Druckenmiller's Divestitures Draw Attention in 3rd Quarter

Guru sells stakes in Halliburton, Freeport-McMoRan, Citigroup, JPMorgan

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Nov 17, 2015
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Stanley Druckenmiller (Trades, Portfolio) made transactions of all kinds in the third quarter, but his divestitures were his largest deals and drew the most attention.

Druckenmiller’s most significant third-quarter transaction was the sale of his 2,880,000-share stake of SPDR Gold Trust (ETF) [GLD] for an average price of $107.82 per share. The deal had a -21.81% impact on Druckenmiller’s portfolio.

John Paulson (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Signature Select Canadian Fund (Trades, Portfolio), John Hussman (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio) and Richard Snow (Trades, Portfolio) have shares of SPDR Gold Trust in their portfolios.

Monday afternoon SPDR Gold Trust sold for $103.71 per share.

Druckenmiller also sold his 716,950-share stake in LyondellBasell Industries NV (LYB, Financial), a chemical company with offices in Houston, London and Rotterdam, Netherlands, for an average price of $88.93 per share. The transaction had a -5% impact on Druckenmiller’s portfolio.

LyondellBasell has a market cap of $42.44 billion and an enterprise value of $47.7 billion. It has a P/E of 10.2, a forward P/E of 8.9, a P/B of 5.8 and a P/S of 1.3. GuruFocus has given LyondellBasell a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.

Andreas Halvorsen (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Jim Simons (Trades, Portfolio), Leon Cooperman (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), George Soros (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Ray Dalio (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Scott Black (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Manning & Napier Advisors Inc., David Dreman (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Jeremy Grantham (Trades, Portfolio) have shares of LyondellBasell in their portfolios.

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LyondellBasell sold for $94.42 per share Monday afternoon.

Druckenmiller sold his 1,547,000-share stake in Halliburton Co. (HAL, Financial), a Houston-based oilfield services and equipment company, for an average price of $39.34 per share. The deal had a -4.49% impact on Druckenmiller’s portfolio.

Halliburton has a market cap of $32.94 billion and an enterprise value of $38.61 billion. It has a P/E of 127.8, a forward P/E of 28.2, a P/B of 2.1 and a P/S of 1.2. GuruFocus has given Halliburton a Financial Strength rating of 8/10 and a Profitability and Growth rating of 7/10.

Jeff Ubben (Trades, Portfolio), Glenn Greenberg (Trades, Portfolio), Tweedy Browne (Trades, Portfolio), Bill Nygren (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Tweedy Browne (Trades, Portfolio) Global Value, Richard Snow (Trades, Portfolio), Steven Romick (Trades, Portfolio), Jim Simons (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Wallace Weitz (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Tom Gayner (Trades, Portfolio), Arnold Van Den Berg (Trades, Portfolio), Ronald Muhlenkamp (Trades, Portfolio), John Buckingham (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Ron Baron (Trades, Portfolio), Ken Fisher (Trades, Portfolio), David Dreman (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Michael Price (Trades, Portfolio) and Dodge & Cox have shares of Halliburton in their portfolios.

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Monday afternoon Halliburton sold for $38.49 per share.

Druckenmiller divested himself of his 3,547,000-share stake in Freeport-McMoRan Inc. (FCX, Financial), a Phoenix-based metals and mining company, for an average price of $12 per share. The transaction had a -4.45% impact on Druckenmiller’s portfolio.

Freeport-McMoRan has a market cap of $10.24 billion and an enterprise value of $34.86 billion. It has a forward P/E of 10.7, a P/B of 0.9 and a P/S of 0.5. GuruFocus has given Freeport-McMoRan a Financial Strength rating of 5/10 and a Profitability and Growth rating of 6/10.

Carl Icahn (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Chris Davis (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), John Buckingham (Trades, Portfolio), Signature Select Canadian Fund (Trades, Portfolio), David Dreman (Trades, Portfolio), Murray Stahl (Trades, Portfolio) and Steven Cohen (Trades, Portfolio) have shares of Freeport-McMoRan in their portfolios.

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Freeport-McMoRan sold for $8.86 per share Monday afternoon.

