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In a recent transaction, Cole G. Carter, Executive Vice President, General Counsel, and Secretary of CoreCivic, Inc. (NYSE:CXW), sold 8,000 shares of the company’s common stock. The shares were sold at a price of $20.08 each, resulting in a total transaction value of $160,640. The sale comes as CoreCivic’s stock has shown remarkable strength, gaining over 64% in the past six months, with the current market capitalization standing at $2.25 billion. Following this sale, Carter retains ownership of 222,872 shares in the company. The sale was conducted under a Rule 10b5-1 trading plan, which allows executives to set up a predetermined schedule for selling stocks. InvestingPro analysis indicates the stock is trading at a relatively high P/E ratio of 33x, with analyst price targets ranging from $25 to $32. For deeper insights into CoreCivic’s valuation and insider trading patterns, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, CoreCivic announced the appointment of three new independent members to its Board of Directors, expanding the board from eleven to fourteen members. This change comes as two long-serving board members, Anne L. Mariucci and Robert Dennis, have chosen not to stand for re-election at the upcoming Annual Meeting. Additionally, CoreCivic has entered into a new agreement with U.S. Immigration and Customs Enforcement to resume operations at the South Texas Family Residential Center, which is expected to generate approximately $180 million in annual revenue once fully operational. Noble Capital has upgraded CoreCivic’s stock rating from Market Perform to Outperform, indicating a positive outlook for the company’s growth potential under the new U.S. administration. This upgrade comes with a price target set at $25.00, highlighting anticipated expansion opportunities. Recent executive actions by President Donald Trump, which include revoking previous immigration orders, are expected to increase demand for detention facilities managed by CoreCivic. These developments suggest a potential rise in contracts and business for the company in the coming years.
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