Marshall Thurgood Jr, a director at CoreCivic, Inc. (NYSE:CXW), sold 5,000 shares of the company's common stock. The shares were sold at a price of $21.37 each, totaling approximately $106,850. The transaction comes as CoreCivic's stock has shown remarkable strength, gaining over 55% in the past year. According to InvestingPro analysis, the company maintains a "GOOD" overall financial health score. Following this transaction, Thurgood retains ownership of 41,925 shares in the company. This sale is part of the ongoing trading activities by insiders at CoreCivic, a real estate investment trust based in Brentwood, Tennessee. With a market capitalization of $2.4 billion and a perfect Piotroski Score of 9, the company appears fundamentally strong, though current valuations suggest the stock may be trading above its Fair Value. For deeper insights into CoreCivic's financial metrics and growth potential, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, CoreCivic has been upgraded from Hold to Buy by Jones Trading, reflecting anticipated growth opportunities due to the recent political shift. This decision also takes into account CoreCivic's impressive third-quarter results for 2024, which surpassed expectations due to strong occupancy gains and improved labor cost management. CoreCivic's largest customers, including Immigration and Customs Enforcement (ICE) and the US Marshals Service, are expected to receive increased funding, potentially benefiting the company's future prospects.
The company reported a 2% revenue increase in the third quarter of 2024, reaching $491.6 million, and a 23% rise in normalized funds from operations (FFO) per share to $0.43. These positive results were attributed to state revenue growth and improved occupancy rates. CoreCivic's third-quarter performance was further enhanced by an improved occupancy rate of 75.2%, contributing to a 25% increase in net operating income for the Safety segment.
CoreCivic has 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 has also repurchased 4 million shares and maintains a total liquidity of $365 million, with no debt maturities until 2027. These recent developments reflect CoreCivic's financial resilience and potential for future growth.
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