Wells Fargo & Company Cuts Lineage (NASDAQ:LINE) Price Target to $48.00

Lineage (NASDAQ:LINE) had its target price decreased by Wells Fargo & Company from $64.00 to $48.00 in a report released on Monday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

LINE has been the subject of a number of other research reports. UBS Group lowered their target price on Lineage from $62.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, May 2nd. Evercore ISI lowered their target price on Lineage from $68.00 to $59.00 and set an “in-line” rating for the company in a research note on Thursday, May 1st. Robert W. Baird lowered their target price on Lineage from $70.00 to $64.00 and set an “outperform” rating for the company in a research note on Thursday, May 1st. Bank of America lowered Lineage from a “buy” rating to a “neutral” rating and set a $49.00 target price for the company. in a research note on Tuesday, May 6th. Finally, Piper Sandler lowered their target price on Lineage from $75.00 to $60.00 and set an “overweight” rating for the company in a research note on Monday, May 5th. Ten investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.58.

Lineage Price Performance

Shares of NASDAQ:LINE opened at $45.47 on Monday. The stock has a market cap of $10.39 billion and a PE ratio of -14.12. The company’s fifty day moving average is $53.05 and its 200 day moving average is $57.74. Lineage has a 52 week low of $42.05 and a 52 week high of $89.85. The company has a quick ratio of 0.95, a current ratio of 1.07 and a debt-to-equity ratio of 0.62.

Lineage (NASDAQ:LINE) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.04. Lineage had a negative return on equity of 9.89% and a negative net margin of 12.18%. The firm had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Lineage’s revenue for the quarter was down 2.7% compared to the same quarter last year. Research analysts anticipate that Lineage will post 2.34 earnings per share for the current year.

Lineage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 21st. Shareholders of record on Monday, March 31st were issued a dividend of $0.5275 per share. The ex-dividend date was Monday, March 31st. This represents a $2.11 dividend on an annualized basis and a dividend yield of 4.64%. Lineage’s dividend payout ratio (DPR) is -65.53%.

Insiders Place Their Bets

In other news, Chairman Adam Matthew Schwartz Forste bought 24,317 shares of Lineage stock in a transaction on Friday, February 28th. The shares were purchased at an average price of $60.50 per share, for a total transaction of $1,471,178.50. Following the acquisition, the chairman now owns 24,317 shares of the company’s stock, valued at approximately $1,471,178.50. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Kevin Patrick Marchetti bought 11,500 shares of Lineage stock in a transaction on Tuesday, May 6th. The shares were purchased at an average price of $43.75 per share, for a total transaction of $503,125.00. Following the acquisition, the chairman now directly owns 27,733 shares in the company, valued at approximately $1,213,318.75. This trade represents a 70.84% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 51,186 shares of company stock worth $2,666,159. Company insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Renaissance Capital LLC grew its holdings in shares of Lineage by 25.6% during the 4th quarter. Renaissance Capital LLC now owns 83,446 shares of the company’s stock worth $4,887,000 after acquiring an additional 16,990 shares during the period. Cbre Investment Management Listed Real Assets LLC grew its stake in shares of Lineage by 10.5% in the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 602,803 shares of the company’s stock worth $35,306,000 after buying an additional 57,302 shares during the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Lineage by 130.2% in the 4th quarter. Daiwa Securities Group Inc. now owns 1,070,915 shares of the company’s stock worth $62,723,000 after buying an additional 605,670 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its stake in shares of Lineage by 16.7% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 175,000 shares of the company’s stock worth $10,250,000 after buying an additional 25,000 shares during the last quarter. Finally, Entropy Technologies LP purchased a new stake in shares of Lineage in the 4th quarter worth approximately $305,000.

Lineage Company Profile

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.