Principal Financial Group Inc. Trims Stock Position in Lineage, Inc. (NASDAQ:LINE)

Principal Financial Group Inc. lowered its position in shares of Lineage, Inc. (NASDAQ:LINE) by 99.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,866 shares of the company’s stock after selling 2,119,925 shares during the period. Principal Financial Group Inc.’s holdings in Lineage were worth $637,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Lineage during the fourth quarter valued at about $681,572,000. Vanguard Group Inc. raised its holdings in Lineage by 4.4% in the 4th quarter. Vanguard Group Inc. now owns 9,595,402 shares of the company’s stock worth $562,003,000 after purchasing an additional 408,526 shares in the last quarter. D1 Capital Partners L.P. raised its holdings in Lineage by 257.5% in the 4th quarter. D1 Capital Partners L.P. now owns 3,753,598 shares of the company’s stock worth $219,848,000 after purchasing an additional 2,703,598 shares in the last quarter. Janus Henderson Group PLC boosted its position in Lineage by 92.1% during the 4th quarter. Janus Henderson Group PLC now owns 3,233,219 shares of the company’s stock valued at $189,380,000 after acquiring an additional 1,550,478 shares in the last quarter. Finally, Capital World Investors boosted its position in Lineage by 22.5% during the 4th quarter. Capital World Investors now owns 3,064,842 shares of the company’s stock valued at $179,508,000 after acquiring an additional 563,078 shares in the last quarter.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. BNP Paribas Exane downgraded Lineage from a “neutral” rating to an “underperform” rating and set a $42.00 price objective for the company. in a report on Thursday, June 12th. KeyCorp reissued a “sector weight” rating and issued a $84.00 price target on shares of Lineage in a research report on Tuesday, July 1st. Scotiabank lowered their price objective on Lineage from $56.00 to $50.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 15th. Evercore ISI lowered their price objective on Lineage from $68.00 to $59.00 and set an “in-line” rating on the stock in a research report on Thursday, May 1st. Finally, Robert W. Baird reduced their price target on shares of Lineage from $70.00 to $64.00 and set an “outperform” rating for the company in a research note on Thursday, May 1st. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $61.70.

Lineage Stock Performance

Lineage stock opened at $41.40 on Friday. 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, Inc. has a fifty-two week low of $40.49 and a fifty-two week high of $89.85. The company has a 50 day moving average price of $44.35 and a 200-day moving average price of $52.14. The company has a market capitalization of $9.46 billion and a PE ratio of -12.86.

Lineage (NASDAQ:LINE) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.04. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.34 billion. Lineage had a negative net margin of 11.88% and a negative return on equity of 7.24%. The business’s revenue for the quarter was down 2.7% compared to the same quarter last year. As a group, equities analysts forecast 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. Stockholders of record on Monday, June 30th will be given a dividend of $0.5275 per share. This represents a $2.11 dividend on an annualized basis and a dividend yield of 5.10%. The ex-dividend date is Monday, June 30th. Lineage’s payout ratio is presently -65.53%.

Insider Transactions at Lineage

In related news, insider Sudarsan V. Thattai acquired 4,420 shares of the company’s stock in a transaction dated Monday, May 5th. The shares were purchased at an average cost of $45.23 per share, with a total value of $199,916.60. Following the completion of the acquisition, the insider directly owned 4,420 shares of the company’s stock, valued at $199,916.60. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Adam Matthew Schwartz Forste acquired 10,949 shares of the company’s stock in a transaction dated Thursday, May 8th. The shares were bought at an average cost of $44.93 per share, for a total transaction of $491,938.57. Following the completion of the acquisition, the chairman directly owned 35,266 shares of the company’s stock, valued at approximately $1,584,501.38. The trade was a 45.03% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 26,869 shares of company stock valued at $1,194,980. Corporate insiders own 71.90% of the company’s stock.

Lineage 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.