CoreCivic, Inc. (NYSE:), a $2.36 billion market cap company that has achieved a perfect Piotroski Score of 9 according to InvestingPro, recently disclosed that Cole G. Carter, the company’s Executive Vice President, General Counsel, and Secretary, sold 8,000 shares of common stock. The transaction took place on December 2, 2024, at a weighted average price of $21.80 per share, amounting to a total value of $174,400. Following this transaction, Carter holds 191,847 shares of CoreCivic stock. The sales were conducted as part of a pre-established Rule 10b5-1 trading plan. The stock has shown strong momentum with a 31.71% return over the past six months, though current analysis suggests it may be slightly overvalued. Discover more insights and 10 additional ProTips with an InvestingPro subscription.
In other recent news, CoreCivic has demonstrated strong financial performance in the third quarter of 2024, surpassing expectations with a 2% revenue increase to $491.6 million and a 23% rise in normalized funds from operations (FFO) per share to $0.43. This growth has been attributed to improved occupancy rates and state revenue growth. Moreover, Jones Trading has upgraded CoreCivic’s stock rating from Hold to Buy, reflecting anticipated growth opportunities for the company, particularly in light of the new administration’s focus on addressing unauthorized migration and bolstering criminal justice enforcement.
CoreCivic’s largest customers, including Immigration and Customs Enforcement (ICE) and the US Marshals Service, are expected to receive increased funding, aligning with the new administration’s policy focus. The company’s third-quarter performance was bolstered by an improved occupancy rate of 75.2%, contributing to a 25% increase in net operating income for the Safety segment. However, the Community segment experienced a decline in net operating income due to a legal settlement.
Looking ahead, CoreCivic is preparing to activate 18,000 vacant beds in anticipation of increased demand. The company 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. CoreCivic has also repurchased 4 million shares and maintains a total liquidity of $365 million, with no debt maturities until 2027. These developments reflect the recent events that have unfolded within the company.
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