Centuri (NYSE:CTRI) Stock: Insider Carl Icahn Sells 324,700 Shares

Key Points

• Carl Icahn sold 324,700 Centuri shares at an average of $17.50, totaling about $5.68 million. He retained 12.84 million shares, worth approximately $224.6 million after the sale.
• Centuri beat quarterly estimates, reporting EPS of $0.42 versus $0.23 expected and revenue of $1.19 billion versus $1.04 billion expected; revenue rose 40.2% year over year.
• Analyst sentiment is mixed, with a consensus Hold rating and a $27.50 average price target. Shares traded at $22.26 in Thursday’s session.

Centuri Holdings, Inc. (NYSE:CTRI - Get Free Report) major shareholder Carl Icahn sold 324,700 shares of the company's stock in a transaction dated Thursday, November 12th. The shares were sold at an average price of $17.50, for a total transaction of $5,682,250.00. Following the sale, the insider directly owned 12,835,611 shares of the company's stock, valued at approximately $224,623,192.50. This represents a 2.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Large shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Centuri Price Performance

CTRI stock traded down $0.40 during mid-day trading on Thursday, reaching $22.26. The company's stock had a trading volume of 1,090,991 shares, compared to its average volume of 2,267,578. The stock has a market cap of $2.25 billion, a PE ratio of 39.74, a P/E/G ratio of 0.78 and a beta of 0.94. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.88. Centuri Holdings, Inc. has a fifty-two week low of $18.50 and a fifty-two week high of $42.99. The company's 50 day moving average is $20.48 and its two-hundred day moving average is $26.99.

Centuri (NYSE:CTRI - Get Free Report) last released its earnings results on Thursday, November 5th. The company reported $0.42 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.19. Centuri had a net margin of 1.45% and a return on equity of 8.26%. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period last year, the company posted $0.19 EPS. The business's revenue was up 40.2% on a year-over-year basis. Equities research analysts expect that Centuri Holdings, Inc. will post 0.58 EPS for the current year.

Hedge Funds Weigh In On Centuri

Large investors have recently modified their holdings of the business. Integrated Wealth Concepts LLC purchased a new position in shares of Centuri during the 2nd quarter worth $33,000. Fifth Third Bancorp increased its position in shares of Centuri by 99.4% during 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 last quarter. KBC Group NV purchased a new stake in Centuri in the 1st quarter valued at about $67,000. Sterling Capital Management LLC raised its holdings in Centuri by 847.9% in the 3rd quarter. Sterling Capital Management LLC now owns 2,948 shares of the company's stock valued at $59,000 after buying an additional 2,637 shares during the period. Finally, Covestor Ltd raised its holdings in Centuri by 52.5% in the 3rd quarter. Covestor Ltd now owns 2,967 shares of the company's stock valued at $59,000 after buying an additional 1,021 shares during the period.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Weiss Ratings upgraded Centuri from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday. JPMorgan Chase & Co. reduced their price objective on Centuri from $23.00 to $22.00 and set an "underweight" rating on the stock in a research report on Monday, October 19th. Bank of America lowered their price objective on Centuri from $33.50 to $21.00 and set an "underperform" rating on the stock in a research note on Friday, September 4th. Cantor Fitzgerald upped their target price on Centuri from $35.00 to $36.00 and gave the company an "overweight" rating in a report on Wednesday, August 19th. Finally, Wall Street Zen downgraded Centuri from a "buy" rating to a "hold" rating in a research note on Monday, July 20th. 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 data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $27.50.

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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