Druckenmiller sold his 1,175,000-share stake in Citigroup Inc. (C, Financial), a New York-based banking and financial services company, for an average price of $54.69 per share. The deal had a -4.37% impact on his portfolio.

Citigroup has a market cap of $159.94 billion and an enterprise value of $252.9 billion. It has a P/E of 12.1, a forward P/E of 9.2, a P/B of 0.8 and a P/S of 2.2. GuruFocus has given Citigroup a Financial Strength rating of 6/10 and a Profitability and Growth rating of 5/10.

James Barrow (Trades, Portfolio), HOTCHKIS & WILEY, Ken Fisher (Trades, Portfolio), Steven Romick (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Richard Pzena (Trades, Portfolio), Bill Nygren (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Larry Robbins (Trades, Portfolio), Charles Brandes (Trades, Portfolio), Leon Cooperman (Trades, Portfolio), Sarah Ketterer (Trades, Portfolio), Ken Heebner (Trades, Portfolio), NWQ Managers (Trades, Portfolio), Andreas Halvorsen (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Donald Smith (Trades, Portfolio), Kahn Brothers (Trades, Portfolio), Caxton Associates (Trades, Portfolio), Julian Robertson (Trades, Portfolio), Signature Select Canadian Fund (Trades, Portfolio), Francis Chou (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Jim Simons (Trades, Portfolio), Chris Davis (Trades, Portfolio), Arnold Schneider (Trades, Portfolio), Manning & Napier Advisors Inc., Jeff Auxier (Trades, Portfolio), George Soros (Trades, Portfolio), David Dreman (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Prem Watsa (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), John Keeley (Trades, Portfolio), Dodge & Cox and RS Investment Management (Trades, Portfolio) have shares of Citigroup in their portfolios.

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Monday afternoon Citigroup sold for $53.69 per share.

Druckenmiller sold his 777,300-share stake in JPMorgan Chase & Co. (JPM, Financial), a New York-based banking and financial services company, for an average price of $65.57 per share. The transaction had a -3.55% impact on Druckenmiller’s portfolio.

JPMorgan has a market cap of $244.83 billion and an enterprise value of $213.22 billion. It has a P/E of 11.4, a forward P/E of 10.5, a P/B of 1/1 and a P/S of 2,7. GuruFocus has given JPMorgan a Financial Strength rating of 4/10 and a Profitability and Growth rating of 6/10.

James Barrow (Trades, Portfolio), Dodge & Cox, Chris Davis (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Brian Rogers (Trades, Portfolio), HOTCHKIS & WILEY, PRIMECAP Management (Trades, Portfolio), Bill Nygren (Trades, Portfolio), Richard Pzena (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Glenn Greenberg (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), NWQ Managers (Trades, Portfolio), Richard Snow (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Leon Cooperman (Trades, Portfolio), Ken Heebner (Trades, Portfolio), Ronald Muhlenkamp (Trades, Portfolio), Charles Brandes (Trades, Portfolio), Manning & Napier Advisors Inc., Bill Frels (Trades, Portfolio), Arnold Schneider (Trades, Portfolio), Tom Gayner (Trades, Portfolio), John Buckingham (Trades, Portfolio), John Rogers (Trades, Portfolio), David Dreman (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Mark Hillman (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Ray Dalio (Trades, Portfolio), John Keeley (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio) and David Swensen (Trades, Portfolio) have shares of JPMorgan in their portfolios.

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JPMorgan sold for $66.51 per share Monday afternoon.

Druckenmiller divested himself of his 3,650,000-share stake in Alcoa Inc. (AA, Financial), a New York-based metals and manufacturing company, for an average price of $9.74 per share. The transaction had a -2.74% impact on Druckenmiller’s portfolio.

Alcoa has a market cap of $10.86 billion and an enterprise value of $20.55 billion. It has a P/E of 21.2, a forward P/E of 10.9, a P/B of 0.9 and a P/S of 0.4. GuruFocus has given Alcoa a Financial Strength rating of 7/10 and a Profitability and Growth rating of 6/10.

Seth Klarman (Trades, Portfolio), Steven Romick (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Manning & Napier Advisors Inc., George Soros (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and David Dreman (Trades, Portfolio) have shares of Alcoa in their portfolios.

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Monday afternoon Alcoa sold for $8.29 per share.

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