JANA Partners boosts Lamb Weston (LW) stake with 236,000-share open-market buy

Rhea-AI Filing Summary

JANA Partners Management, LP, a director of Lamb Weston Holdings, Inc., reported open-market purchases of a total of 236,000 shares of Common Stock over two days. It bought 136,000 shares at an average price of $40.89 on April 7 and 100,000 shares at $41.41 on April 8, through various managed accounts.

After these transactions, accounts managed by JANA indirectly held 5,248,980 shares of Lamb Weston common stock. The filing notes that prices on April 8 reflect a weighted average for trades between $40.81 and $41.12, and that JANA and related entities disclaim beneficial ownership beyond any pecuniary interest.

Insights

Equity ownership analyst

JANA’s open-market buying modestly increases its indirect Lamb Weston stake.

JANA Partners Management, LP reported net open-market purchases of 236,000 Lamb Weston shares across April 7–8 at prices around $41. These are straightforward buy transactions (code P), not option exercises or tax-related movements, which usually carry weaker informational value.

Following the trades, JANA-managed accounts indirectly hold 5,248,980 shares of common stock, indicating that the new purchases are incremental relative to an already sizable position. Footnote language clarifies the shares are held across various managed accounts and that JANA, its GP, and Barry Rosenstein disclaim beneficial ownership beyond their pecuniary interest, underscoring that this reflects firm-level portfolio activity rather than a personal purchase.

Insider Trade Summary

Net Buyer: 236,000 shares ($9,702,040)

Net Buy 2 txns

Insider JANA Partners Management, LP

Role Director

Bought 236,000 shs ($9.70M)

Type	Security	Shares	Price	Value
Purchase	Common Stock	100,000	$41.41	$4.14M
Purchase	Common Stock, par value $1.00 per share ("Common Stock")	136,000	$40.89	$5.56M

Holdings After Transaction: Common Stock — 5,248,980 shares (Indirect, See footnote); Common Stock, par value $1.00 per share ("Common Stock") — 5,148,980 shares (Indirect, See footnote)

Footnotes (1)

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $40.81 to $41.12, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth herein. JANA Partners Management, LP ("JANA" or the "Reporting Person") is a private money management firm which beneficially owns the securities reported herein through various accounts under its management and control. JANA Partners Management GP, LLC (the "GP") is the general partner of JANA. Barry Rosenstein is the Founder of the GP and JANA. Barry Rosenstein, JANA, and the GP disclaim any beneficial ownership of any of the Issuer's securities reported herein except to the extent of their pecuniary interest therein, if any.

Key Figures

Shares purchased April 7: 136,000 shares Shares purchased April 8: 100,000 shares Total shares purchased: 236,000 shares +3 more

6 metrics

Shares purchased April 7 136,000 shares Open-market purchase at $40.89 per share

Shares purchased April 8 100,000 shares Open-market purchase at $41.41 per share

Total shares purchased 236,000 shares Net open-market buying across April 7–8

Holdings after transactions 5,248,980 shares Indirect Lamb Weston common stock held after April 8

Weighted price range $40.81–$41.12 Price range for April 8 trades reported as weighted average

Purchase code Code P Denotes open-market or private purchase of common stock

Key Terms

open-market purchase, beneficially owns, pecuniary interest, weighted average price, +1 more

5 terms

open-market purchase financial

"transaction_action": "open-market purchase""

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

beneficially owns financial

"is a private money management firm which beneficially owns the securities reported herein"

Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.

pecuniary interest financial

"disclaim any beneficial ownership ... except to the extent of their pecuniary interest therein"

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

indirect ownership financial

""ownership_type": "indirect""

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

JANA Partners Management, LP

(Last) (First) (Middle)

888 SEVENTH AVENUE

24TH FLOOR

(Street)

NEW YORK NEW YORK 10106

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Lamb Weston Holdings, Inc. [ LW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Remarks

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/07/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $1.00 per share ("Common Stock")	04/07/2026		P		136,000	A	$40.89(1)	5,148,980	I	See footnote(2)
Common Stock	04/08/2026		P		100,000	A	$41.41	5,248,980	I	See footnote(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $40.81 to $41.12, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth herein.

2. JANA Partners Management, LP ("JANA" or the "Reporting Person") is a private money management firm which beneficially owns the securities reported herein through various accounts under its management and control. JANA Partners Management GP, LLC (the "GP") is the general partner of JANA. Barry Rosenstein is the Founder of the GP and JANA. Barry Rosenstein, JANA, and the GP disclaim any beneficial ownership of any of the Issuer's securities reported herein except to the extent of their pecuniary interest therein, if any.

Remarks:

The Reporting Person may be deemed to be a director by deputization for purposes of Section 16 under the Securities Exchange Act of 1934 by virtue of the fact that Scott Ostfeld, a Managing Partner and Portfolio Manager of JANA, currently serves on the board of directors of the Issuer.

	/s/ JANA Partners Management, LP, by Jennifer Fanjiang, Partner, Chief Legal Officer and Chief Compliance Officer	04/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did JANA Partners report in its latest Form 4 for Lamb Weston (LW)?

JANA Partners reported buying a total of 236,000 shares of Lamb Weston common stock in open-market transactions. The purchases occurred on April 7 and April 8 at prices around $41 per share, increasing its indirect holdings to 5,248,980 shares.

How many Lamb Weston (LW) shares did JANA Partners buy and at what prices?

JANA Partners bought 136,000 shares at an average price of $40.89 on April 7 and 100,000 shares at $41.41 on April 8. One trading day’s price is reported as a weighted average within a range of $40.81 to $41.12.

What is JANA Partners’ total indirect Lamb Weston (LW) ownership after these trades?

After the reported open-market purchases, accounts managed by JANA Partners indirectly hold 5,248,980 shares of Lamb Weston common stock. This figure reflects holdings across various managed accounts and is disclosed as the total non-derivative shares following the most recent transaction date.

Are JANA Partners’ Lamb Weston (LW) purchases direct or indirect holdings?

The Form 4 classifies JANA Partners’ Lamb Weston holdings as indirect. Shares are held through various accounts under its management and control, with the ownership code marked “I” and the nature of ownership described by footnote as relating to these managed accounts rather than direct personal holdings.

What does the Form 4 say about JANA Partners’ beneficial ownership of Lamb Weston (LW) shares?

The filing states that JANA, its general partner, and Barry Rosenstein disclaim beneficial ownership of Lamb Weston securities reported, except to the extent of any pecuniary interest. This means economic exposure is acknowledged while legal or voting ownership beyond that interest is expressly disclaimed.