Lineage (NASDAQ:LINE) Downgraded by BNP Paribas to “Strong Sell”

BNP Paribas downgraded shares of Lineage (NASDAQ:LINE) from a hold rating to a strong sell rating in a research note published on Thursday morning,Zacks.com reports.

Several other brokerages have also recently weighed in on LINE. Evercore ISI dropped their price objective on Lineage from $68.00 to $59.00 and set an “in-line” rating on the stock in a research note on Thursday, May 1st. BNP Paribas Exane lowered Lineage from a “neutral” rating to an “underperform” rating and set a $42.00 target price for the company. in a research report on Thursday. Citigroup decreased their target price on Lineage from $64.00 to $49.00 and set a “neutral” rating for the company in a research report on Thursday. Royal Bank of Canada decreased their target price on Lineage from $81.00 to $74.00 and set an “outperform” rating for the company in a research report on Thursday, March 6th. Finally, The Goldman Sachs Group decreased their target price on Lineage from $74.00 to $63.00 and set a “buy” rating for the company in a research report on Wednesday, May 14th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Lineage has an average rating of “Hold” and a consensus price target of $65.55.

Lineage Price Performance

Shares of NASDAQ:LINE opened at $45.44 on Thursday. The company has a current ratio of 1.07, a quick ratio of 0.95 and a debt-to-equity ratio of 0.62. The stock’s fifty day simple moving average is $48.63 and its two-hundred day simple moving average is $55.37. Lineage has a 1-year low of $41.88 and a 1-year high of $89.85. The stock has a market cap of $10.39 billion and a PE ratio of -14.11.

Lineage (NASDAQ:LINE) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate 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 business 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% on a year-over-year basis. As a group, analysts forecast that Lineage will post 2.34 EPS for the current fiscal year.

Lineage Dividend Announcement

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

Insider Buying and Selling

In other Lineage news, Chairman Adam Matthew Schwartz Forste purchased 10,949 shares of the company’s stock in a transaction dated Thursday, May 8th. The stock was purchased at an average price of $44.93 per share, for a total transaction of $491,938.57. Following the transaction, the chairman now owns 35,266 shares in the company, valued at $1,584,501.38. The trade was a 45.03% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Sudarsan V. Thattai purchased 4,420 shares of the company’s stock in a transaction dated Monday, May 5th. The shares were acquired at an average price of $45.23 per share, with a total value of $199,916.60. Following the transaction, the insider now owns 4,420 shares in the company, valued at approximately $199,916.60. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 26,869 shares of company stock valued at $1,194,980. 71.90% of the stock is owned by insiders.

Institutional Trading of Lineage

Large investors have recently modified their holdings of the business. Costello Asset Management INC bought a new stake in shares of Lineage during the 1st quarter valued at about $29,000. FIL Ltd bought a new stake in shares of Lineage during the 4th quarter valued at about $29,000. Salomon & Ludwin LLC bought a new stake in shares of Lineage during the 1st quarter valued at about $34,000. PNC Financial Services Group Inc. lifted its position in Lineage by 170.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 730 shares of the company’s stock worth $43,000 after buying an additional 460 shares during the last quarter. Finally, Quarry LP bought a new stake in Lineage in the 4th quarter worth approximately $50,000.

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.