10 Best Performing Warren Buffett Stocks in 2024

4. Louisiana-Pacific Corporation (NYSE:LPX)

Warren Buffett’s Q2 2024 Stake: $491.08 Million

Year to Date Gain as of September 20: 49.35%

Number of Hedge Fund Investors In Q2 2024: 42

Louisiana-Pacific Corporation (NYSE:LPX) is an industrial company that provides building materials for home construction. The stock has already skyrocketed to all-time highs, affirming growing investor confidence in the company’s ability to capitalize on robust demand for construction materials.

Strategic initiatives and operational efficiency have also helped strengthen the company’s sentiments on Wall Street. The company has demonstrated strong financial performance that underlines effective management.

Louisiana-Pacific Corporation (NYSE:LPX) delivered impressive second-quarter results whereby revenues were up 33% to $814 million as earnings grew 280% to $2.09 a share. The stellar results have been the catalysts driving the stock in the markets.

Additionally, management has been conducting stock buybacks, reiterating confidence that the stock is on course to continue going higher after rallying by about 49.35%. Louisiana-Pacific Corporation (NYSE:LPX) has also emerged as one of the best-performing Warren Buffett stocks in 2024 for generating passive income.

Backed by a solid balance sheet, Louisiana-Pacific Corporation (NYSE:LPX) is on course to raise its dividend for the sixth consecutive year, taking its yield to 1%.

In Q2 2024, the number of hedge funds holding stakes in Louisiana-Pacific Corporation (NYSE:LPX) dropped to 42 from 48 in the previous quarter, based on Insider Monkey’s analysis of 912 hedge funds. During this period, Warren Buffett’s Berkshire Hathaway became the largest stakeholder.

Here is what Cooper Investors Global Equities Fund said about Louisiana-Pacific Corporation (NYSE:LPX) in its Q2 2024 investor letter:

“In the last newsletter we discussed a visit to US building materials company Louisiana-Pacific Corporation (NYSE:LPX) that is progressing through a substantial commodity-to-specialty mix shift. Results in the first quarter saw better siding volumes and a margin step-up larger than expected, plus better realised OSB prices. Did the intrinsic value of the business improve by a fifth overnight? Unlikely. This transformation is multi-year in the making, and there will be bumps along the way. Nevertheless, it was a solid quarter of execution and the market saw fit to reprice the stock upwards by >20% on the day.”