CoreCivic, Inc. (NYSE:CXW) has reported that its Executive Vice President and Chief Financial Officer, David Garfinkle, sold a significant amount of company stock over two consecutive days. According to the latest SEC filings, the transactions resulted in a total sale value of over $450,000.
On May 20, 2024, Garfinkle sold 19,900 shares of CoreCivic common stock at a weighted average price of $15.18 per share. The following day, he sold an additional 10,100 shares at a weighted average price of $15.33 per share. These transactions were made in multiple parts, with prices ranging from $15.11 to $15.25 for the first day's sale and from $15.30 to $15.36 for the second day's sale.
After the reported sales, Garfinkle's ownership in CoreCivic stands at 351,528 shares. CoreCivic, based in Brentwood, Tennessee, is known for its operations in the real estate investment trusts industry, focusing on the management and ownership of correctional, detention, and reentry facilities.
Investors and market watchers often look to insider trading activity such as this for signals about a company's prospects and management's view of the stock's valuation. The SEC filing detailing these transactions provides transparency and allows the public to see the actions of company executives regarding their own holdings.
The stock of CoreCivic has been under close scrutiny, and transactions by top executives are of particular interest to the investment community. However, the reasons behind an insider's decision to sell can vary widely and do not necessarily reflect a negative outlook on the company's future performance.
For those interested in CoreCivic's stock movements and insider transactions, the company trades under the ticker symbol CXW on the New York Stock Exchange.
InvestingPro Insights
As CoreCivic's (NYSE:CXW) CFO David Garfinkle's stock sale captures attention, investors might consider recent performance metrics and analyst expectations to gain a broader perspective on the company's financial health. According to InvestingPro data, CoreCivic boasts a market capitalization of $1.74 billion, highlighting its significant presence in the real estate investment trusts industry.
The company's P/E ratio, a key indicator of valuation, stands at an adjusted 19.53 for the last twelve months as of Q1 2024, suggesting that investors are willing to pay almost twenty times earnings for the stock. This could be reflective of the market's optimism about the company's earnings potential, especially considering analysts predict CoreCivic will be profitable this year, which aligns with the company's positive performance over the last twelve months. This is a noteworthy InvestingPro Tip for those evaluating the company's future prospects.
Additionally, CoreCivic has experienced a revenue growth of 4.81% over the last twelve months as of Q1 2024, supporting the notion that the company is expanding its financial base. The stock has also delivered a high return over the last year, with a 75.79% price total return, which could be appealing to growth-focused investors. An InvestingPro Tip that stands out is the company's lack of a dividend, which indicates that CoreCivic is potentially reinvesting earnings back into the business rather than distributing them to shareholders.
For investors seeking further insights and additional InvestingPro Tips, there are 3 more tips available on InvestingPro's platform for CoreCivic, which can be accessed at https://www.investing.com/pro/CXW. Readers can take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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