Charles A. Blixt, a director at Lamb Weston Holdings, Inc. (NYSE:LW), recently purchased 1,200 shares of the company's common stock. The transaction, dated December 23, was executed at a price of approximately $63.25 per share, amounting to a total value of $75,900. The timing of this purchase is notable, as InvestingPro data shows the stock has declined over 22% in the past week, with technical indicators suggesting oversold conditions. Following this acquisition, Blixt now directly owns 22,981.51 shares, which includes a small addition of 11.51 shares acquired through a dividend reinvestment plan since his last report. The insider purchase comes as Lamb Weston, currently valued at approximately $9 billion, trades below its InvestingPro Fair Value. Subscribers can access 8 additional ProTips and comprehensive analysis through the Pro Research Report, available exclusively on InvestingPro.
In other recent news, Lamb Weston Holdings, Inc. has announced Michael J. Smith as its new President and CEO, effective January 3, 2025. This leadership transition comes as Lamb Weston reported a 25% drop in EBITDA to $282 million and sales that did not meet projections. In response to these challenges, Lamb Weston is implementing a restructuring plan and reducing its capacity footprint.
Several financial services firms have adjusted their outlooks on the company. Stifel and Citi have reduced their price targets while maintaining a Hold or Neutral rating. Deutsche Bank (ETR:DBKGn) also adjusted its outlook, reducing the price target and questioning if the company has set realistic expectations to avoid further guidance reductions. Bernstein SocGen Group maintained its Market Perform rating on Lamb Weston despite disappointing earnings and a lower gross margin than expected.
These are recent developments in Lamb Weston's business operations and financial performance.
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