Lamb Weston Holdings Inc. (LW) Shares Gap Up After Strong Earnings
Lamb Weston Holdings Inc. (NYSE:LW) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $45.67, but opened at $47.17. Lamb Weston Holdings shares last traded at $48.41, with a volume of 2,031,288 shares trading hands.
The specialty retailer reported $0.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.07. The business had revenue of $817.50 million for the quarter, compared to analyst estimates of $795.61 million. Lamb Weston Holdings’s revenue was up 5.3% compared to the same quarter last year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 3rd will be given a dividend of $0.1875 per share. The ex-dividend date is Thursday, November 2nd. This represents a $0.75 annualized dividend and a dividend yield of 1.54%.
LW has been the topic of several research reports. Zacks Investment Research raised shares of Lamb Weston Holdings from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a research report on Wednesday, July 12th. Bank of America Corporation raised their target price on shares of Lamb Weston Holdings from $46.00 to $48.00 and gave the company a “buy” rating in a report on Monday, July 10th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $46.00 target price (up previously from $45.00) on shares of Lamb Weston Holdings in a report on Wednesday, July 26th. Stifel Nicolaus cut shares of Lamb Weston Holdings from a “buy” rating to a “hold” rating and raised their target price for the company from $42.00 to $44.00 in a report on Tuesday, July 4th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $58.00 target price (up previously from $53.00) on shares of Lamb Weston Holdings in a report on Thursday. Four analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $47.22.
A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Lamb Weston Holdings by 2.4% in the second quarter. Vanguard Group Inc. now owns 12,089,698 shares of the specialty retailer’s stock valued at $532,430,000 after acquiring an additional 279,578 shares in the last quarter. BlackRock Inc. raised its holdings in Lamb Weston Holdings by 2.2% in the second quarter. BlackRock Inc. now owns 11,872,986 shares of the specialty retailer’s stock valued at $522,887,000 after acquiring an additional 260,164 shares in the last quarter. State Street Corp raised its holdings in Lamb Weston Holdings by 2.7% in the second quarter. State Street Corp now owns 3,922,298 shares of the specialty retailer’s stock valued at $172,731,000 after acquiring an additional 103,358 shares in the last quarter. FMR LLC raised its holdings in Lamb Weston Holdings by 126.3% in the first quarter. FMR LLC now owns 3,331,242 shares of the specialty retailer’s stock valued at $140,112,000 after acquiring an additional 1,859,263 shares in the last quarter. Finally, Janus Henderson Group PLC raised its holdings in Lamb Weston Holdings by 33,787.6% in the second quarter. Janus Henderson Group PLC now owns 2,676,101 shares of the specialty retailer’s stock valued at $117,856,000 after acquiring an additional 2,668,204 shares in the last quarter. 79.78% of the stock is currently owned by hedge funds and other institutional investors.
The stock has a market cap of $7.10 billion and a PE ratio of 21.89. The firm’s 50 day moving average is $45.97 and its 200 day moving average is $44.37.
About Lamb Weston Holdings
Lamb Weston Holdings, Inc (Lamb Weston), is a supplier of frozen potato, sweet potato, appetizer and vegetable products to restaurants and retailers around the world. The Company’s segments include Global, Foodservice, Retail and Other. The Global segment includes operations associated with Lamb Weston’s business with large chain restaurant customers, whether those results are generated in the United States or abroad, as well as operations associated with retail and foodservice customers located outside of the United States and Canada.
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