Cole G. Carter, Executive Vice President, General Counsel and Secretary of CoreCivic, Inc. (NYSE:), recently sold 8,000 shares of the company’s common stock. The transaction, which occurred 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 experienced a significant increase of 63% in the past six months according to InvestingPro data, it is currently trading at $22.05 with analyst targets ranging from $25 to $32. After this sale, Carter retains ownership of 183,847 shares of the company. The sale was made under a Rule 10b5-1 trading plan, which allows company individuals to set a predetermined plan for selling stock, helping to avoid potential insider trading concerns. InvestingPro analysis shows that CoreCivic maintains a perfect Piotroski score of 9, suggesting good financial health, although current valuations seem stretched with a P/E ratio of 32. Discover more insights and 8 additional ProTips with a subscription to InvestingPro, including a comprehensive Pro Research Report available for this company with a market capitalization of $2.4 billion.
In other recent news, CoreCivic announced the appointment of Patrick Swindle as President and Chief Operating Officer, effective January 1, 2025. Swindle, who has been with CoreCivic since 2007, will take over from Damon T. Hininger, the current executive director. The company reported a 2% increase in revenue in Q3 2024, reaching $491.6 million, and expects adjusted EPS between $0.69 and $0.75 for the year.
Analysts showed confidence in the company’s future, and Wedbush and Jones Trading raised their ratings on CoreCivic shares. Wedbush upgraded the rating from Neutral to Outperform, citing the potential reactivation of CoreCivica’s South Texas contract. Jones Trading upgraded the stock from Hold to Buy, reflecting expected upside opportunities due to recent political changes.
These developments highlight recent positive results and future prospects for CoreCivic, according to analyst analysis. The company maintains a strong financial position, with no debt maturing until 2027, and continues to deliver mission-critical services under new leadership.
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