Lineage (NASDAQ:LINE) Shares Gap Down – Here’s What Happened

Lineage, Inc. (NASDAQ:LINE)’s share price gapped down prior to trading on Tuesday. The stock had previously closed at $39.66, but opened at $36.60. Lineage shares last traded at $35.2890, with a volume of 114,214 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Royal Bank Of Canada lifted their price target on shares of Lineage from $44.00 to $48.00 and gave the company an “outperform” rating in a research report on Monday, August 17th. Wells Fargo & Company upped their price objective on shares of Lineage from $36.00 to $38.00 and gave the stock an “equal weight” rating in a report on Tuesday, September 1st. JPMorgan Chase & Co. lowered their price objective on shares of Lineage from $40.00 to $37.00 and set an “underweight” rating for the company in a research report on Thursday, October 15th. Weiss Ratings restated a “sell (d+)” rating on shares of Lineage in a report on Tuesday, November 3rd. Finally, Piper Sandler dropped their target price on Lineage from $44.00 to $36.00 and set a “neutral” rating for the company in a research report on Monday, October 12th. Five analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Lineage presently has a consensus rating of “Hold” and a consensus target price of $41.93.

Lineage Stock Performance

The firm’s 50-day moving average is $36.29 and its 200 day moving average is $38.75. The stock has a market cap of $7.93 billion, a PE ratio of -48.23 and a beta of 0.79. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.70 and a current ratio of 0.78.

Lineage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 21st. Shareholders of record on Wednesday, September 30th were paid a $0.5325 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $2.13 dividend on an annualized basis and a yield of 6.1%. Lineage’s payout ratio is currently -295.83%.

Insider Buying and Selling

In other Lineage news, Chairman Kevin Marchetti bought 25,000 shares of Lineage stock in a transaction dated Friday, August 28th. The stock was acquired at an average cost of $39.50 per share, with a total value of $987,500.00. Following the completion of the acquisition, the chairman owned 138,690 shares of the company’s stock, valued at approximately $5,478,255. This represents a 21.99% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 71.60% of the company’s stock.

Institutional Trading of Lineage

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Lineage during the second quarter worth about $227,511,000. Bank of America Corp DE boosted its stake in shares of Lineage by 712.1% in the first quarter. Bank of America Corp DE now owns 3,610,123 shares of the company’s stock valued at $118,268,000 after purchasing an additional 3,165,593 shares during the period. HighTower Advisors LLC grew its position in shares of Lineage by 5.3% during the third quarter. HighTower Advisors LLC now owns 2,407,052 shares of the company’s stock worth $82,129,000 after buying an additional 120,886 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Lineage during the second quarter valued at $44,638,000. Finally, Canada Pension Plan Investment Board bought a new position in shares of Lineage during the second quarter worth about $41,271,000.

About Lineage

Lineage, Inc is a global temperature-controlled warehousing and logistics company. It operates refrigerated and frozen storage facilities that help food producers, retailers, and other customers manage products that require controlled temperatures.

Its services include cold storage, food processing and handling, blast freezing, transportation, and other supply-chain solutions. By connecting warehouses with transportation and distribution networks, Lineage supports the movement of perishable goods from producers to consumers.

Lineage grew through acquisitions and expansion into international markets, serving customers across North America, Europe, and the Asia-Pacific region.