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Can Icahn Fix Freeport?

Published 08/28/2015, 04:30 PM
Updated 07/09/2023, 06:31 AM

One of the most successful investors in history, Carl Icahn, has taken a roughly 8.5% stake in copper/gold mining giant Freeport-McMoran (NYSE:FCX). Shares of FCX have been battered in recent months, dropping nearly 70% since early May.

FCX Daily

Icahn is most well known for his timely investments in fallen angels. Most notably, he recently cashed in a massive ~$2 billion gain from an investment he made in (NASDAQ:NFLX) during 2012 when the stock was extremely out of favor

NFLX Weekly

Icahn’s FCX investment is definitely an eyebrow raiser and yet another sign that the mining bear market is maturing. While exact cost-basis information wasn’t immediately available, it seems likely that Icahn amassed most of his position in the $10-$12 range. FCX shares closed Friday up 3.04% at $10.50.

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