Lineage (NASDAQ:LINE) Stock Rating Lowered by Morgan Stanley

Morgan Stanley cut shares of Lineage (NASDAQ:LINE) from an overweight rating to an equal weight rating in a research note published on Monday morning, MarketBeat.com reports. The firm currently has $50.00 price objective on the stock, down from their prior price objective of $75.00.

A number of other research analysts have also recently commented on the company. The Goldman Sachs Group cut their target price on Lineage from $74.00 to $63.00 and set a “buy” rating on the stock in a research note on Wednesday, May 14th. BNP Paribas set a $42.00 target price on Lineage in a research note on Thursday, June 12th. Piper Sandler cut their target price on Lineage from $75.00 to $60.00 and set an “overweight” rating on the stock in a research note on Monday, May 5th. Royal Bank Of Canada cut their target price on Lineage from $81.00 to $74.00 and set an “outperform” rating on the stock in a research note on Thursday, March 6th. Finally, Citigroup lowered 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. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Lineage presently has a consensus rating of “Hold” and an average target price of $62.10.

Lineage Trading Down 4.9%

LINE opened at $44.00 on Monday. The stock has a market cap of $10.06 billion and a price-to-earnings ratio of -13.66. The stock’s 50 day moving average price is $47.12 and its 200-day moving average price is $54.20. Lineage has a one year low of $41.88 and a one year high of $89.85. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.86 and a current ratio of 0.99.

Lineage (NASDAQ:LINE) last released its earnings results on Wednesday, April 30th. The company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.04. The firm had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Lineage had a negative return on equity of 7.24% and a negative net margin of 11.88%. The business’s quarterly revenue was down 2.7% on a year-over-year basis. On average, equities analysts forecast that Lineage will post 2.34 EPS for the current year.

Lineage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 21st. Shareholders of record on Monday, June 30th will be issued a dividend of $0.5275 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.11 dividend on an annualized basis and a yield of 4.80%. Lineage’s dividend payout ratio is currently -65.53%.

Insiders Place Their Bets

In related news, insider Sudarsan V. Thattai bought 4,420 shares of the stock in a transaction on Monday, May 5th. The stock was bought at an average price of $45.23 per share, for a total transaction of $199,916.60. Following the completion of the acquisition, the insider now directly owns 4,420 shares in the company, valued at approximately $199,916.60. This represents a ? increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Adam Matthew Schwartz Forste purchased 10,949 shares of Lineage stock in a transaction dated Thursday, May 8th. The shares were acquired at an average cost of $44.93 per share, for a total transaction of $491,938.57. Following the completion of the transaction, the chairman now owns 35,266 shares of the company’s stock, valued at approximately $1,584,501.38. This represents a 45.03% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 26,869 shares of company stock worth $1,194,980 over the last 90 days. Company insiders own 71.90% of the company’s stock.

Hedge Funds Weigh In On Lineage

A number of large investors have recently made changes to their positions in the business. Strs Ohio acquired a new position in shares of Lineage during the first quarter worth $5,722,000. Optimize Financial Inc increased its position in shares of Lineage by 37.7% during the first quarter. Optimize Financial Inc now owns 7,758 shares of the company’s stock worth $455,000 after purchasing an additional 2,125 shares in the last quarter. Woodline Partners LP increased its position in shares of Lineage by 0.4% during the first quarter. Woodline Partners LP now owns 312,027 shares of the company’s stock worth $18,294,000 after purchasing an additional 1,128 shares in the last quarter. Needham Investment Management LLC increased its position in shares of Lineage by 21.7% during the first quarter. Needham Investment Management LLC now owns 14,000 shares of the company’s stock worth $821,000 after purchasing an additional 2,500 shares in the last quarter. Finally, Millennium Management LLC increased its position in shares of Lineage by 197.0% during the first quarter. Millennium Management LLC now owns 288,518 shares of the company’s stock worth $16,916,000 after purchasing an additional 191,362 shares in the last quarter.

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.