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.”
4. Rio Tinto Group (NYSE:RIO)
Impala Asset Management’s Stake Value: $77,687,000
Percentage of Impala Asset Management’s 13F Portfolio: 6.70%
Number of Hedge Fund Holders: 26
Rio Tinto Group (NYSE:RIO) is a London-based company that mines and processes mineral resources worldwide, providing aluminum, copper, diamonds, gold, borates, titanium dioxide, salt, iron ore, and lithium. On May 12, Deutsche Bank analyst Liam Fitzpatrick lowered the price target on Rio Tinto Group (NYSE:RIO) to 6,000 GBp from 6,100 GBp and maintained a Hold rating on the stock.
Robert Bishop trimmed his Rio Tinto Group (NYSE:RIO) position in Q1 2022 by 29%, yet it remained one of the top holdings of his hedge fund. He owned 966,262 shares of the company, worth $77.6 million, representing 6.70% of the total 13F portfolio.
Among the hedge funds tracked by Insider Monkey, Rio Tinto Group (NYSE:RIO) was part of 26 hedge fund portfolios at the end of the first quarter of 2022, compared to 22 funds in the preceding quarter. Ken Fisher’s Fisher Asset Management is the leading stakeholder of Rio Tinto Group (NYSE:RIO) as of the first fiscal quarter of 2022, with more than 14 million shares worth $1.13 billion.
3. Danaos Corporation (NYSE:DAC)
Impala Asset Management’s Stake Value: $78,932,000
Percentage of Impala Asset Management’s 13F Portfolio: 6.81%
Number of Hedge Fund Holders: 20
Danaos Corporation (NYSE:DAC) is a transportation company that charters containerships in Australia, Asia, Europe, and the United States. The company declared on May 16 a $0.75 per share quarterly dividend, payable on June 8 to shareholders of record on May 27. Danaos Corporation (NYSE:DAC) delivered a dividend yield of 3.62% on May 23.
Securities filings for Q1 2022 reveal that Robert Bishop’s Impala Asset Management owns 769,471 shares of Danaos Corporation (NYSE:DAC), worth about $79 million, representing 6.81% of the total holdings for the period.
On May 16, Danaos Corporation (NYSE:DAC) reported earnings for the first quarter of 2022. The company announced an EPS of $11.36, beating estimates by $5.22. The revenue of $229.90 million jumped 74.01% year-over-year, outperforming market consensus estimates $30.90 million.
According to Insider Monkey’s first quarter database, 20 hedge funds were long Danaos Corporation (NYSE:DAC), compared to 21 funds in the fourth quarter of 2021. In Q1 2022, Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital was a notable shareholder of the company, with 361,198 shares worth $37 million.
2. West Fraser Timber Co. Ltd. (NYSE:WFG)
Impala Asset Management’s Stake Value: $82,862,000
Percentage of Impala Asset Management’s 13F Portfolio: 7.14%
Number of Hedge Fund Holders: 18
West Fraser Timber Co. Ltd. (NYSE:WFG) is a Canadian company that provides lumber, engineered wood products, pulp, wood chips, and other residuals. Bob Bishop’s Impala Asset Management trimmed its West Fraser Timber Co. Ltd. (NYSE:WFG) stake by 19% in Q1 2022, holding more than 1 million shares worth $82.8 million.
On April 28, West Fraser Timber Co. Ltd. (NYSE:WFG) posted earnings for the first fiscal quarter of 2022, announcing an EPS of $10.25, surpassing analysts’ estimates by $0.18. The revenue jumped 31.70% year-over-year to $3.12 billion, topping Street forecasts by $49.54 million. The company plans to repurchase up to $1.25 billion of its outstanding common shares.
Raymond James analyst Daryl Swetlishoff on April 21 raised the price target on West Fraser Timber Co. Ltd. (NYSE:WFG) to C$190 from C$180 and maintained a Strong Buy rating on the shares.
According to Insider Monkey’s Q1 data, 18 hedge funds placed long calls on West Fraser Timber Co. Ltd. (NYSE:WFG), compared to 20 funds in the preceding quarter. Brad Dunkley and Blair Levinsky’s Waratah Capital Advisors owned a significant stake in the company in the first quarter of 2022, comprising 993,423 shares worth $81.7 million.
1. Harley-Davidson, Inc. (NYSE:HOG)
Impala Asset Management’s Stake Value: $107,786,000
Percentage of Impala Asset Management’s 13F Portfolio: 9.29%
Number of Hedge Fund Holders: 29
Harley-Davidson, Inc. (NYSE:HOG) was founded in 1903 and is based in Milwaukee, Wisconsin. The company manufactures and sells Harley-Davidson motorcycles and related accessories. Harley-Davidson, Inc. (NYSE:HOG) is the largest holding in Robert Bishop’s Q1 portfolio, with 2.73 million shares worth $107.7 million, representing 9.29% of the total 13F securities.
On May 13, Harley-Davidson, Inc. (NYSE:HOG) declared a $0.1575 per share quarterly dividend, in line with previous. The dividend is payable on June 17, to shareholders of record on June 2.
Harley-Davidson, Inc. (NYSE:HOG) posted earnings for Q1 on April 27, announcing an EPS of $1.45, missing estimates by $0.02. The revenue of $1.30 billion also fell short of analysts’ estimates by $23.10 million.
William Blair analyst Ryan Sundby on May 20 kept a Market Perform rating on the stock after the company decided to halt motorcycle vehicle assembly and shipments for two weeks. He expects the assembly shutdown to notably impact Q2 sales and profits and slashed his sales estimate by $215 million to $1.185 billion, and earnings per share estimate by 38c to $1.04.
According to Insider Monkey’s first quarter database, Harley-Davidson, Inc. (NYSE:HOG) was found in 29 hedge fund portfolios, compared to 32 funds in the last quarter. Rehan Jaffer’s H Partners Management is a leading shareholder of the company as of Q1 2022, with 12.60 million shares worth $496.4 million.
You can also take a look at 10 Most Popular Green Energy Stocks Among Elite Hedge Funds and 10 Favorite Stocks of Billionaire Izzy Englander.
