Centuri (NYSE:CTRI) Stock: Insider Carl Icahn Sells 625,570 Shares

Centuri Holdings, Inc. (NYSE:CTRI) major shareholder Carl Icahn sold 625,570 shares of Centuri stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $21.00, for a total transaction of $13,136,970.00. Following the transaction, the insider directly owned 13,710,474 shares of the company’s stock, valued at $287,919,954. This represents a 4.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Centuri Price Performance

NYSE:CTRI traded down $0.40 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 market capitalization of $2.25 billion, a P/E ratio of 30.62, a price-to-earnings-growth ratio of 0.78 and a beta of 0.94. Centuri Holdings, Inc. has a 1-year low of $18.50 and a 1-year high of $42.99. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.88. The stock has a fifty day moving average price of $20.48 and a 200-day moving average price of $26.99.

Centuri (NYSE:CTRI) last issued its quarterly earnings data on Thursday, November 5th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.19. The firm had revenue of $1.19 billion for the quarter, compared to analysts’ expectations 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 earned $0.19 earnings per share. Research analysts forecast that Centuri Holdings, Inc. will post 0.58 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CTRI shares. Robert W. Baird reduced their target price on Centuri from $33.00 to $26.00 and set an “outperform” rating on the stock in a report on Tuesday, September 29th. Bank of America dropped their price target on Centuri from $33.50 to $21.00 and set an “underperform” rating for the company in a report on Friday, September 4th. JPMorgan Chase & Co. dropped their price target 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 lifted their price objective on Centuri from $35.00 to $36.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. Finally, Weiss Ratings raised Centuri from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $27.50.

Hedge Funds Weigh In On Centuri

Several large investors have recently made changes to their positions in the company. Reinhart Partners LLC. bought a new position in Centuri in the third quarter valued at about $76,741,000. Assenagon Asset Management S.A. acquired a new stake in Centuri in the second quarter worth about $23,153,000. Dimensional Fund Advisors LP increased its position in Centuri by 46.2% in the first quarter. Dimensional Fund Advisors LP now owns 890,022 shares of the company’s stock worth $25,998,000 after purchasing an additional 281,264 shares during the period. Bank of New York Mellon Corp acquired a new stake in Centuri in the second quarter worth about $7,827,000. Finally, Irenic Capital Management LP raised its holdings in Centuri by 97.1% during the 1st quarter. Irenic Capital Management LP now owns 354,771 shares of the company’s stock worth $10,363,000 after purchasing an additional 174,771 shares during the last quarter.

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.