Here’s Why Lamb Weston (LW) Declined in Q3

The London Company, an investment management company, released “The London Company SMID Cap Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 5.0% (-5.1% net) compared to a 4.8% fall in the Russell 2500 Index. A lack of exposure to the Energy sector drove the portfolio’s underperformance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

The London Company SMID Cap Strategy highlighted stocks like Lamb Weston Holdings, Inc. (NYSE:LW) in the third quarter 2023 investor letter. Headquartered in Eagle, Idaho, Lamb Weston Holdings, Inc. (NYSE:LW) is a value-added frozen potato products producer and distributor. On November 2, 2023, Lamb Weston Holdings, Inc. (NYSE:LW) stock closed at $93.71 per share. One-month return of Lamb Weston Holdings, Inc. (NYSE:LW) was 0.26%, and its shares gained 9.65% of their value over the last 52 weeks. Lamb Weston Holdings, Inc. (NYSE:LW) has a market capitalization of $13.581 billion.

The London Company SMID Cap Strategy made the following comment about Lamb Weston Holdings, Inc. (NYSE:LW) in its Q3 2023 investor letter:

“Lamb Weston Holdings, Inc. (NYSE:LW) – LW underperformed after the company reported lower volumes and provided a cautious outlook. This sparked fears the industry could have too much capacity as volumes slow. However, management has been clear the majority of the lower volume for LW has been intentional by shedding lower margin contracts. On a positive note, the fry attachment rate remained high. We remain attracted to LW’s market share, pricing power, and industry tailwinds.”

Lamb Weston Holdings, Inc. (NYSE:LW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held Lamb Weston Holdings, Inc. (NYSE:LW) at the end of second quarter which was 49 in the previous quarter.

We discussed Lamb Weston Holdings, Inc. (NYSE:LW) in another article and shared the list of stocks Dumb Money’s Steve Cohen is betting on now. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.