Lineage (NASDAQ:LINE) Sets New 52-Week Low on Analyst Downgrade

Lineage, Inc. (NASDAQ:LINE)’s share price reached a new 52-week low on Wednesday after Scotiabank lowered their price target on the stock from $42.00 to $37.00. Scotiabank currently has a sector perform rating on the stock. Lineage traded as low as $33.13 and last traded at $33.28, with a volume of 1038740 shares changing hands. The stock had previously closed at $34.55.

Other equities analysts also recently issued reports about the company. Royal Bank Of Canada lowered their price objective on Lineage from $51.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday. Truist Financial reduced their price objective on Lineage from $60.00 to $53.00 and set a “buy” rating for the company in a research note on Friday, August 22nd. Mizuho decreased their price target on shares of Lineage from $44.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, November 6th. Evercore ISI decreased their target price on shares of Lineage from $44.00 to $38.00 and set an “in-line” rating for the company in a research note on Monday. Finally, Robert W. Baird reduced their price objective on Lineage from $64.00 to $51.00 and set an “outperform” rating for the company in a research note on Wednesday, August 13th. Five analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $46.33.

Insider Transactions at Lineage

In other Lineage news, Chairman Kevin Patrick Marchetti acquired 12,345 shares of the stock in a transaction on Tuesday, August 19th. The shares were bought at an average price of $40.44 per share, with a total value of $499,231.80. Following the acquisition, the chairman owned 74,668 shares of the company’s stock, valued at $3,019,573.92. This trade represents a 19.81% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Robert Crisci bought 10,000 shares of the company’s stock in a transaction on Friday, November 7th. The shares were acquired at an average price of $34.56 per share, for a total transaction of $345,600.00. Following the transaction, the chief financial officer directly owned 107,859 shares in the company, valued at $3,727,607.04. This trade represents a 10.22% increase in their position. The disclosure for this purchase is available in the SEC filing. 71.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lineage

A number of hedge funds and other institutional investors have recently bought and sold shares of LINE. Norges Bank acquired a new position in shares of Lineage during the 2nd quarter worth $606,642,000. Price T Rowe Associates Inc. MD grew its position in Lineage by 75.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,364,697 shares of the company’s stock worth $255,903,000 after buying an additional 1,880,587 shares during the period. HighTower Advisors LLC purchased a new position in Lineage in the third quarter valued at about $43,804,000. Nuveen LLC acquired a new stake in shares of Lineage during the 1st quarter valued at approximately $37,468,000. Finally, Evergreen Capital Management LLC purchased a new stake in shares of Lineage during the 2nd quarter worth approximately $13,501,000.

Lineage Trading Down 3.7%

The business has a fifty day moving average of $39.71 and a two-hundred day moving average of $42.39. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.86 and a current ratio of 0.99. The firm has a market cap of $7.61 billion, a price-to-earnings ratio of -42.13 and a beta of -0.19.

Lineage (NASDAQ:LINE) last announced its earnings results on Wednesday, November 5th. The company reported $0.85 EPS for the quarter, beating 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 firm had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter in the prior year, the firm earned $0.90 EPS. Lineage’s quarterly revenue was up 3.1% on a year-over-year basis. As a group, equities analysts expect that Lineage, Inc. will post 2.34 earnings per share for the current fiscal year.

Lineage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 21st. Stockholders of record on Tuesday, September 30th were issued a dividend of $0.5275 per share. The ex-dividend date was Tuesday, September 30th. This represents a $2.11 dividend on an annualized basis and a dividend yield of 6.3%. Lineage’s payout ratio is -267.09%.

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.