Oct 18 (Reuters) - Activist investor Jana Partners has

built a stake of about 5% in frozen fries supplier Lamb Weston ( LW )

, the Wall Street Journal reported on Friday, citing

people familiar with the matter.

Shares of Lamb Weston ( LW ) were up about 9% in premarket trading.

Jana plans to nudge Lamb Weston ( LW ) in exploring a sale and

wants the company to improve its operations and

capital-allocation strategy, according to the report.

The hedge fund could nominate directors to the company's

board, the report said, adding that Jana is working with

industry executives including Lamb Weston's ( LW ) former executive

chairman, Timothy McLevish.

Lamb Weston ( LW ) did not immediately respond to a Reuters

request for comment.

Earlier this month, Lamb Weston ( LW ) cut its annual profit

forecast and announced job cuts amid softer spending across

restaurants and heightened competition in international markets.

Lamb Weston's ( LW ) stock has been down about 34% so far this

year, as of last close.