Lineage (NASDAQ:LINE) Hits New 1-Year Low – Here’s What Happened

Lineage, Inc. (NASDAQ:LINE)’s stock price hit a new 52-week low on Wednesday . The company traded as low as $32.61 and last traded at $32.5240, with a volume of 221981 shares changing hands. The stock had previously closed at $33.66.

Analysts Set New Price Targets

Several equities analysts have recently commented on LINE shares. Bank of America restated an “underperform” rating and set a $42.00 price target (down previously from $47.00) on shares of Lineage in a research report on Monday, August 11th. Morgan Stanley lowered their price objective on shares of Lineage from $50.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Monday, September 22nd. Barclays decreased their price target on Lineage from $51.00 to $47.00 and set an “overweight” rating for the company in a research report on Wednesday, October 22nd. Truist Financial reduced their target price on Lineage from $60.00 to $53.00 and set a “buy” rating for the company in a report on Friday, August 22nd. Finally, Zacks Research downgraded shares of Lineage from a “hold” rating to a “strong sell” rating in a research report on Monday, September 29th. Five equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have issued a Sell rating to the company. According to MarketBeat.com, Lineage currently has a consensus rating of “Reduce” and an average price target of $46.06.

Lineage Stock Down 3.0%

The company has a debt-to-equity ratio of 0.76, a current ratio of 0.99 and a quick ratio of 0.86. The firm has a market cap of $7.45 billion, a price-to-earnings ratio of -41.33 and a beta of -0.19. The firm has a 50 day moving average price of $38.99 and a 200-day moving average price of $41.79.

Lineage (NASDAQ:LINE) last posted its earnings results on Wednesday, November 5th. The company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.07. Lineage had a negative return on equity of 1.85% and a negative net margin of 3.30%.The business had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same period in the prior year, the business earned $0.90 EPS. Lineage’s revenue for the quarter was up 3.1% compared to the same quarter last year. As a group, equities analysts predict that Lineage, Inc. will post 2.34 EPS for the current fiscal year.

Lineage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 21st. Shareholders of record on Tuesday, September 30th were paid a dividend of $0.5275 per share. The ex-dividend date was Tuesday, September 30th. This represents a $2.11 annualized dividend and a yield of 6.5%. Lineage’s dividend payout ratio is presently -267.09%.

Insider Transactions at Lineage

In related news, CFO Robb A. Lemasters purchased 30,000 shares of the business’s stock in a transaction on Thursday, November 13th. The stock was acquired at an average price of $33.74 per share, for a total transaction of $1,012,200.00. Following the purchase, the chief financial officer owned 60,000 shares of the company’s stock, valued at approximately $2,024,400. This trade represents a 100.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Adam Matthew Schwartz Forste bought 74,000 shares of Lineage stock in a transaction dated Monday, November 10th. The stock was acquired at an average cost of $33.83 per share, with a total value of $2,503,420.00. Following the completion of the acquisition, the chairman owned 109,266 shares of the company’s stock, valued at $3,696,468.78. This represents a 209.83% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 128,500 shares of company stock valued at $4,350,160 over the last quarter. 71.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lineage

A number of institutional investors and hedge funds have recently modified their holdings of LINE. Norges Bank bought a new stake in Lineage during the 2nd quarter valued at about $606,642,000. Price T Rowe Associates Inc. MD increased its position in shares of 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 during the last quarter. Darlington Partners Capital Management LP increased its holdings in Lineage by 45.5% during the third quarter. Darlington Partners Capital Management LP now owns 5,132,810 shares of the company’s stock valued at $198,332,000 after buying an additional 1,605,810 shares during the last quarter. HighTower Advisors LLC bought a new position in Lineage in the 3rd quarter worth $43,804,000. Finally, Barclays PLC grew its stake in shares of Lineage by 8,719.8% during the 3rd quarter. Barclays PLC now owns 1,022,125 shares of the company’s stock valued at $39,495,000 after acquiring an additional 1,010,536 shares during the period.

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.