Centuri (NYSE:CTRI) Major Shareholder Carl Icahn Sells 374,430 Shares of Company Stock

Key Points

• Carl Icahn sold 374,430 Centuri shares at an average of $21 each, for about $7.86 million. He retained 13.34 million shares after the sale, a 2.73% reduction in his position.
• Centuri’s latest quarter beat expectations: earnings were $0.42 per share versus a $0.23 consensus, while revenue reached $1.19 billion and grew 40.2% year over year.
• Analyst sentiment is mixed, with MarketBeat reporting an average Hold rating and a $27.50 average price target. The stock traded at $22.26 in the report, down 1.8% that day.

Centuri Holdings, Inc. (NYSE:CTRI - Get Free Report) major shareholder Carl Icahn sold 374,430 shares of the stock in a transaction on Tuesday, November 10th. The shares were sold at an average price of $21.00, for a total transaction of $7,863,030.00. Following the sale, the insider directly owned 13,336,044 shares of the company's stock, valued at $280,056,924. The trade was a 2.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.

Centuri Trading Down 1.8%

Centuri stock traded down $0.40 during trading hours on Thursday, reaching $22.26. The stock had a trading volume of 1,090,991 shares, compared to its average volume of 2,267,578. The company has a fifty day simple moving average of $20.48 and a 200-day simple moving average of $26.99. Centuri Holdings, Inc. has a 52 week low of $18.50 and a 52 week high of $42.99. The stock has a market cap of $2.25 billion, a PE ratio of 39.74, a PEG ratio of 0.78 and a beta of 0.94. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.84 and a quick ratio of 1.84.

Centuri (NYSE:CTRI - Get Free Report) last issued its quarterly earnings data on Thursday, November 5th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.23 by $0.19. The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.04 billion. Centuri had a net margin of 1.45% and a return on equity of 8.26%. The company's quarterly revenue was up 40.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.19 earnings per share. Analysts forecast that Centuri Holdings, Inc. will post 0.58 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Weiss Ratings raised Centuri from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday. Bank of America lowered their price target on Centuri from $33.50 to $21.00 and set an "underperform" rating for the company in a research report on Friday, September 4th. JPMorgan Chase & Co. dropped their price objective on Centuri from $23.00 to $22.00 and set an "underweight" rating for the company in a report on Monday, October 19th. Cantor Fitzgerald increased their price objective on Centuri from $35.00 to $36.00 and gave the stock an "overweight" rating in a report on Wednesday, August 19th. Finally, Robert W. Baird cut their price objective on Centuri from $33.00 to $26.00 and set an "outperform" rating on the stock in a research report on Tuesday, September 29th. Three 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 stock. According to MarketBeat, Centuri presently has an average rating of "Hold" and an average price target of $27.50.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CTRI. Versant Capital Management Inc raised its holdings in Centuri by 0.7% in the 3rd quarter. Versant Capital Management Inc now owns 72,123 shares of the company's stock worth $1,445,000 after purchasing an additional 510 shares in the last quarter. Fifth Third Bancorp lifted its position in shares of Centuri by 99.4% in the 3rd quarter. Fifth Third Bancorp now owns 1,340 shares of the company's stock worth $27,000 after purchasing an additional 668 shares during the period. State of Wyoming boosted its stake in shares of Centuri by 5.0% during the 1st quarter. State of Wyoming now owns 15,880 shares of the company's stock valued at $464,000 after purchasing an additional 752 shares in the last quarter. Covestor Ltd boosted its stake in shares of Centuri by 52.5% during the 3rd quarter. Covestor Ltd now owns 2,967 shares of the company's stock valued at $59,000 after purchasing an additional 1,021 shares in the last quarter. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of Centuri during the 2nd quarter valued at about $33,000.

About Centuri

Centuri Holdings, Inc. is a North American utility infrastructure services company that builds, maintains and upgrades systems used to deliver natural gas and electricity. Its work includes installing and replacing underground gas pipelines, constructing and maintaining electric distribution infrastructure, and providing related inspection, repair and emergency-response services. The company serves regulated utilities and other energy customers across the United States and Canada. Its operating businesses include NPL Construction, Neuco, Linetec Services and Riggs Distler, which provide capabilities spanning gas distribution, electric utility construction and broader infrastructure work.

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