Bank of New York Mellon Corp Acquires 2,879 Shares of Lineage, Inc. (NASDAQ:LINE)

Bank of New York Mellon Corp increased its holdings in Lineage, Inc. (NASDAQ:LINE) by 1.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 269,663 shares of the company’s stock after purchasing an additional 2,879 shares during the period. Bank of New York Mellon Corp owned approximately 0.12% of Lineage worth $15,810,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. FIL Ltd acquired a new position in shares of Lineage in the 4th quarter worth approximately $29,000. Salomon & Ludwin LLC acquired a new position in shares of Lineage in the 1st quarter worth approximately $34,000. Quarry LP acquired a new position in shares of Lineage in the 4th quarter worth approximately $50,000. Global X Japan Co. Ltd. acquired a new position in shares of Lineage in the 1st quarter worth approximately $74,000. Finally, Parallel Advisors LLC acquired a new position in shares of Lineage in the 1st quarter worth approximately $151,000.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on LINE shares. Morgan Stanley cut Lineage from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $75.00 to $50.00 in a report on Monday, June 23rd. Evercore ISI lowered their target price on Lineage from $68.00 to $59.00 and set an “in-line” rating for the company in a research note on Thursday, May 1st. BNP Paribas set a $42.00 target price on Lineage in a research note on Thursday, June 12th. Wells Fargo & Company lowered their target price on Lineage from $64.00 to $48.00 and set an “equal weight” rating for the company in a research note on Monday, May 19th. Finally, BNP Paribas Exane cut Lineage from a “neutral” rating to an “underperform” rating and set a $42.00 target price for the company. in a research note on Thursday, June 12th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Lineage has a consensus rating of “Hold” and an average target price of $61.70.

Insiders Place Their Bets

In other Lineage news, Chairman Kevin Patrick Marchetti acquired 11,500 shares of the business’s stock in a transaction on Tuesday, May 6th. The shares were acquired at an average price of $43.75 per share, for a total transaction of $503,125.00. Following the completion of the acquisition, the chairman owned 27,733 shares in the company, valued at $1,213,318.75. This trade represents a 70.84% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sudarsan V. Thattai acquired 4,420 shares of the business’s stock in a transaction on Monday, May 5th. The stock was acquired at an average price of $45.23 per share, for a total transaction of $199,916.60. Following the acquisition, the insider owned 4,420 shares of the company’s stock, valued at approximately $199,916.60. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders acquired 26,869 shares of company stock valued at $1,194,980 over the last three months. Insiders own 71.90% of the company’s stock.

Lineage Trading Down 0.2%

Shares of LINE stock opened at $41.40 on Friday. The company has a 50 day moving average of $44.35 and a 200-day moving average of $52.14. The company has a quick ratio of 0.86, a current ratio of 0.99 and a debt-to-equity ratio of 0.66. Lineage, Inc. has a 12-month low of $40.49 and a 12-month high of $89.85. The firm has a market cap of $9.46 billion and a P/E ratio of -12.86.

Lineage (NASDAQ:LINE) last released its quarterly 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. Lineage had a negative net margin of 11.88% and a negative return on equity of 7.24%. The firm had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.34 billion. Lineage’s revenue for the quarter was down 2.7% compared to the same quarter last year. Sell-side analysts anticipate that Lineage, Inc. will post 2.34 earnings per share for the current year.

Lineage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 21st. Shareholders of record on Monday, June 30th will be paid a $0.5275 dividend. This represents a $2.11 annualized dividend and a yield of 5.10%. The ex-dividend date is Monday, June 30th. Lineage’s dividend payout ratio is presently -65.53%.

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.