Ronald A. Brack, Executive Vice President, Chief Accounting Officer, and Controller at GEO Group Inc. (NYSE:GEO), recently sold 5,000 shares of the company's common stock. The sale comes amid GEO's remarkable performance, with the stock surging over 170% in the past year and reaching near its 52-week high of $29.86. The shares were sold at a price of $28.28 each, amounting to a total transaction value of $141,400. Following this sale, Brack holds 71,978 shares directly. Additionally, he retains 42,276 shares of restricted stock. It is noted that previous reports incorrectly included an extra 3,059 shares in his holdings. According to InvestingPro analysis, GEO Group, now valued at $3.78 billion, trades at a premium multiple with analyst targets ranging from $17 to $37 per share. For deeper insights into GEO's valuation and growth prospects, subscribers can access the comprehensive Pro Research Report, featuring expert analysis and key metrics.
In other recent news, The GEO Group Inc. has announced a pivotal executive transition. Senior Vice President and President of Secure Services, James H. Black, is set to retire by the end of the year, after which he will continue to contribute as a consultant. Paul Laird, who joined the company in 2015, will succeed Black, with the transition becoming effective on January 1, 2025.
In recent developments, GEO Group reported steady Q3 2024 results, with a net income of approximately $26 million, or $0.19 per diluted share, on revenues of around $603 million. Despite a slight decline in the Electronic Monitoring and Supervision Services segment, the company's ICE processing centers saw an 11% year-over-year increase in utilization.
Looking ahead, GEO Group forecasts fourth-quarter revenues between $600 million and $610 million, with net income ranging from $0.19 to $0.22 per diluted share. The company is also targeting a reduction in net debt by $20 million in Q4. However, the future impact of the expiring continuing resolution and the new presidential administration's policies on funding and contract utilization remains uncertain.
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