Regardless of the type of finish you use on your HardiePlank siding, you should use a high quality exterior grade primer as an undercoat. James Hardie Building Products recommends using one of their own primers, the Paint PrimePlus, which is specifically designed for use on HardiePlank siding. However, you can use other high quality exterior primers as long as they are specifically designed for cement-based building materials.
You can paint HardiePlank siding, but only if you first prime the siding. The use of oil-based paint is not recommended for use with HardiePlank siding without the proper undercoating of primer. Otherwise, you can use oil-based exterior paint of just about any color on HardiePlank siding. Failure to properly prepare the siding for the paint application could result in cracking or roughness and even potentially a loss of adhesion.
You can also stain HardiePlank siding. However, the effectiveness of various stains varies when it comes to HardiePlank use. For instance, semi-transparent stains tend to vary in terms of their coverage. Many times these stains will cover the siding differently, based on the method of application and the amount applied.
HardiePlank siding is prone to moisture absorbency and this can cause problems over the life of the material. However, applying an exterior moisture sealant, like those used on various exterior wood products, can help resist this moisture. If you add an exterior sealant to your HardiePlank siding, it too needs to be specifically optimized for cement fiber board.