Irenic Capital Management LP Has $15.69 Million Stake in Centuri Holdings, Inc. $CTRI

Key Points

• Irenic Capital Management increased its Centuri stake by 46.2% in the second quarter, owning 518,705 shares worth approximately $15.69 million, or 0.51% of the company.
• Centuri exceeded quarterly expectations, reporting $0.24 in adjusted earnings per share versus estimates of $0.21 and revenue of $959.53 million, up 32.9% year over year.
• Shares opened at $20.59, near their one-year low, while analysts maintained a mixed outlook: the stock has an overall “Hold” rating and an average price target of $30.67.

Irenic Capital Management LP boosted its position in shares of Centuri Holdings, Inc. (NYSE:CTRI - Free Report) by 46.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 518,705 shares of the company's stock after purchasing an additional 163,934 shares during the period. Centuri accounts for 0.8% of Irenic Capital Management LP's investment portfolio, making the stock its 26th biggest holding. Irenic Capital Management LP owned 0.51% of Centuri worth $15,686,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in CTRI. Odyssean LLC purchased a new stake in shares of Centuri in the second quarter valued at $318,000. NEOS Investment Management LLC grew its holdings in shares of Centuri by 33.7% during the second quarter. NEOS Investment Management LLC now owns 617,145 shares of the company's stock valued at $18,662,000 after buying an additional 155,647 shares in the last quarter. Ancora Advisors LLC purchased a new stake in Centuri in the 2nd quarter worth about $2,309,000. Bank of New York Mellon Corp purchased a new stake in Centuri in the 2nd quarter worth about $7,827,000. Finally, Assenagon Asset Management S.A. acquired a new stake in Centuri during the 2nd quarter worth about $23,153,000.

Centuri Stock Performance

Shares of NYSE CTRI opened at $20.59 on Friday. The business's 50-day moving average price is $24.75 and its two-hundred day moving average price is $29.06. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.82 and a quick ratio of 1.82. Centuri Holdings, Inc. has a one year low of $19.04 and a one year high of $42.99. The company has a market capitalization of $2.08 billion, a P/E ratio of 66.42, a price-to-earnings-growth ratio of 0.67 and a beta of 1.01.

Centuri (NYSE:CTRI - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.03. The company had revenue of $959.53 million for the quarter, compared to analyst estimates of $835.99 million. Centuri had a return on equity of 5.85% and a net margin of 0.86%.The business's revenue was up 32.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.19 EPS. Analysts anticipate that Centuri Holdings, Inc. will post 0.62 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CTRI. Cantor Fitzgerald lifted their target price on Centuri from $35.00 to $36.00 and gave the company an "overweight" rating in a research note on Wednesday, August 19th. Wells Fargo & Company reduced their price target on shares of Centuri from $37.00 to $29.00 and set an "overweight" rating for the company in a research report on Wednesday, August 5th. Weiss Ratings upgraded shares of Centuri from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, August 4th. Wall Street Zen downgraded shares of Centuri from a "buy" rating to a "hold" rating in a research report on Monday, July 20th. Finally, UBS Group upped their price objective on shares of Centuri from $33.00 to $36.00 and gave the company a "neutral" rating in a research note on Monday, May 11th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $30.67.

Centuri Profile

Centuri Construction Group, Inc NYSE: CTRI is a heavy civil contractor specializing in water and wastewater infrastructure projects. The company delivers end-to-end services encompassing design-build, engineering, procurement and construction for water transmission mains, wastewater force mains, treatment facilities, pump and lift stations, and stormwater management systems.

Centuri’s core offerings include pipeline installation and rehabilitation, civil sitework, earthwork, structural concrete and slope protection.

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