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<h2>Key Points</h2><ul><li>Icahn Enterprises LP bought 3,488,372 shares of Centuri Holdings; estimated transaction value $77.99 million based on quarterly average price.</li><li>The quarter-end position value increased by $132.34 million, reflecting both new purchases and stock price appreciation.</li><li>This trade represented 1.52% of Icahn Enterprises LP’s 13F reportable assets under management (AUM).</li><li>After the trade, Icahn Enterprises held 14,336,044 shares of Centuri valued at $361.99 million at quarter-end.</li><li>Centuri Holdings now accounts for 4.29% of the fund’s AUM, which places it just outside the fund’s top five holdings.</li><li>10 stocks we like better than Centuri ›</li></ul><p>According to a filing with the U.S. Securities and Exchange Commission dated February 17, 2026, Icahn Enterprises LP increased its position in <strong>Centuri Holdings</strong> <span class="ticker">(NYSE:CTRI)</span> 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.</p><h2 id="what-else-to-know">What else to know</h2><ul><li>Icahn Enterprises LP added to its Centuri Holdings stake, which now represents 4.29% of 13F reportable AUM.</li><li>Top holdings after the filing:<ul><li>NASDAQ: IEP: $4.15 billion (47.21% of AUM)</li><li>NYSE: CVI: $1.79 billion (20.4% of AUM)</li><li>NYSE: SWX: $482.73 million (5.5% of AUM)</li><li>NYSE: UAN: $426.84 million (4.9% of AUM)</li><li>NASDAQ: SATS: $364.64 million (4.2% of AUM)</li></ul></li><li>As of March 20, 2026, shares of Centuri Holdings were priced at $29.12, up 69.5% over the past year, outperforming the S&amp;P 500 by 46.33 percentage points.</li></ul><h2 id="company-overview">Company overview</h2><section><table><tbody><tr><th>Metric</th><th>Value</th></tr><tr><td>Revenue (TTM)</td><td>$2.98 billion</td></tr><tr><td>Net income (TTM)</td><td>$22.7 million</td></tr><tr><td>Employees</td><td>9,687</td></tr><tr><td>Price (as of market close March 20, 2026)</td><td>$29.12</td></tr></tbody></table></section><h2 id="company-snapshot">Company snapshot</h2><ul><li>The company provides gas and electric utility infrastructure services, including maintenance, replacement, repair, and installation for natural gas and electric distribution networks.</li><li>CTRI operates a project-based service model, generating revenue through contracts with utility providers for infrastructure modernization and expansion.</li><li>Centuri Holdings inc. Serves regulated electric and gas utilities, as well as end markets such as renewable energy, data centers, and telecommunications providers.</li></ul><p>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.</p><h2 id="what-this-transaction-means-for-investors">What this transaction means for investors</h2><p>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 &#34;ICAHN CARL C,&#34; 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.</p><p>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.</p><h2>Should you buy stock in Centuri right now?</h2>
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<p style="color: #767676; text-align: left"><em>*Stock Advisor returns as of March 24, 2026. </em></p><p><em>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.</em></p>
<p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
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CTRI

<p>Icahn Enterprises LP has increased its stake in Centuri Holdings by purchasing 3,488,372 shares for approximately $78 million, raising its total holdings to 14,336,044 shares valued at $361.99 million. This investment now represents 4.29% of Icahn's assets under management. Centuri, a utility infrastructure services provider, has seen its stock price rise 69.5% over the past year. Despite this significant investment, analysts suggest caution, as Centuri was not included in a recent list of top stock recommendations by The Motley Fool.</p>

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Glob X US Infra

Centuri

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ISHRS S&P Glb Utilities

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Icahn Enterprises

Icahn Enterprises Just Added $78 Million in Centuri Shares, but the Real Story Starts Earlier