Shares of Pool Corporation (POOL) surged over 5% in pre-market trading on Friday, following the disclosure that legendary investor Warren Buffett's Berkshire Hathaway (BRK.B) initiated a new position in the company during the third quarter of 2024.
According to Berkshire's 13F filing, the conglomerate purchased approximately 404,000 shares of Pool Corp., a distributor of swimming pool supplies and related products, valued at around $152 million as of September 30th. The move by Buffett appears to signal confidence in Pool Corp.'s prospects, despite the company facing soft demand for new pool construction amid macroeconomic pressures.
Investors often view Buffett's investments as a vote of confidence, given his long-term value-oriented investment approach and Berkshire's extensive due diligence processes. The news sparked speculation that Buffett may see potential for a rebound in the pool industry or opportunities for Pool Corp. to capitalize on any changes in consumer spending habits.
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