Cole J. Carter, Executive Vice President, General Counsel and Corporate Secretary of CoreCivic, Inc. (NYSE:), recently sold 8,000 shares of the company's common stock. The transaction, which completed 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% rise over the past six months according to InvestingPro Data is currently trading 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 prepare a pre-determined plan to sell stock, helping to avoid potential insider trading concerns. InvestingPro The analysis indicates that CoreCivic maintains an ideal Piotroski score of 9, indicating strong financial health, although current valuations appear stretched with a price-to-earnings ratio of 32. Discover more insights and 8 additional ProTips with an InvestingPro subscription, including Here is Pro Research's comprehensive report available for this company with a market capitalization of $2.4 billion.
In other recent news, CoreCivic announced the appointment of Patrick Swindle to the position of President and Chief Operating Officer, effective January 1, 2025. Swindle, who has been with CoreCivic since 2007, will take over from Damon T. Hininger, current CEO. The company reported a 2% increase in revenue in the third quarter of 2024, to $491.6 million, and expects adjusted EPS between $0.69 and $0.75 for the year.
Analysts showed confidence in the company's future, with both Wedbush and Jones Trading upgrading CoreCivic stock. Wedbush upgraded the rating from neutral to outperform, citing a possible reactivation of the CoreCivic contract in South Texas. Jones Trading upgraded the stock from Hold to Buy, reflecting expected growth opportunities due to recent political shifts.
These developments highlight CoreCivic's recent positive performance and future outlook, according to analyst analysis. The company maintains a strong financial position, with no debt maturities through 2027, and continues to provide mission-critical services under new leadership.
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