Icahn Enterprises Just Added $78 Million in Centuri Shares, but the Real Story Starts Earlier
Key Points
Icahn Enterprises LP bought 3,488,372 shares of Centuri Holdings; estimated transaction value $77.99 million based on quarterly average price.
The quarter-end position value increased by $132.34 million, reflecting both new purchases and stock price appreciation.
This trade represented 1.52% of Icahn Enterprises LP’s 13F reportable assets under management (AUM).
After the trade, Icahn Enterprises held 14,336,044 shares of Centuri valued at $361.99 million at quarter-end.
Centuri Holdings now accounts for 4.29% of the fund’s AUM, which places it just outside the fund’s top five holdings.
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According to a filing with the U.S. Securities and Exchange Commission dated February 17, 2026, Icahn Enterprises LP increased its position in Centuri Holdings (NYSE:CTRI) by 3,488,372 shares during the fourth quarter. The estimated transaction value was $77.99 million, based on the average closing price for the quarter. The quarter-end position was valued at $361.99 million, up $132.34 million from the previous filing, a figure that reflects both new purchases and price movements.
What else to know
- Icahn Enterprises LP added to its Centuri Holdings stake, which now represents 4.29% of 13F reportable AUM.
- Top holdings after the filing:
- NASDAQ: IEP: $4.15 billion (47.21% of AUM)
- NYSE: CVI: $1.79 billion (20.4% of AUM)
- NYSE: SWX: $482.73 million (5.5% of AUM)
- NYSE: UAN: $426.84 million (4.9% of AUM)
- NASDAQ: SATS: $364.64 million (4.2% of AUM)
- As of March 20, 2026, shares of Centuri Holdings were priced at $29.12, up 69.5% over the past year, outperforming the S&P 500 by 46.33 percentage points.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $2.98 billion |
| Net income (TTM) | $22.7 million |
| Employees | 9,687 |
| Price (as of market close March 20, 2026) | $29.12 |
Company snapshot
- The company provides gas and electric utility infrastructure services, including maintenance, replacement, repair, and installation for natural gas and electric distribution networks.
- CTRI operates a project-based service model, generating revenue through contracts with utility providers for infrastructure modernization and expansion.
- Centuri Holdings inc. Serves regulated electric and gas utilities, as well as end markets such as renewable energy, data centers, and telecommunications providers.
Centuri Holdings is a leading utility infrastructure services provider in North America, supporting the modernization and reliability of gas and electric distribution systems. With a workforce of over 8,600 employees and annual revenue of $2.84 billion (TTM), the company leverages a diversified segment structure to serve both regulated utilities and emerging infrastructure needs. Its scale and expertise position it as a strategic partner for utilities investing in safety, efficiency, and grid modernization.
What this transaction means for investors
Icahn Enterprises LP, the diversified holding company controlled by activist investor Carl Icahn, added another 3.5 million Centuri shares in Q4. The SEC filing appears under "ICAHN CARL C," Carl Icahn's personal filing identity as the controlling person over his investment entities, which is standard practice for consolidated 13F filers. Earlier in 2025, Icahn participated in a $75 million private placement alongside a $160 million public offering, committing directly to the company at a negotiated price. The Q4 add suggests that original conviction hasn't changed.
Centuri Holdings is a utility infrastructure services company with exposure to grid modernization, gas distribution, and renewable build-out — a sector with long, capital-intensive investment cycles driven by regulated utility spending. At 4.29% of AUM it's not a defining bet, and a 13F can't tell you what comes next. But the private placement backstory is worth being aware of: Icahn funded the company directly and has been adding since. For investors already watching Centuri, that's a reason to look harder at what the capital raise was for and whether the business case holds up. For everyone else, it's context — not a buy signal.
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Seena Hassouna has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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