Bank of America Reaffirms Underperform Rating for Lineage (NASDAQ:LINE)

Bank of America reiterated their underperform rating on shares of Lineage (NASDAQ:LINE) in a research report sent to investors on Monday, Marketbeat.com reports. Bank of America currently has a $42.00 price target on the stock, down from their previous price target of $47.00.

Several other research firms have also recently weighed in on LINE. KeyCorp restated a “sector weight” rating and set a $84.00 price target on shares of Lineage in a report on Tuesday, July 1st. Morgan Stanley cut Lineage from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $75.00 to $50.00 in a report on Monday, June 23rd. The Goldman Sachs Group cut their price target on Lineage from $74.00 to $63.00 and set a “buy” rating for the company in a report on Wednesday, May 14th. Citigroup cut their price target on Lineage from $64.00 to $49.00 and set a “neutral” rating for the company in a report on Thursday, June 12th. Finally, Evercore ISI cut their price target on Lineage from $59.00 to $45.00 and set an “in-line” rating for the company in a report on Friday, August 8th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Lineage currently has an average rating of “Hold” and an average price target of $58.55.

Lineage Stock Up 1.7%

Shares of LINE opened at $41.30 on Monday. The business’s 50 day moving average is $43.44 and its 200 day moving average is $50.34. The company has a market capitalization of $9.44 billion and a PE ratio of -14.80. Lineage has a 12-month low of $40.00 and a 12-month high of $88.00. The company has a current ratio of 0.96, a quick ratio of 0.83 and a debt-to-equity ratio of 0.72.

Lineage (NASDAQ:LINE) last issued its earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.06. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.33 billion. Lineage had a negative return on equity of 5.76% and a negative net margin of 10.57%. The business’s revenue for the quarter was up .9% compared to the same quarter last year. Research analysts expect that Lineage will post 2.34 earnings per share for the current fiscal year.

Lineage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Investors of record on Monday, June 30th were issued a dividend of $0.5275 per share. The ex-dividend date was Monday, June 30th. This represents a $2.11 dividend on an annualized basis and a yield of 5.1%. Lineage’s payout ratio is presently -75.63%.

Insiders Place Their Bets

In other Lineage news, insider Sudarsan V. Thattai acquired 3,563 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The stock was bought at an average price of $42.45 per share, for a total transaction of $151,249.35. Following the acquisition, the insider directly owned 7,983 shares in the company, valued at $338,878.35. The trade was a 80.61% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Kevin Patrick Marchetti acquired 23,540 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The shares were acquired at an average price of $42.28 per share, with a total value of $995,271.20. Following the acquisition, the chairman owned 62,323 shares in the company, valued at $2,635,016.44. This trade represents a 60.70% increase in their ownership of the stock. The disclosure for this purchase can be found here. 71.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Lineage

A number of large investors have recently bought and sold shares of the business. Norges Bank bought a new stake in Lineage during the 2nd quarter valued at $606,642,000. Price T Rowe Associates Inc. MD raised its position in Lineage by 75.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,364,697 shares of the company’s stock valued at $255,903,000 after purchasing an additional 1,880,587 shares in the last quarter. D1 Capital Partners L.P. raised its position in Lineage by 257.5% during the 4th quarter. D1 Capital Partners L.P. now owns 3,753,598 shares of the company’s stock valued at $219,848,000 after purchasing an additional 2,703,598 shares in the last quarter. Janus Henderson Group PLC raised its position in Lineage by 92.1% during the 4th quarter. Janus Henderson Group PLC now owns 3,233,219 shares of the company’s stock valued at $189,380,000 after purchasing an additional 1,550,478 shares in the last quarter. Finally, Capital World Investors raised its position in Lineage by 22.5% during the 4th quarter. Capital World Investors now owns 3,064,842 shares of the company’s stock valued at $179,508,000 after purchasing an additional 563,078 shares in the last quarter.

About Lineage

Lineage, Inc is the world’s largest global temperature-controlled warehouse REIT with a network of over 480 strategically located facilities totaling over 84.1 million square feet and 3.0 billion cubic feet of capacity across countries in North America, Europe, and Asia-Pacific. Coupling end-to-end supply chain solutions and technology, Lineage partners with some of the world’s largest food and beverage producers, retailers, and distributors to help increase distribution efficiency, advance sustainability, minimize supply chain waste, and, most importantly, feed the world.