Robert Bishop’s Value Fund is Up 10% in 2022: Top 5 Stock Picks

In this article, we discuss the top 5 stock picks of Robert Bishop’s Impala Asset Management. If you want to see more of the top holdings of the hedge fund, click Robert Bishop’s Value Fund is Up 10% in 2022: Top 10 Stock Picks.

5. Louisiana-Pacific Corporation (NYSE:LPX)

Impala Asset Management’s Stake Value: $63,999,000

Percentage of Impala Asset Management’s 13F Portfolio: 5.52%

Number of Hedge Fund Holders: 34

Louisiana-Pacific Corporation (NYSE:LPX) is a Tennessee-based manufacturer of building products for construction, repair and remodeling, and outdoor structures. Robert Bishop boosted his Louisiana-Pacific Corporation (NYSE:LPX) stake by 36% in Q1 2022, holding a total of 1.03 million shares worth about $64 million, representing 5.52% of the 13F portfolio. 

On May 3, Louisiana-Pacific Corporation (NYSE:LPX) posted earnings for the first quarter of 2022, reporting an EPS of $5.08, beating market consensus estimates by $0.51. The revenue jumped 31.47% year-over-year to $1.34 billion, outperforming analysts’ predictions by $81.66 million. 

The company declared on April 28 a per share quarterly dividend of $0.22, in line with previous. The dividend is payable on May 26, to shareholders of the company as of May 12. Louisiana-Pacific Corporation (NYSE:LPX)’s dividend yield on May 23 stood at 1.36%. 

TD Securities analyst Sean Steuart on April 12 upgraded Louisiana-Pacific Corporation (NYSE:LPX) to Buy from Hold with a price target of $75, down from $80, citing a steep share price and valuation correction since mid-January. While he lifted his earnings estimates to account for positive revisions to his 2022 and 2023 OSB commodity price expectations, he slashed his target multiple to reflect a more cautious valuation.

Among the hedge funds tracked by Insider Monkey, 34 funds were long Louisiana-Pacific Corporation (NYSE:LPX) at the end of March 2022, with collective stakes worth $427.8 million. In the first quarter of 2022, Noam Gottesman’s GLG Partners held a prominent position in the company, with 756,178 shares worth about $47 million. 

Here is what L1 Capital has to say about Louisiana-Pacific Corporation (NYSE:LPX) in its Q3 2021 investor letter:

“We reinvested the proceeds from the partial sale of Eagle Materials by increasing the Fund’s position in Louisiana-Pacific Corporation. We expect the company to deliver strong earnings and cash flow over coming years, and the company remains undervalued at its current share price.”