Cole G. Carter, Executive Vice President, General Counsel, and Secretary of CoreCivic, Inc. (NYSE:CXW), recently sold 8,000 shares of common stock in the company. The transaction, which took place on January 2, was executed at a price of $21.77 per share, resulting in a total value of $174,160. The stock, which has seen a remarkable 63% surge over the past six months according to InvestingPro data, currently trades at $22.05 with analyst targets ranging from $25 to $32. Following this sale, Carter retains ownership of 183,847 shares in the company. The sale was conducted under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell stock, helping to avoid potential insider trading concerns. InvestingPro analysis indicates CoreCivic maintains a perfect Piotroski Score of 9, suggesting strong financial health, though current valuations appear stretched with a P/E ratio of 32. Discover more insights and 8 additional ProTips with an InvestingPro subscription, including the comprehensive Pro Research Report available for this $2.4B market cap company.
In other recent news, CoreCivic has announced the appointment of Patrick Swindle as President and Chief Operating Officer, effective from January 1, 2025. Swindle, who has been with CoreCivic since 2007, will take over from Damon T. Hininger, the current CEO. The company has reported a 2% revenue increase in the third quarter of 2024, reaching $491.6 million, and expects an adjusted EPS between $0.69 and $0.75 for the year.
Analysts have shown confidence in the company's future, with Wedbush and Jones Trading both upgrading CoreCivic's stock rating. Wedbush upgraded the rating from Neutral to Outperform, citing the potential reactivation of CoreCivic's South Texas contract. Jones Trading upgraded the stock from Hold to Buy, reflecting anticipated growth opportunities due to recent political shifts.
These developments highlight the recent positive performance and future outlook for CoreCivic, as per analysts' analysis. The company maintains a strong financial position, with no debt maturities until 2027, and continues to deliver mission-critical services under the new leadership.
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